The insurance chatbot 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.
Insurance Chatbot 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 insurance chatbot market size has grown exponentially in recent years. It will grow from $0.61 billion in 2023 to $0.77 billion in 2024 at a compound annual growth rate (CAGR) of 26.3%. The growth in the historic period can be attributed to focus on personalization, expansion of multichannel capabilities, increased use in claims processing, use of predictive analytics, integration with voice assistants.
The insurance chatbot market size is expected to see exponential growth in the next few years. It will grow to $1.94 billion in 2028 at a compound annual growth rate (CAGR) of 26.0%. The growth in the forecast period can be attributed to increasing customer expectations, cost efficiency and automation, rise of digital channels, enhanced customer engagement, rapid growth in insurtech. Major trends in the forecast period include continuous ai advancements, explainable ai (xai), dynamic scripting and adaptive conversations, ai-powered fraud detection, human augmentation in customer support.
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Scope Of Insurance Chatbot 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.
Insurance Chatbot Market Overview
Market Drivers –
The rising demand for automated services is expected to propel the growth of the insurance chatbot market going forward. Automated services refer to processes, tasks, or systems that operate and perform functions with minimal human intervention, relying on automation technologies, algorithms, and artificial intelligence to execute predefined actions or workflows. Insurance chatbots are virtual assistants powered by artificial intelligence (AI) that can automate various tasks and services for insurance companies and their customers. Automation allows insurance chatbots to handle routine tasks, provide real-time support, and contribute to a more seamless and responsive customer experience. For instance, in May 2023, according to Formstack, a US-based software company, around 76% of organizations employ automation to optimize their daily workflows, 58% utilize automation for data and reporting to facilitate planning, and 36% integrate automation to ensure compliance with regulations. Therefore, the rising demand for automated services is driving the growth of the insurance chatbot market.
Market Trends –
Major companies operating in the insurance chatbot market are developing new products, such as chatbots for customer service, to gain a competitive edge in the market. Customer service refers to the range of activities and support a business or organization provides to assist and satisfy customers before, during, and after purchasing a product or service. For instance, in June 2023, INZMO, a Germany-based financial services company, launched NIMO, a ChatGPT-powered chatbot, to bolster customer service on its consumer website. NIMO, short for Neo-Insurance Multitasking Opal, leverages OpenAI’s ChatGPT technology to offer 24/7 personalized assistance to INZMO customers. The chatbot aims to streamline customer interactions, providing instant support on queries related to insurance policies, claims procedures, coverage options, pricing structures, and more. INZMO plans to enhance NIMO’s capabilities further, exploring features such as self-service functionality, sales guidance, personalized recommendations, and support in the claims and settlements process.
The insurance chatbot market covered in this report is segmented –
1) By Type: Customer Service Chatbots, Sales Chatbots, Claims Processing Chatbots, Underwriting Chatbots, Other Types
2) By User Interface: Text-based Interface, Voice-based Interface
3) By Platform: Web-based, Mobile-based
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Regional Insights –
North America was the largest region in the insurance chatbot market in 2023. The regions covered in the insurance chatbot market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the insurance chatbot market report are Amazon.com Inc., International Business Machines Corporation, Allstate Corporation, Oracle Corporation, Geico, Nuance Communications, Verint Systems Inc., Userlike, Shift Technologies, LivePerson Inc., Lemonade , Yellow.ai, Boostlingo, Conversica, Ada Support Inc., ShareChat, Snapsheet, Insurify, Lexalytics Inc., Spixii, Chatfuel, Livegenic, Violet, Alphachat.ai, Sense360, Botsify, ManyChat, Engati, Inbenta Technologies Inc., SANA Benefits
Table of Contents
1. Executive Summary
2. Insurance Chatbot Market Report Structure
3. Insurance Chatbot Market Trends And Strategies
4. Insurance Chatbot Market – Macro Economic Scenario
5. Insurance Chatbot Market Size And Growth
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27. Insurance Chatbot Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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