The artificial intelligence (ai) for insurance global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Artificial Intelligence (AI) For Insurance Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The artificial intelligence (AI) for insurance market size has grown exponentially in recent years. It will grow from $5.77 billion in 2023 to $7.71 billion in 2024 at a compound annual growth rate (CAGR) of 33.6%. The growth in the historic period can be attributed to data explosion in insurance, risk assessment and underwriting, fraud detection and prevention, customer experience enhancement, operational efficiency and cost reduction.
The artificial intelligence (AI) for insurance market size is expected to see exponential growth in the next few years. It will grow to $25.91 billion in 2028 at a compound annual growth rate (CAGR) of 35.4%. The growth in the forecast period can be attributed to advancements in ai algorithms, expansion of insurtech ecosystem, increased focus on personalization, integration with iot devices, evolving cyber insurance landscape. Major trends in the forecast period include collaboration with ecosystem partners, ethical and explainable ai, claims processing automation, customer experience enhancement, dynamic pricing strategies.
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Scope Of Artificial Intelligence (AI) For Insurance Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Artificial Intelligence (AI) For Insurance Market Overview
Market Drivers –
The rising investments in the insurance sector are expected to propel the growth of the artificial intelligence (AI) insurance market going forward. Investments refer to the allocation of money or resources to various assets or projects with the expectation of generating income or profit over time. AI in insurance for research and development, data infrastructure, technology development, and talent acquisition, ensuring comprehensiveness and providing innovative solutions to their customers. These investments are expected to fuel the development and adoption of AI-powered solutions, as insurers increasingly recognize the transformative potential of AI. For instance, in July 2023, according to a report published by Swiss Re, a Switzerland-based insurance company, investment rates increased from 6.2% in 2022 to 8.1% in 2023. Therefore, rising investments in the insurance sector are driving the growth of artificial intelligence (AI) for insurance market.
Market Trends –
Major companies operating in the artificial intelligence (AI) for insurance market are focusing on the development of technologically advanced solutions, such as InsuranceGPT, to address the complexities of the insurance sector. InsuranceGPT is a custom-built generative pre-trained transformer (GPT) tool specifically designed for insurers, offering enhanced decision-making capabilities for automated claims management while maintaining privacy and data security. For instance, in June 2023, Simplifai AS, a Norway-based artificial intelligence company, introduced Simplifai InsuranceGPT, a specialized GPT tool for the insurance industry. This tool enhances decision-making for automated claims management, prioritizing privacy and data security. Additionally, key features include seamless integration into existing systems, a no-code-necessary model for security, training on insurance data for accuracy, and improved communication between insurers and customers.
The artificial intelligence (ai) for insurance market covered in this report is segmented –
1) By Offering: Hardware, Software, Services
2) By Technology: Machine Learning, Natural Language Processing, Computer Vision, Other Technologies
3) By Application: Fraud Detection and Credit Analysis, Customer Profiling and Segmentation, Product and Policy Design, Underwriting and Claims Assessment
4) By End User: Life And Health Insurance, Property And Casualty Insurance
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Regional Insights –
North America was the largest region in the artificial intelligence (AI) for insurance market in 2023. The regions covered in the artificial intelligence (AI) for insurance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the artificial intelligence (AI) for insurance market report are Amazon.com Inc., Google LLC, Microsoft Corporation, IBM Corporation, Oracle Corporation, SAP SE, Salesforce Inc., Baidu Inc., Infosys Limited, Wipro Products Limited, OpenText Corporation, SAS Institute Inc., Pegasystems Inc., Shift Technology, Vertafore, Inc., Applied Systems, Zego Inc., Acko General Insurance, Tractable Ltd , SimpleFinance, Insurify, Inc., Avaamo Inc., Slice Insurance Technologies, Quantemplate, Cape Analytics LLC
Table of Contents
1. Executive Summary
2. Artificial Intelligence (AI) For Insurance Market Report Structure
3. Artificial Intelligence (AI) For Insurance Market Trends And Strategies
4. Artificial Intelligence (AI) For Insurance Market – Macro Economic Scenario
5. Artificial Intelligence (AI) For Insurance Market Size And Growth
…..
27. Artificial Intelligence (AI) For Insurance Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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