The Asia Pacific Insurance Chatbot Market should witness market growth of 25.9% CAGR during the forecast period (2023-2030).
Chatbots for insurance can do various tasks, such as providing quotations, assisting with claims, addressing client questions, and even selling plans. The process of purchasing insurance is sped up, made simpler, and more effective by the chatbot's ability to comprehend, and interpret the customer's message. Additionally, chatbots can assist insurers in reducing operational expenses, such as labor or training, by automating repetitive operations and consumer interactions. This frees up resources that could be used for other purposes, like improving the product or luring in new clients. Insurance chatbots can also be built to adhere to industry standards and best practices, guaranteeing that client interactions are legal & lowering the possibility of mistakes or misunderstandings. This can assist insurance firms in avoiding exorbitant fines and preserving their reputation for dependability and reliability.
The swift expansion of the market is also attributed to the rising demand from customers for immediate assistance from their insurance providers. Insurance chatbots can offer 24/7 support, eliminating the need for consumers to call or visit a physical branch, and the emergence of machine learning (ML) and natural language processing (NLP) technologies for developing sophisticated chatbots that can offer more individualized and accurate responses. Further, the market is anticipated to expand over the next years as insurance businesses look to use chatbots to enhance their business processes and customer service.
The insurance industry holds one of the top spots amongst all growing industries in total premium volumes, with a projected share of 1.9% in India. The average annual premium rise over the coming years is expected to be 9%. India is predicted to have one of the top insurance sectors with the fastest growth in the next years. India has 67 insurers as of March 2022, 24 being life insurers, 26 general insurers, 5 independent health insurers, and 12 re-insurers.
India’s insurance industry has grown significantly during the past 20 years due to greater private sector participation, improved distribution capacities, and notable advances in operational performance. As a result, the expanding insurance industry will use blockchain technology more frequently as the trend toward digital transformation grows.
The China market dominated the Asia Pacific Insurance Chatbot Market by Country in 2022 and would continue to be a dominant market till 2030; thereby, achieving a market value of $193.5 million by 2030. The Japan market is exhibiting a CAGR of 25.1% during (2023-2030). Additionally, The India market would register a CAGR of 26.6% during (2023-2030).
Based on Type, the market is segmented into Customer Service Chatbots, Sales Chatbots, Claims Processing Chatbots, Underwriting Chatbots and Others. Based on User Interface, the market is segmented into Text-based Interface and Voice-based Interface. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include IBM Corporation, Amazon Web Services, Inc. (Amazon.com, Inc.), Oracle Corporation, Nuance Communications, Inc. (Microsoft Corporation), Verint Systems, Inc., LivePerson, Inc., Inbenta Technologies, Inc., AlphaChat, Botsify and 200 Labs, Inc. (Chatfuel).
Chatbots for insurance can do various tasks, such as providing quotations, assisting with claims, addressing client questions, and even selling plans. The process of purchasing insurance is sped up, made simpler, and more effective by the chatbot's ability to comprehend, and interpret the customer's message. Additionally, chatbots can assist insurers in reducing operational expenses, such as labor or training, by automating repetitive operations and consumer interactions. This frees up resources that could be used for other purposes, like improving the product or luring in new clients. Insurance chatbots can also be built to adhere to industry standards and best practices, guaranteeing that client interactions are legal & lowering the possibility of mistakes or misunderstandings. This can assist insurance firms in avoiding exorbitant fines and preserving their reputation for dependability and reliability.
The swift expansion of the market is also attributed to the rising demand from customers for immediate assistance from their insurance providers. Insurance chatbots can offer 24/7 support, eliminating the need for consumers to call or visit a physical branch, and the emergence of machine learning (ML) and natural language processing (NLP) technologies for developing sophisticated chatbots that can offer more individualized and accurate responses. Further, the market is anticipated to expand over the next years as insurance businesses look to use chatbots to enhance their business processes and customer service.
The insurance industry holds one of the top spots amongst all growing industries in total premium volumes, with a projected share of 1.9% in India. The average annual premium rise over the coming years is expected to be 9%. India is predicted to have one of the top insurance sectors with the fastest growth in the next years. India has 67 insurers as of March 2022, 24 being life insurers, 26 general insurers, 5 independent health insurers, and 12 re-insurers.
India’s insurance industry has grown significantly during the past 20 years due to greater private sector participation, improved distribution capacities, and notable advances in operational performance. As a result, the expanding insurance industry will use blockchain technology more frequently as the trend toward digital transformation grows.
The China market dominated the Asia Pacific Insurance Chatbot Market by Country in 2022 and would continue to be a dominant market till 2030; thereby, achieving a market value of $193.5 million by 2030. The Japan market is exhibiting a CAGR of 25.1% during (2023-2030). Additionally, The India market would register a CAGR of 26.6% during (2023-2030).
Based on Type, the market is segmented into Customer Service Chatbots, Sales Chatbots, Claims Processing Chatbots, Underwriting Chatbots and Others. Based on User Interface, the market is segmented into Text-based Interface and Voice-based Interface. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include IBM Corporation, Amazon Web Services, Inc. (Amazon.com, Inc.), Oracle Corporation, Nuance Communications, Inc. (Microsoft Corporation), Verint Systems, Inc., LivePerson, Inc., Inbenta Technologies, Inc., AlphaChat, Botsify and 200 Labs, Inc. (Chatfuel).
Scope of the Study
By Type
- Customer Service Chatbots
- Sales Chatbots
- Claims Processing Chatbots
- Underwriting Chatbots
- Others
By User Interface
- Text-based Interface
- Voice-based Interface
By Country
- China
- Japan
- India
- South Korea
- Singapore
- Malaysia
- Rest of Asia Pacific
Key Market Players
List of Companies Profiled in the Report:
- IBM Corporation
- Amazon Web Services, Inc. (Amazon.com, Inc.)
- Oracle Corporation
- Nuance Communications, Inc. (Microsoft Corporation)
- Verint Systems, Inc.
- LivePerson, Inc.
- Inbenta Technologies, Inc.
- AlphaChat
- Botsify
- 200 Labs, Inc. (Chatfuel)
Unique Offerings
- Exhaustive coverage
- The highest number of Market tables and figures
- Subscription-based model available
- Guaranteed best price
- Assured post sales research support with 10% customization free
Table of Contents
Chapter 1. Market Scope & Methodology
Chapter 2. Market at a Glance
Chapter 3. Market Overview
Chapter 5. Asia Pacific Insurance Chatbot Market by Type
Chapter 6. Asia Pacific Insurance Chatbot Market by User Interface
Chapter 7. Asia Pacific Insurance Chatbot Market by Country
Chapter 8. Company Profiles
Companies Mentioned
- IBM Corporation
- Amazon Web Services, Inc. (Amazon.com, Inc.)
- Oracle Corporation
- Nuance Communications, Inc. (Microsoft Corporation)
- Verint Systems, Inc.
- LivePerson, Inc.
- Inbenta Technologies, Inc.
- AlphaChat
- Botsify
- 200 Labs, Inc. (Chatfuel)
Methodology
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