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AI in Insurance Market By Offering, By Deployment Model, By Technology, By Enterprise Size, By End-user, By Application: Global Opportunity Analysis and Industry Forecast, 2021-2031

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    Report

  • 350 Pages
  • July 2022
  • Region: Global
  • Allied Market Research
  • ID: 5670912
AI in insurance is the combination of network operations and business operations segments into one integrated platform that provides necessary agility to create innovative and personalized customer experience. In addition, it makes automated claims processing and claims estimates more quickly and accurately. Furthermore, many Insurtech are using AI capabilities to create a new range of innovative products, such as instantly customizable life insurance and on-demand property coverage. Moreover, AI in insurance helps insurers from risk, detects fraud, and reduces human error in the application process.

Increase in investment by insurance companies in AI & machine learning and rise in preference for personalized insurance services boost the growth of the global AI in insurance market. In addition, increase in collaboration between insurance companies and AI & machine learning solution company positively impact growth of the market. However, higher deployment cost of AI, advanced machine learning, and lack of skilled labor hamper the market growth. On the contrary, increase in government initiatives and rise in investments to leverage the AI technology are expected to offer remunerative opportunities for expansion of the market during the forecast period.

The AI in insurance market is segmented on the basis of offering, deployment model, technology, enterprise size, end users, application, and region. On the basis of offering, the market is categorized into hardware, software, and service. On the basis of deployment model, the market is bifurcated into on-premise and cloud. By technology, it is classified into machine learning, natural language processing, computer vision, and others. On the basis of enterprise size, the market is classified into large enterprise and SMEs. On the basis of end user, it is classified into life & health Insurance and property & casualty insurance. On the basis of application, the market is classified into fraud detection & credit analysis, customer profiling & segmentation, product & policy design, and underwriting & claims assessment. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

The key players that operate in the AI in insurance market are Applied Systems, Cape Analytics, IBM Corporation, Microsoft Corporation, OpenText Corporation, Oracle Corporation, Pegasystems Inc, Quantemplate, Salesforce, Inc, SAP SE, SAS Institute Inc, Shift Technology, SimpleFinance, Slice Insurance Technologies, Vertafore, Inc, Zego, and Zurich Insurance Group Ltd. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.

KEY BENEFITS FOR STAKEHOLDERS

  • This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the ai in insurance market analysis from 2021 to 2031 to identify the prevailing ai in insurance market opportunities.
  • The market research is offered along with information related to key drivers, restraints, and opportunities.
  • Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
  • In-depth analysis of the ai in insurance market segmentation assists to determine the prevailing market opportunities.
  • Major countries in each region are mapped according to their revenue contribution to the global market.
  • Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
  • The report includes the analysis of the regional as well as global ai in insurance market trends, key players, market segments, application areas, and market growth strategies.

Key Market Segments

By Offering

  • Hardware
  • Software
  • Service

By Deployment Model

  • On-premise
  • Cloud

By Technology

  • Machine Learning
  • Natural Language Processing
  • Computer Vision
  • Others

By Enterprise Size

  • Large Enterprises
  • SMEs

By End-user

  • Life and Health Insurance
  • Property and Casualty Insurance

By Application

  • Fraud Detection and Credit Analysis
  • Customer Profiling and Segmentation
  • Product and Policy Design
  • Underwriting and Claims Assessment

By Region

  • North America
  • U.S.
  • Canada
  • Europe
  • United Kingdom
  • Germany
  • France
  • Italy
  • Spain
  • Netherlands
  • Rest of Europe
  • Asia-Pacific
  • China
  • India
  • Japan
  • South Korea
  • Australia
  • Rest of Asia-Pacific
  • LAMEA
  • Latin America
  • Middle East
  • Africa

Key Market Players

  • Applied Systems
  • IBM Corporation
  • Microsoft Corporation
  • OpenText Corporation
  • Oracle Corporation
  • Pegasystems Inc.
  • Quantemplate
  • Salesforce, Inc.
  • SAP SE
  • SAS Institute Inc.
  • Shift Technology
  • SimpleFinance
  • Slice Insurance Technologies
  • Vertafore, Inc.
  • Zego

 

Please note:

  • Online Access price format is valid for 60 days access. Printing is not enabled.
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Table of Contents

CHAPTER 1: INTRODUCTION
1.1.Report description
1.2.Key market segments
1.3.Key benefits to the stakeholders
1.4.Research Methodology
1.4.1.Secondary research
1.4.2.Primary research
1.4.3.Analyst tools and models
CHAPTER 2: EXECUTIVE SUMMARY
2.1.Key findings of the study
2.2.CXO Perspective
CHAPTER 3: MARKET OVERVIEW
3.1.Market definition and scope
3.2.Key findings
3.2.1.Top investment pockets
3.3.Porter’s five forces analysis
3.4.Top player positioning
3.5.Market dynamics
3.5.1.Drivers
3.5.2.Restraints
3.5.3.Opportunities
3.6.COVID-19 Impact Analysis on the market
CHAPTER 4: AI IN INSURANCE MARKET, BY OFFERING
4.1 Overview
4.1.1 Market size and forecast
4.2 Hardware
4.2.1 Key market trends, growth factors and opportunities
4.2.2 Market size and forecast, by region
4.2.3 Market analysis by country
4.3 Software
4.3.1 Key market trends, growth factors and opportunities
4.3.2 Market size and forecast, by region
4.3.3 Market analysis by country
4.4 Service
4.4.1 Key market trends, growth factors and opportunities
4.4.2 Market size and forecast, by region
4.4.3 Market analysis by country
CHAPTER 5: AI IN INSURANCE MARKET, BY DEPLOYMENT MODEL
5.1 Overview
5.1.1 Market size and forecast
5.2 On-premise
5.2.1 Key market trends, growth factors and opportunities
5.2.2 Market size and forecast, by region
5.2.3 Market analysis by country
5.3 Cloud
5.3.1 Key market trends, growth factors and opportunities
5.3.2 Market size and forecast, by region
5.3.3 Market analysis by country
CHAPTER 6: AI IN INSURANCE MARKET, BY TECHNOLOGY
6.1 Overview
6.1.1 Market size and forecast
6.2 Machine Learning
6.2.1 Key market trends, growth factors and opportunities
6.2.2 Market size and forecast, by region
6.2.3 Market analysis by country
6.3 Natural Language Processing
6.3.1 Key market trends, growth factors and opportunities
6.3.2 Market size and forecast, by region
6.3.3 Market analysis by country
6.4 Computer Vision
6.4.1 Key market trends, growth factors and opportunities
6.4.2 Market size and forecast, by region
6.4.3 Market analysis by country
6.5 Others
6.5.1 Key market trends, growth factors and opportunities
6.5.2 Market size and forecast, by region
6.5.3 Market analysis by country
CHAPTER 7: AI IN INSURANCE MARKET, BY ENTERPRISE SIZE
7.1 Overview
7.1.1 Market size and forecast
7.2 Large Enterprises
7.2.1 Key market trends, growth factors and opportunities
7.2.2 Market size and forecast, by region
7.2.3 Market analysis by country
7.3 SMEs
7.3.1 Key market trends, growth factors and opportunities
7.3.2 Market size and forecast, by region
7.3.3 Market analysis by country
CHAPTER 8: AI IN INSURANCE MARKET, BY END-USER
8.1 Overview
8.1.1 Market size and forecast
8.2 Life and Health Insurance
8.2.1 Key market trends, growth factors and opportunities
8.2.2 Market size and forecast, by region
8.2.3 Market analysis by country
8.3 Property and Casualty Insurance
8.3.1 Key market trends, growth factors and opportunities
8.3.2 Market size and forecast, by region
8.3.3 Market analysis by country
CHAPTER 9: AI IN INSURANCE MARKET, BY APPLICATION
9.1 Overview
9.1.1 Market size and forecast
9.2 Fraud Detection and Credit Analysis
9.2.1 Key market trends, growth factors and opportunities
9.2.2 Market size and forecast, by region
9.2.3 Market analysis by country
9.3 Customer Profiling and Segmentation
9.3.1 Key market trends, growth factors and opportunities
9.3.2 Market size and forecast, by region
9.3.3 Market analysis by country
9.4 Product and Policy Design
9.4.1 Key market trends, growth factors and opportunities
9.4.2 Market size and forecast, by region
9.4.3 Market analysis by country
9.5 Underwriting and Claims Assessment
9.5.1 Key market trends, growth factors and opportunities
9.5.2 Market size and forecast, by region
9.5.3 Market analysis by country
CHAPTER 10: AI IN INSURANCE MARKET, BY REGION
10.1 Overview
10.1.1 Market size and forecast
10.2 North America
10.2.1 Key trends and opportunities
10.2.2 North America Market size and forecast, by Offering
10.2.3 North America Market size and forecast, by Deployment Model
10.2.4 North America Market size and forecast, by Technology
10.2.5 North America Market size and forecast, by Enterprise Size
10.2.6 North America Market size and forecast, by End-user
10.2.7 North America Market size and forecast, by Application
10.2.8 North America Market size and forecast, by country
10.2.8.1 U.S.
10.2.8.1.1 Market size and forecast, by Offering
10.2.8.1.2 Market size and forecast, by Deployment Model
10.2.8.1.3 Market size and forecast, by Technology
10.2.8.1.4 Market size and forecast, by Enterprise Size
10.2.8.1.5 Market size and forecast, by End-user
10.2.8.1.6 Market size and forecast, by Application
10.2.8.2 Canada
10.2.8.2.1 Market size and forecast, by Offering
10.2.8.2.2 Market size and forecast, by Deployment Model
10.2.8.2.3 Market size and forecast, by Technology
10.2.8.2.4 Market size and forecast, by Enterprise Size
10.2.8.2.5 Market size and forecast, by End-user
10.2.8.2.6 Market size and forecast, by Application
10.3 Europe
10.3.1 Key trends and opportunities
10.3.2 Europe Market size and forecast, by Offering
10.3.3 Europe Market size and forecast, by Deployment Model
10.3.4 Europe Market size and forecast, by Technology
10.3.5 Europe Market size and forecast, by Enterprise Size
10.3.6 Europe Market size and forecast, by End-user
10.3.7 Europe Market size and forecast, by Application
10.3.8 Europe Market size and forecast, by country
10.3.8.1 United Kingdom
10.3.8.1.1 Market size and forecast, by Offering
10.3.8.1.2 Market size and forecast, by Deployment Model
10.3.8.1.3 Market size and forecast, by Technology
10.3.8.1.4 Market size and forecast, by Enterprise Size
10.3.8.1.5 Market size and forecast, by End-user
10.3.8.1.6 Market size and forecast, by Application
10.3.8.2 Germany
10.3.8.2.1 Market size and forecast, by Offering
10.3.8.2.2 Market size and forecast, by Deployment Model
10.3.8.2.3 Market size and forecast, by Technology
10.3.8.2.4 Market size and forecast, by Enterprise Size
10.3.8.2.5 Market size and forecast, by End-user
10.3.8.2.6 Market size and forecast, by Application
10.3.8.3 France
10.3.8.3.1 Market size and forecast, by Offering
10.3.8.3.2 Market size and forecast, by Deployment Model
10.3.8.3.3 Market size and forecast, by Technology
10.3.8.3.4 Market size and forecast, by Enterprise Size
10.3.8.3.5 Market size and forecast, by End-user
10.3.8.3.6 Market size and forecast, by Application
10.3.8.4 Italy
10.3.8.4.1 Market size and forecast, by Offering
10.3.8.4.2 Market size and forecast, by Deployment Model
10.3.8.4.3 Market size and forecast, by Technology
10.3.8.4.4 Market size and forecast, by Enterprise Size
10.3.8.4.5 Market size and forecast, by End-user
10.3.8.4.6 Market size and forecast, by Application
10.3.8.5 Spain
10.3.8.5.1 Market size and forecast, by Offering
10.3.8.5.2 Market size and forecast, by Deployment Model
10.3.8.5.3 Market size and forecast, by Technology
10.3.8.5.4 Market size and forecast, by Enterprise Size
10.3.8.5.5 Market size and forecast, by End-user
10.3.8.5.6 Market size and forecast, by Application
10.3.8.6 Netherlands
10.3.8.6.1 Market size and forecast, by Offering
10.3.8.6.2 Market size and forecast, by Deployment Model
10.3.8.6.3 Market size and forecast, by Technology
10.3.8.6.4 Market size and forecast, by Enterprise Size
10.3.8.6.5 Market size and forecast, by End-user
10.3.8.6.6 Market size and forecast, by Application
10.3.8.7 Rest of Europe
10.3.8.7.1 Market size and forecast, by Offering
10.3.8.7.2 Market size and forecast, by Deployment Model
10.3.8.7.3 Market size and forecast, by Technology
10.3.8.7.4 Market size and forecast, by Enterprise Size
10.3.8.7.5 Market size and forecast, by End-user
10.3.8.7.6 Market size and forecast, by Application
10.4 Asia-Pacific
10.4.1 Key trends and opportunities
10.4.2 Asia-Pacific Market size and forecast, by Offering
10.4.3 Asia-Pacific Market size and forecast, by Deployment Model
10.4.4 Asia-Pacific Market size and forecast, by Technology
10.4.5 Asia-Pacific Market size and forecast, by Enterprise Size
10.4.6 Asia-Pacific Market size and forecast, by End-user
10.4.7 Asia-Pacific Market size and forecast, by Application
10.4.8 Asia-Pacific Market size and forecast, by country
10.4.8.1 China
10.4.8.1.1 Market size and forecast, by Offering
10.4.8.1.2 Market size and forecast, by Deployment Model
10.4.8.1.3 Market size and forecast, by Technology
10.4.8.1.4 Market size and forecast, by Enterprise Size
10.4.8.1.5 Market size and forecast, by End-user
10.4.8.1.6 Market size and forecast, by Application
10.4.8.2 India
10.4.8.2.1 Market size and forecast, by Offering
10.4.8.2.2 Market size and forecast, by Deployment Model
10.4.8.2.3 Market size and forecast, by Technology
10.4.8.2.4 Market size and forecast, by Enterprise Size
10.4.8.2.5 Market size and forecast, by End-user
10.4.8.2.6 Market size and forecast, by Application
10.4.8.3 Japan
10.4.8.3.1 Market size and forecast, by Offering
10.4.8.3.2 Market size and forecast, by Deployment Model
10.4.8.3.3 Market size and forecast, by Technology
10.4.8.3.4 Market size and forecast, by Enterprise Size
10.4.8.3.5 Market size and forecast, by End-user
10.4.8.3.6 Market size and forecast, by Application
10.4.8.4 South Korea
10.4.8.4.1 Market size and forecast, by Offering
10.4.8.4.2 Market size and forecast, by Deployment Model
10.4.8.4.3 Market size and forecast, by Technology
10.4.8.4.4 Market size and forecast, by Enterprise Size
10.4.8.4.5 Market size and forecast, by End-user
10.4.8.4.6 Market size and forecast, by Application
10.4.8.5 Australia
10.4.8.5.1 Market size and forecast, by Offering
10.4.8.5.2 Market size and forecast, by Deployment Model
10.4.8.5.3 Market size and forecast, by Technology
10.4.8.5.4 Market size and forecast, by Enterprise Size
10.4.8.5.5 Market size and forecast, by End-user
10.4.8.5.6 Market size and forecast, by Application
10.4.8.6 Rest of Asia-Pacific
10.4.8.6.1 Market size and forecast, by Offering
10.4.8.6.2 Market size and forecast, by Deployment Model
10.4.8.6.3 Market size and forecast, by Technology
10.4.8.6.4 Market size and forecast, by Enterprise Size
10.4.8.6.5 Market size and forecast, by End-user
10.4.8.6.6 Market size and forecast, by Application
10.5 LAMEA
10.5.1 Key trends and opportunities
10.5.2 LAMEA Market size and forecast, by Offering
10.5.3 LAMEA Market size and forecast, by Deployment Model
10.5.4 LAMEA Market size and forecast, by Technology
10.5.5 LAMEA Market size and forecast, by Enterprise Size
10.5.6 LAMEA Market size and forecast, by End-user
10.5.7 LAMEA Market size and forecast, by Application
10.5.8 LAMEA Market size and forecast, by country
10.5.8.1 Latin America
10.5.8.1.1 Market size and forecast, by Offering
10.5.8.1.2 Market size and forecast, by Deployment Model
10.5.8.1.3 Market size and forecast, by Technology
10.5.8.1.4 Market size and forecast, by Enterprise Size
10.5.8.1.5 Market size and forecast, by End-user
10.5.8.1.6 Market size and forecast, by Application
10.5.8.2 Middle East
10.5.8.2.1 Market size and forecast, by Offering
10.5.8.2.2 Market size and forecast, by Deployment Model
10.5.8.2.3 Market size and forecast, by Technology
10.5.8.2.4 Market size and forecast, by Enterprise Size
10.5.8.2.5 Market size and forecast, by End-user
10.5.8.2.6 Market size and forecast, by Application
10.5.8.3 Africa
10.5.8.3.1 Market size and forecast, by Offering
10.5.8.3.2 Market size and forecast, by Deployment Model
10.5.8.3.3 Market size and forecast, by Technology
10.5.8.3.4 Market size and forecast, by Enterprise Size
10.5.8.3.5 Market size and forecast, by End-user
10.5.8.3.6 Market size and forecast, by Application
CHAPTER 11: COMPANY LANDSCAPE
11.1. Introduction
11.2. Top winning strategies
11.3. Product Mapping of Top 10 Player
11.4. Competitive Dashboard
11.5. Competitive Heatmap
11.6. Key developments
CHAPTER 12: COMPANY PROFILES
12.1 Applied Systems
12.1.1 Company overview
12.1.2 Company snapshot
12.1.3 Operating business segments
12.1.4 Product portfolio
12.1.5 Business performance
12.1.6 Key strategic moves and developments
12.2 IBM Corporation
12.2.1 Company overview
12.2.2 Company snapshot
12.2.3 Operating business segments
12.2.4 Product portfolio
12.2.5 Business performance
12.2.6 Key strategic moves and developments
12.3 Microsoft Corporation
12.3.1 Company overview
12.3.2 Company snapshot
12.3.3 Operating business segments
12.3.4 Product portfolio
12.3.5 Business performance
12.3.6 Key strategic moves and developments
12.4 OpenText Corporation
12.4.1 Company overview
12.4.2 Company snapshot
12.4.3 Operating business segments
12.4.4 Product portfolio
12.4.5 Business performance
12.4.6 Key strategic moves and developments
12.5 Oracle Corporation
12.5.1 Company overview
12.5.2 Company snapshot
12.5.3 Operating business segments
12.5.4 Product portfolio
12.5.5 Business performance
12.5.6 Key strategic moves and developments
12.6 Pegasystems Inc.
12.6.1 Company overview
12.6.2 Company snapshot
12.6.3 Operating business segments
12.6.4 Product portfolio
12.6.5 Business performance
12.6.6 Key strategic moves and developments
12.7 Quantemplate
12.7.1 Company overview
12.7.2 Company snapshot
12.7.3 Operating business segments
12.7.4 Product portfolio
12.7.5 Business performance
12.7.6 Key strategic moves and developments
12.8 Salesforce, Inc.
12.8.1 Company overview
12.8.2 Company snapshot
12.8.3 Operating business segments
12.8.4 Product portfolio
12.8.5 Business performance
12.8.6 Key strategic moves and developments
12.9 SAP SE
12.9.1 Company overview
12.9.2 Company snapshot
12.9.3 Operating business segments
12.9.4 Product portfolio
12.9.5 Business performance
12.9.6 Key strategic moves and developments
12.10 SAS Institute Inc.
12.10.1 Company overview
12.10.2 Company snapshot
12.10.3 Operating business segments
12.10.4 Product portfolio
12.10.5 Business performance
12.10.6 Key strategic moves and developments
12.11 Shift Technology
12.11.1 Company overview
12.11.2 Company snapshot
12.11.3 Operating business segments
12.11.4 Product portfolio
12.11.5 Business performance
12.11.6 Key strategic moves and developments
12.12 SimpleFinance
12.12.1 Company overview
12.12.2 Company snapshot
12.12.3 Operating business segments
12.12.4 Product portfolio
12.12.5 Business performance
12.12.6 Key strategic moves and developments
12.13 Slice Insurance Technologies
12.13.1 Company overview
12.13.2 Company snapshot
12.13.3 Operating business segments
12.13.4 Product portfolio
12.13.5 Business performance
12.13.6 Key strategic moves and developments
12.14 Vertafore, Inc.
12.14.1 Company overview
12.14.2 Company snapshot
12.14.3 Operating business segments
12.14.4 Product portfolio
12.14.5 Business performance
12.14.6 Key strategic moves and developments
12.15 Zego
12.15.1 Company overview
12.15.2 Company snapshot
12.15.3 Operating business segments
12.15.4 Product portfolio
12.15.5 Business performance
12.15.6 Key strategic moves and developments
List of Tables
Table 1. Global Ai in Insurance Market, by Offering, 2021-2031 ($Million)
Table 2. Ai in Insurance Market Size, for Hardware, by Region, 2021-2031 ($Million)
Table 3. Ai in Insurance Market for Hardware by Country, 2021-2031 ($Million)
Table 4. Ai in Insurance Market Size, for Software, by Region, 2021-2031 ($Million)
Table 5. Ai in Insurance Market for Software by Country, 2021-2031 ($Million)
Table 6. Ai in Insurance Market Size, for Service, by Region, 2021-2031 ($Million)
Table 7. Ai in Insurance Market for Service by Country, 2021-2031 ($Million)
Table 8. Global Ai in Insurance Market, by Deployment Model, 2021-2031 ($Million)
Table 9. Ai in Insurance Market Size, for On-Premise, by Region, 2021-2031 ($Million)
Table 10. Ai in Insurance Market for On-Premise by Country, 2021-2031 ($Million)
Table 11. Ai in Insurance Market Size, for Cloud, by Region, 2021-2031 ($Million)
Table 12. Ai in Insurance Market for Cloud by Country, 2021-2031 ($Million)
Table 13. Global Ai in Insurance Market, by Technology, 2021-2031 ($Million)
Table 14. Ai in Insurance Market Size, for Machine Learning, by Region, 2021-2031 ($Million)
Table 15. Ai in Insurance Market for Machine Learning by Country, 2021-2031 ($Million)
Table 16. Ai in Insurance Market Size, for Natural Language Processing, by Region, 2021-2031 ($Million)
Table 17. Ai in Insurance Market for Natural Language Processing by Country, 2021-2031 ($Million)
Table 18. Ai in Insurance Market Size, for Computer Vision, by Region, 2021-2031 ($Million)
Table 19. Ai in Insurance Market for Computer Vision by Country, 2021-2031 ($Million)
Table 20. Ai in Insurance Market Size, for Others, by Region, 2021-2031 ($Million)
Table 21. Ai in Insurance Market for Others by Country, 2021-2031 ($Million)
Table 22. Global Ai in Insurance Market, by Enterprise Size, 2021-2031 ($Million)
Table 23. Ai in Insurance Market Size, for Large Enterprises, by Region, 2021-2031 ($Million)
Table 24. Ai in Insurance Market for Large Enterprises by Country, 2021-2031 ($Million)
Table 25. Ai in Insurance Market Size, for Smes, by Region, 2021-2031 ($Million)
Table 26. Ai in Insurance Market for Smes by Country, 2021-2031 ($Million)
Table 27. Global Ai in Insurance Market, by End-User, 2021-2031 ($Million)
Table 28. Ai in Insurance Market Size, for Life and Health Insurance, by Region, 2021-2031 ($Million)
Table 29. Ai in Insurance Market for Life and Health Insurance by Country, 2021-2031 ($Million)
Table 30. Ai in Insurance Market Size, for Property and Casualty Insurance, by Region, 2021-2031 ($Million)
Table 31. Ai in Insurance Market for Property and Casualty Insurance by Country, 2021-2031 ($Million)
Table 32. Global Ai in Insurance Market, by Application, 2021-2031 ($Million)
Table 33. Ai in Insurance Market Size, for Fraud Detection and Credit Analysis, by Region, 2021-2031 ($Million)
Table 34. Ai in Insurance Market for Fraud Detection and Credit Analysis by Country, 2021-2031 ($Million)
Table 35. Ai in Insurance Market Size, for Customer Profiling and Segmentation, by Region, 2021-2031 ($Million)
Table 36. Ai in Insurance Market for Customer Profiling and Segmentation by Country, 2021-2031 ($Million)
Table 37. Ai in Insurance Market Size, for Product and Policy Design, by Region, 2021-2031 ($Million)
Table 38. Ai in Insurance Market for Product and Policy Design by Country, 2021-2031 ($Million)
Table 39. Ai in Insurance Market Size, for Underwriting and Claims Assessment, by Region, 2021-2031 ($Million)
Table 40. Ai in Insurance Market for Underwriting and Claims Assessment by Country, 2021-2031 ($Million)
Table 41. Ai in Insurance Market, by Region, 2021-2031 ($Million)
Table 42. North America Ai in Insurance Market, by Offering, 2021-2031 ($Million)
Table 43. North America Ai in Insurance Market, by Deployment Model, 2021-2031 ($Million)
Table 44. North America Ai in Insurance Market, by Technology, 2021-2031 ($Million)
Table 45. North America Ai in Insurance Market, by Enterprise Size, 2021-2031 ($Million)
Table 46. North America Ai in Insurance Market, by End-User, 2021-2031 ($Million)
Table 47. North America Ai in Insurance Market, by Application, 2021-2031 ($Million)
Table 48. North America Ai in Insurance Market, by Country, 2021-2031 ($Million)
Table 49. U.S. Ai in Insurance Market, by Offering, 2021-2031 ($Million)
Table 50. U.S. Ai in Insurance Market, by Deployment Model, 2021-2031 ($Million)
Table 51. U.S. Ai in Insurance Market, by Technology, 2021-2031 ($Million)
Table 52. U.S. Ai in Insurance Market, by Enterprise Size, 2021-2031 ($Million)
Table 53. U.S. Ai in Insurance Market, by End-User, 2021-2031 ($Million)
Table 54. U.S. Ai in Insurance Market, by Application, 2021-2031 ($Million)
Table 55. Canada Ai in Insurance Market, by Offering, 2021-2031 ($Million)
Table 56. Canada Ai in Insurance Market, by Deployment Model, 2021-2031 ($Million)
Table 57. Canada Ai in Insurance Market, by Technology, 2021-2031 ($Million)
Table 58. Canada Ai in Insurance Market, by Enterprise Size, 2021-2031 ($Million)
Table 59. Canada Ai in Insurance Market, by End-User, 2021-2031 ($Million)
Table 60. Canada Ai in Insurance Market, by Application, 2021-2031 ($Million)
Table 61. Europe Ai in Insurance Market, by Offering, 2021-2031 ($Million)
Table 62. Europe Ai in Insurance Market, by Deployment Model, 2021-2031 ($Million)
Table 63. Europe Ai in Insurance Market, by Technology, 2021-2031 ($Million)
Table 64. Europe Ai in Insurance Market, by Enterprise Size, 2021-2031 ($Million)
Table 65. Europe Ai in Insurance Market, by End-User, 2021-2031 ($Million)
Table 66. Europe Ai in Insurance Market, by Application, 2021-2031 ($Million)
Table 67. Europe Ai in Insurance Market, by Country, 2021-2031 ($Million)
Table 68. United Kingdom Ai in Insurance Market, by Offering, 2021-2031 ($Million)
Table 69. United Kingdom Ai in Insurance Market, by Deployment Model, 2021-2031 ($Million)
Table 70. United Kingdom Ai in Insurance Market, by Technology, 2021-2031 ($Million)
Table 71. United Kingdom Ai in Insurance Market, by Enterprise Size, 2021-2031 ($Million)
Table 72. United Kingdom Ai in Insurance Market, by End-User, 2021-2031 ($Million)
Table 73. United Kingdom Ai in Insurance Market, by Application, 2021-2031 ($Million)
Table 74. Germany Ai in Insurance Market, by Offering, 2021-2031 ($Million)
Table 75. Germany Ai in Insurance Market, by Deployment Model, 2021-2031 ($Million)
Table 76. Germany Ai in Insurance Market, by Technology, 2021-2031 ($Million)
Table 77. Germany Ai in Insurance Market, by Enterprise Size, 2021-2031 ($Million)
Table 78. Germany Ai in Insurance Market, by End-User, 2021-2031 ($Million)
Table 79. Germany Ai in Insurance Market, by Application, 2021-2031 ($Million)
Table 80. France Ai in Insurance Market, by Offering, 2021-2031 ($Million)
Table 81. France Ai in Insurance Market, by Deployment Model, 2021-2031 ($Million)
Table 82. France Ai in Insurance Market, by Technology, 2021-2031 ($Million)
Table 83. France Ai in Insurance Market, by Enterprise Size, 2021-2031 ($Million)
Table 84. France Ai in Insurance Market, by End-User, 2021-2031 ($Million)
Table 85. France Ai in Insurance Market, by Application, 2021-2031 ($Million)
Table 86. Italy Ai in Insurance Market, by Offering, 2021-2031 ($Million)
Table 87. Italy Ai in Insurance Market, by Deployment Model, 2021-2031 ($Million)
Table 88. Italy Ai in Insurance Market, by Technology, 2021-2031 ($Million)
Table 89. Italy Ai in Insurance Market, by Enterprise Size, 2021-2031 ($Million)
Table 90. Italy Ai in Insurance Market, by End-User, 2021-2031 ($Million)
Table 91. Italy Ai in Insurance Market, by Application, 2021-2031 ($Million)
Table 92. Spain Ai in Insurance Market, by Offering, 2021-2031 ($Million)
Table 93. Spain Ai in Insurance Market, by Deployment Model, 2021-2031 ($Million)
Table 94. Spain Ai in Insurance Market, by Technology, 2021-2031 ($Million)
Table 95. Spain Ai in Insurance Market, by Enterprise Size, 2021-2031 ($Million)
Table 96. Spain Ai in Insurance Market, by End-User, 2021-2031 ($Million)
Table 97. Spain Ai in Insurance Market, by Application, 2021-2031 ($Million)
Table 98. Netherlands Ai in Insurance Market, by Offering, 2021-2031 ($Million)
Table 99. Netherlands Ai in Insurance Market, by Deployment Model, 2021-2031 ($Million)
Table 100. Netherlands Ai in Insurance Market, by Technology, 2021-2031 ($Million)
Table 101. Netherlands Ai in Insurance Market, by Enterprise Size, 2021-2031 ($Million)
Table 102. Netherlands Ai in Insurance Market, by End-User, 2021-2031 ($Million)
Table 103. Netherlands Ai in Insurance Market, by Application, 2021-2031 ($Million)
Table 104. Rest of Europe Ai in Insurance Market, by Offering, 2021-2031 ($Million)
Table 105. Rest of Europe Ai in Insurance Market, by Deployment Model, 2021-2031 ($Million)
Table 106. Rest of Europe Ai in Insurance Market, by Technology, 2021-2031 ($Million)
Table 107. Rest of Europe Ai in Insurance Market, by Enterprise Size, 2021-2031 ($Million)
Table 108. Rest of Europe Ai in Insurance Market, by End-User, 2021-2031 ($Million)
Table 109. Rest of Europe Ai in Insurance Market, by Application, 2021-2031 ($Million)
Table 110. Asia-Pacific Ai in Insurance Market, by Offering, 2021-2031 ($Million)
Table 111. Asia-Pacific Ai in Insurance Market, by Deployment Model, 2021-2031 ($Million)
Table 112. Asia-Pacific Ai in Insurance Market, by Technology, 2021-2031 ($Million)
Table 113. Asia-Pacific Ai in Insurance Market, by Enterprise Size, 2021-2031 ($Million)
Table 114. Asia-Pacific Ai in Insurance Market, by End-User, 2021-2031 ($Million)
Table 115. Asia-Pacific Ai in Insurance Market, by Application, 2021-2031 ($Million)
Table 116. Asia-Pacific Ai in Insurance Market, by Country, 2021-2031 ($Million)
Table 117. China Ai in Insurance Market, by Offering, 2021-2031 ($Million)
Table 118. China Ai in Insurance Market, by Deployment Model, 2021-2031 ($Million)
Table 119. China Ai in Insurance Market, by Technology, 2021-2031 ($Million)
Table 120. China Ai in Insurance Market, by Enterprise Size, 2021-2031 ($Million)
Table 121. China Ai in Insurance Market, by End-User, 2021-2031 ($Million)
Table 122. China Ai in Insurance Market, by Application, 2021-2031 ($Million)
Table 123. India Ai in Insurance Market, by Offering, 2021-2031 ($Million)
Table 124. India Ai in Insurance Market, by Deployment Model, 2021-2031 ($Million)
Table 125. India Ai in Insurance Market, by Technology, 2021-2031 ($Million)
Table 126. India Ai in Insurance Market, by Enterprise Size, 2021-2031 ($Million)
Table 127. India Ai in Insurance Market, by End-User, 2021-2031 ($Million)
Table 128. India Ai in Insurance Market, by Application, 2021-2031 ($Million)
Table 129. Japan Ai in Insurance Market, by Offering, 2021-2031 ($Million)
Table 130. Japan Ai in Insurance Market, by Deployment Model, 2021-2031 ($Million)
Table 131. Japan Ai in Insurance Market, by Technology, 2021-2031 ($Million)
Table 132. Japan Ai in Insurance Market, by Enterprise Size, 2021-2031 ($Million)
Table 133. Japan Ai in Insurance Market, by End-User, 2021-2031 ($Million)
Table 134. Japan Ai in Insurance Market, by Application, 2021-2031 ($Million)
Table 135. South Korea Ai in Insurance Market, by Offering, 2021-2031 ($Million)
Table 136. South Korea Ai in Insurance Market, by Deployment Model, 2021-2031 ($Million)
Table 137. South Korea Ai in Insurance Market, by Technology, 2021-2031 ($Million)
Table 138. South Korea Ai in Insurance Market, by Enterprise Size, 2021-2031 ($Million)
Table 139. South Korea Ai in Insurance Market, by End-User, 2021-2031 ($Million)
Table 140. South Korea Ai in Insurance Market, by Application, 2021-2031 ($Million)
Table 141. Australia Ai in Insurance Market, by Offering, 2021-2031 ($Million)
Table 142. Australia Ai in Insurance Market, by Deployment Model, 2021-2031 ($Million)
Table 143. Australia Ai in Insurance Market, by Technology, 2021-2031 ($Million)
Table 144. Australia Ai in Insurance Market, by Enterprise Size, 2021-2031 ($Million)
Table 145. Australia Ai in Insurance Market, by End-User, 2021-2031 ($Million)
Table 146. Australia Ai in Insurance Market, by Application, 2021-2031 ($Million)
Table 147. Rest of Asia-Pacific Ai in Insurance Market, by Offering, 2021-2031 ($Million)
Table 148. Rest of Asia-Pacific Ai in Insurance Market, by Deployment Model, 2021-2031 ($Million)
Table 149. Rest of Asia-Pacific Ai in Insurance Market, by Technology, 2021-2031 ($Million)
Table 150. Rest of Asia-Pacific Ai in Insurance Market, by Enterprise Size, 2021-2031 ($Million)
Table 151. Rest of Asia-Pacific Ai in Insurance Market, by End-User, 2021-2031 ($Million)
Table 152. Rest of Asia-Pacific Ai in Insurance Market, by Application, 2021-2031 ($Million)
Table 153. LAMEA Ai in Insurance Market, by Offering, 2021-2031 ($Million)
Table 154. LAMEA Ai in Insurance Market, by Deployment Model, 2021-2031 ($Million)
Table 155. LAMEA Ai in Insurance Market, by Technology, 2021-2031 ($Million)
Table 156. LAMEA Ai in Insurance Market, by Enterprise Size, 2021-2031 ($Million)
Table 157. LAMEA Ai in Insurance Market, by End-User, 2021-2031 ($Million)
Table 158. LAMEA Ai in Insurance Market, by Application, 2021-2031 ($Million)
Table 159. LAMEA Ai in Insurance Market, by Country, 2021-2031 ($Million)
Table 160. Latin America Ai in Insurance Market, by Offering, 2021-2031 ($Million)
Table 161. Latin America Ai in Insurance Market, by Deployment Model, 2021-2031 ($Million)
Table 162. Latin America Ai in Insurance Market, by Technology, 2021-2031 ($Million)
Table 163. Latin America Ai in Insurance Market, by Enterprise Size, 2021-2031 ($Million)
Table 164. Latin America Ai in Insurance Market, by End-User, 2021-2031 ($Million)
Table 165. Latin America Ai in Insurance Market, by Application, 2021-2031 ($Million)
Table 166. Middle East Ai in Insurance Market, by Offering, 2021-2031 ($Million)
Table 167. Middle East Ai in Insurance Market, by Deployment Model, 2021-2031 ($Million)
Table 168. Middle East Ai in Insurance Market, by Technology, 2021-2031 ($Million)
Table 169. Middle East Ai in Insurance Market, by Enterprise Size, 2021-2031 ($Million)
Table 170. Middle East Ai in Insurance Market, by End-User, 2021-2031 ($Million)
Table 171. Middle East Ai in Insurance Market, by Application, 2021-2031 ($Million)
Table 172. Africa Ai in Insurance Market, by Offering, 2021-2031 ($Million)
Table 173. Africa Ai in Insurance Market, by Deployment Model, 2021-2031 ($Million)
Table 174. Africa Ai in Insurance Market, by Technology, 2021-2031 ($Million)
Table 175. Africa Ai in Insurance Market, by Enterprise Size, 2021-2031 ($Million)
Table 176. Africa Ai in Insurance Market, by End-User, 2021-2031 ($Million)
Table 177. Africa Ai in Insurance Market, by Application, 2021-2031 ($Million)
Table 178. Applied Systems: Company Snapshot
Table 179. Applied Systems: Operating Segments
Table 180. Applied Systems: Product Portfolio
Table 181. Applied Systems: Net Sales
Table 182. Applied Systems: Key Stratergies
Table 183. Ibm Corporation: Company Snapshot
Table 184. Ibm Corporation: Operating Segments
Table 185. Ibm Corporation: Product Portfolio
Table 186. Ibm Corporation: Net Sales
Table 187. Ibm Corporation: Key Stratergies
Table 188. Microsoft Corporation: Company Snapshot
Table 189. Microsoft Corporation: Operating Segments
Table 190. Microsoft Corporation: Product Portfolio
Table 191. Microsoft Corporation: Net Sales
Table 192. Microsoft Corporation: Key Stratergies
Table 193. Opentext Corporation: Company Snapshot
Table 194. Opentext Corporation: Operating Segments
Table 195. Opentext Corporation: Product Portfolio
Table 196. Opentext Corporation: Net Sales
Table 197. Opentext Corporation: Key Stratergies
Table 198. Oracle Corporation: Company Snapshot
Table 199. Oracle Corporation: Operating Segments
Table 200. Oracle Corporation: Product Portfolio
Table 201. Oracle Corporation: Net Sales
Table 202. Oracle Corporation: Key Stratergies
Table 203. Pegasystems Inc.: Company Snapshot
Table 204. Pegasystems Inc.: Operating Segments
Table 205. Pegasystems Inc.: Product Portfolio
Table 206. Pegasystems Inc.: Net Sales
Table 207. Pegasystems Inc.: Key Stratergies
Table 208. Quantemplate: Company Snapshot
Table 209. Quantemplate: Operating Segments
Table 210. Quantemplate: Product Portfolio
Table 211. Quantemplate: Net Sales
Table 212. Quantemplate: Key Stratergies
Table 213. Salesforce, Inc.: Company Snapshot
Table 214. Salesforce, Inc.: Operating Segments
Table 215. Salesforce, Inc.: Product Portfolio
Table 216. Salesforce, Inc.: Net Sales
Table 217. Salesforce, Inc.: Key Stratergies
Table 218. Sap Se: Company Snapshot
Table 219. Sap Se: Operating Segments
Table 220. Sap Se: Product Portfolio
Table 221. Sap Se: Net Sales
Table 222. Sap Se: Key Stratergies
Table 223. Sas Institute Inc.: Company Snapshot
Table 224. Sas Institute Inc.: Operating Segments
Table 225. Sas Institute Inc.: Product Portfolio
Table 226. Sas Institute Inc.: Net Sales
Table 227. Sas Institute Inc.: Key Stratergies
Table 228. Shift Technology: Company Snapshot
Table 229. Shift Technology: Operating Segments
Table 230. Shift Technology: Product Portfolio
Table 231. Shift Technology: Net Sales
Table 232. Shift Technology: Key Stratergies
Table 233. Simplefinance: Company Snapshot
Table 234. Simplefinance: Operating Segments
Table 235. Simplefinance: Product Portfolio
Table 236. Simplefinance: Net Sales
Table 237. Simplefinance: Key Stratergies
Table 238. Slice Insurance Technologies: Company Snapshot
Table 239. Slice Insurance Technologies: Operating Segments
Table 240. Slice Insurance Technologies: Product Portfolio
Table 241. Slice Insurance Technologies: Net Sales
Table 242. Slice Insurance Technologies: Key Stratergies
Table 243. Vertafore, Inc.: Company Snapshot
Table 244. Vertafore, Inc.: Operating Segments
Table 245. Vertafore, Inc.: Product Portfolio
Table 246. Vertafore, Inc.: Net Sales
Table 247. Vertafore, Inc.: Key Stratergies
Table 248. Zego: Company Snapshot
Table 249. Zego: Operating Segments
Table 250. Zego: Product Portfolio
Table 251. Zego: Net Sales
Table 252. Zego: Key Stratergies
List of Figures
Figure 1. AI in Insurance Market Segmentation
Figure 2. AI in Insurance Market,2021-2031
Figure 3. AI in Insurance Market,2021-2031
Figure 4. Top Investment Pockets, by Region
Figure 5. Porter Five-1
Figure 6. Porter Five-2
Figure 7. Porter Five-3
Figure 8. Porter Five-4
Figure 9. Porter Five-5
Figure 10. Top Player Positioning
Figure 11. AI in Insurance Market:Drivers, Restraints and Opportunities
Figure 12. AI in Insurance Market,By Offering,2021(%)
Figure 13. Comparative Share Analysis of Hardware AI in Insurance Market,2021-2031(%)
Figure 14. Comparative Share Analysis of Software AI in Insurance Market,2021-2031(%)
Figure 15. Comparative Share Analysis of Service AI in Insurance Market,2021-2031(%)
Figure 16. AI in Insurance Market,By Deployment Model,2021(%)
Figure 17. Comparative Share Analysis of On-Premise AI in Insurance Market,2021-2031(%)
Figure 18. Comparative Share Analysis of Cloud AI in Insurance Market,2021-2031(%)
Figure 19. AI in Insurance Market,By Technology,2021(%)
Figure 20. Comparative Share Analysis of Machine Learning AI in Insurance Market,2021-2031(%)
Figure 21. Comparative Share Analysis of Natural Language Processing AI in Insurance Market,2021-2031(%)
Figure 22. Comparative Share Analysis of Computer Vision AI in Insurance Market,2021-2031(%)
Figure 23. Comparative Share Analysis of Others AI in Insurance Market,2021-2031(%)
Figure 24. AI in Insurance Market,By Enterprise Size,2021(%)
Figure 25. Comparative Share Analysis of Large Enterprises AI in Insurance Market,2021-2031(%)
Figure 26. Comparative Share Analysis of SMEs AI in Insurance Market,2021-2031(%)
Figure 27. AI in Insurance Market,By End-user,2021(%)
Figure 28. Comparative Share Analysis of Life and Health Insurance AI in Insurance Market,2021-2031(%)
Figure 29. Comparative Share Analysis of Property and Casualty Insurance AI in Insurance Market,2021-2031(%)
Figure 30. AI in Insurance Market,By Application,2021(%)
Figure 31. Comparative Share Analysis of Fraud Detection and Credit Analysis AI in Insurance Market,2021-2031(%)
Figure 32. Comparative Share Analysis of Customer Profiling and Segmentation AI in Insurance Market,2021-2031(%)
Figure 33. Comparative Share Analysis of Product and Policy Design AI in Insurance Market,2021-2031(%)
Figure 34. Comparative Share Analysis of Underwriting and Claims Assessment AI in Insurance Market,2021-2031(%)
Figure 35. AI in Insurance Market by Region,2021
Figure 36. U.S. AI in Insurance Market,2021-2031($Million)
Figure 37. Canada AI in Insurance Market,2021-2031($Million)
Figure 38. United Kingdom AI in Insurance Market,2021-2031($Million)
Figure 39. Germany AI in Insurance Market,2021-2031($Million)
Figure 40. France AI in Insurance Market,2021-2031($Million)
Figure 41. Italy AI in Insurance Market,2021-2031($Million)
Figure 42. Spain AI in Insurance Market,2021-2031($Million)
Figure 43. Netherlands AI in Insurance Market,2021-2031($Million)
Figure 44. Rest of Europe AI in Insurance Market,2021-2031($Million)
Figure 45. China AI in Insurance Market,2021-2031($Million)
Figure 46. India AI in Insurance Market,2021-2031($Million)
Figure 47. Japan AI in Insurance Market,2021-2031($Million)
Figure 48. South Korea AI in Insurance Market,2021-2031($Million)
Figure 49. Australia AI in Insurance Market,2021-2031($Million)
Figure 50. Rest of Asia-Pacific AI in Insurance Market,2021-2031($Million)
Figure 51. Latin America AI in Insurance Market,2021-2031($Million)
Figure 52. Middle East AI in Insurance Market,2021-2031($Million)
Figure 53. Africa AI in Insurance Market,2021-2031($Million)
Figure 54. Top Winning Strategies, by Year
Figure 55. Top Winning Strategies, by Development
Figure 56. Top Winning Strategies, by Company
Figure 57. Product Mapping of Top 10 Players
Figure 58. Competitive Dashboard
Figure 59. Competitive Heatmap of Top 10 Key Players
Figure 60. Applied Systems.: Net Sales ,($Million)
Figure 61. IBM Corporation.: Net Sales ,($Million)
Figure 62. Microsoft Corporation.: Net Sales ,($Million)
Figure 63. Opentext Corporation.: Net Sales ,($Million)
Figure 64. Oracle Corporation.: Net Sales ,($Million)
Figure 65. Pegasystems Inc..: Net Sales ,($Million)
Figure 66. Quantemplate.: Net Sales ,($Million)
Figure 67. Salesforce, Inc..: Net Sales ,($Million)
Figure 68. SAP SE.: Net Sales ,($Million)
Figure 69. Sas Institute Inc..: Net Sales ,($Million)
Figure 70. Shift Technology.: Net Sales ,($Million)
Figure 71. Simplefinance.: Net Sales ,($Million)
Figure 72. Slice Insurance Technologies.: Net Sales ,($Million)
Figure 73. Vertafore, Inc..: Net Sales ,($Million)
Figure 74. Zego.: Net Sales ,($Million)

Executive Summary

According to the report, titled, “AI in Insurance Market," the ai in insurance market was valued at $2.74 billion in 2021, and is estimated to reach $45.74 billion by 2031, growing at a CAGR of 32.56% from 2022 to 2031.

Artificial intelligence in insurance sector helps in accelerating claims processing, underwriting, fraud detection, and customer service. Artificial intelligence (AI) can help insurers assess risk, detect fraud, and reduce human error in the application process. Moreover, machine learning tools can rapidly determine what’s involved in a claim and forecast the potential costs involved. They analyze images, sensors and the insurer’s historical data. In addition, ai insurance organization helps insurer to look over the AI’s results to verify them and settle the claim. Furthermore, the key ai in insurance market trends include increase in investment by insurance companies in AI & machine learning and rise in preference for personalized insurance services boosting the growth of the global AI in insurance market. In addition, increase in collaboration between insurance companies and AI & machine learning solution company positively impact growth of the AI in insurance market. However, higher deployment cost of AI, advanced machine learning, and lack of skilled labor hamper the market growth. On the contrary, surge in government initiatives and rise in investments to leverage the AI technology are expected to offer remunerative opportunities for expansion during the AI in insurance market forecast.

Depending on enterprise size, large enterprise segment holds the largest share of the market as have higher IT budget compared to SMEs and they are more willing to adopt emerging technologies. However, SMEs segment is expected to grow at the highest rate during the forecast period owing to, increasing number of insurtech companies helping digitalized the insurance sector and reducing the cost of AI services.

Region wise, the AI in insurance market size was dominated by North America in 2021, and is expected to retain its position during the forecast period, owing to rise in investments in new technologies such as AI, and ML, the expanding presence of AI providers, and increased government support for compliance with regulations. However, Asia-Pacific is expected to witness significant growth during the forecast period, owing to the surge in technology investments. This has led to growth in demand for solutions in AI utilized for the maintenance automation and customer conversion process, which is drives the AI in insurance market growth in the Asia-Pacific region.

Key players operating in the AI in insurance industry are facing positive impact of the COVID-19 outbreak and are experiencing rise in their revenue. A number of vendors have reported rise in their industrial profit during the second quarter of 2020. However, major players of the market are introducing new strategies to increase their market value as well as to increase their share in the AI in insurance market.

Moreover, with the rise in COVID-19 pandemic various companies are implementing AI into their processes, it can save time, reduce costs, improve customer experience, and increase profitability. Indeed, AI can transform typically tedious and time-consuming processes, underwriting, claims management, fraud detection, and customer service. For instance, KPMG 2020 International a UK-based company has accelerated the digitization of their operations and the creation of next-generation operating models. This increasing has turbo-charged progress on the creation of a seamless digital customer experience brought new urgency to the creation of new business models and revenue streams. Furthermore, improving the digital experience not only reduces costs by shifting more transactions away from labor-intensive phone calls and in-person visits.

Key Findings of the Study

  • By component, the software segment accounted for the largest AI in insurance market share in 2020.
  • Region wise, North America generated highest revenue in 2020.
  • Depending on application, the lead management generated the highest revenue in 2020.
  • The key players profiled in the AI in insurance market analysis are Clearbit, Demandbase, Inc., Dun & Bradstreet Corporation, Data Axle, HG Insights, InsideView, LinkedIn Corporation, Oracle Corporation, ZoomInfo Technologies LLC, and Zoho Corporation. These players have adopted various strategies to increase their market penetration and strengthen their position in the AI in insurance industry.

Companies Mentioned

  • Applied Systems
  • Ibm Corporation
  • Microsoft Corporation
  • Opentext Corporation
  • Oracle Corporation
  • Pegasystems Inc.
  • Quantemplate
  • Salesforce, Inc.
  • Sap Se
  • Sas Institute Inc.
  • Shift Technology
  • Simplefinance
  • Slice Insurance Technologies
  • Vertafore, Inc.
  • Zego

Methodology

The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.

They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.

They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:

  • Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
  • Scientific and technical writings for product information and related preemptions
  • Regional government and statistical databases for macro analysis
  • Authentic news articles and other related releases for market evaluation
  • Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast

Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.

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