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Artificial Intelligence (AI) for Insurance Market - Forecasts from 2024 to 2029

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    Report

  • 150 Pages
  • September 2024
  • Region: Global
  • Knowledge Sourcing Intelligence LLP
  • ID: 5794075
The AI for insurance market is projected to witness a CAGR of 33.16% during the forecast period to reach a total market size of US$11.923 billion by 2029, up from US$2.848 billion in 2024.

Artificial Intelligence (AI) is increasingly penetrating the insurance industry, with insurers applying multiple AI solutions across their business. It is utilized in the automation of underwriting, i.e., to help insurers make more accurate decisions on whether they should insure an individual or entity and what kind of premium should be charged for each policy or form of coverage sought.

This black box decision-making process has the potential to save millions and reduce truly fraudulent claims by identifying them right from the start. AI algorithms can ingest data from multiple resources like social media posts, financial statements, and patient medical records, and based on the data, they can compute the risk of insuring a particular policy.

Additionally, the solution can process large data volumes associated with claims history and policyholder behavior to identify certain patterns indicative of fraud. Many insurance organizations deploy chatbots and virtual agents for a self-serviceable experience of the policy that customers have purchased. For instance, it can allow customers to access their policy details, raise a claim, make/receive payments, and help with any FAQs around the clock.

Blockchain, another technology becoming a buzzword for providing secure and trusted transaction record-keeping, is also gaining a focus in this sector. This process can aid insurance companies in protecting data privacy and security, eliminating traditional administrative burdens and costs, increasing transparency and efficiency, etc., leading to a rise in market expansion.

AI FOR INSURANCE MARKET DRIVERS:

  • The growing adoption of AI technology in telematics and IoT devices is predicted to boost the demand for AI in insurance globally.
The rapid growth in the use of telematics and the Internet of Things (IoT) has delivered large amounts of data that can be leveraged to improve underwriting and pricing. Using AI algorithms to analyze this data, the potential risk for a policy is calculated, and individualized pricing becomes even more accurate. With it, insurers will soon have access to significant amounts of data about policyholders, which could be used in assessing more personalized price lists on insurance policies.
Moreover, it can also be employed to detect insurance fraud. AI algorithms can verify a policyholder's driving behaviors against those stated in the application, such as information retrieved from a telematics device. AI algorithms can analyze this data and look for patterns associated with fraud, leading insurance companies to utilize the right method to protect themselves and increase transparency for better functioning.

AI for Insurance Market Geographical Outlook:

  • The North American region is predicted to dominate the AI for insurance market share.
The increase in technological innovation adoption in North America, a region characterized by advanced technology development, will also have the greatest effect on the insurance industry. Insurance companies in the region have been quick to use AI for better operations and competitiveness. Moreover, the fast internet connection, modern data centers, and an overall top-notch IT service structure contribute to its advancement. These variables make for a suitable infrastructure that is easier to code and deploy.
The economic prosperity surrounding this region has enabled companies to invest billions of dollars in AI, purchasing and acquiring top talent worldwide who are building AI initiatives. This is resulting in regional insurance companies staying ahead of the curve. For instance, one of the largest insurance firms in North America, Allstate, employs AI for enhanced operations and customer experiences. Allstate is leveraging AI to analyze customer data and deliver personalized insurance services.

Additionally, most of the world's top insurance firms are headquartered in this region, and these firms have made huge contributions to AI in insurance growth and increased people's acceptance of AI in this sector. Thus, the regional players are realizing the value of AI in their operational backyards, talking to customers and buying AI tech.

Reasons for buying this report::

  • Insightful Analysis: Gain detailed market insights covering major as well as emerging geographical regions, focusing on customer segments, government policies and socio-economic factors, consumer preferences, industry verticals, other sub- segments.
  • Competitive Landscape: Understand the strategic maneuvers employed by key players globally to understand possible market penetration with the correct strategy.
  • Market Drivers & Future Trends: Explore the dynamic factors and pivotal market trends and how they will shape up future market developments.
  • Actionable Recommendations: Utilize the insights to exercise strategic decision to uncover new business streams and revenues in a dynamic environment.
  • Caters to a Wide Audience: Beneficial and cost-effective for startups, research institutions, consultants, SMEs, and large enterprises.

What do businesses use our reports for?

Industry and Market Insights, Opportunity Assessment, Product Demand Forecasting, Market Entry Strategy, Geographical Expansion, Capital Investment Decisions, Regulatory Framework & Implications, New Product Development, Competitive Intelligence

Report Coverage:

  • Historical data & forecasts from 2022 to 2029
  • Growth Opportunities, Challenges, Supply Chain Outlook, Regulatory Framework, Customer Behaviour, and Trend Analysis
  • Competitive Positioning, Strategies, and Market Share Analysis
  • Revenue Growth and Forecast Assessment of segments and regions including countries
  • Company Profiling (Strategies, Products, Financial Information, and Key Developments among others)

Market Segmentation:

The AI for Insurance Market is segmented and analyzed as below:
  • By Application
    • Fraud Detection
    • Risk Analysis
    • Customer Service
    • Claims Assessment
    • Others
  • By Sector
    • Life Insurance
    • Health Insurance
    • Title Insurance
    • Others
  • By Technology
    • Deep Learning
    • Machine Learning
    • Robotic Automation
    • Others
  • By Geography
    • North America
      • USA
      • Canada
      • Mexico
    • South America
      • Brazil
      • Argentina
      • Others
    • Europe
      • Germany
      • France
      • United Kingdom
      • Spain
      • Others
    • Middle East and Africa
      • Saudi Arabia
      • UAE
      • Israel
      • Others
    • Asia Pacific
      • China
      • Japan
      • India
      • South Korea
      • Indonesia
      • Taiwan
      • Others

Table of Contents

1. INTRODUCTION
1.1. Market Overview
1.2. Market Definition
1.3. Scope of the Study
1.4. Market Segmentation
1.5. Currency
1.6. Assumptions
1.7. Base and Forecast Years Timeline
1.8. Key benefits for the stakeholders
2. RESEARCH METHODOLOGY
2.1. Research Design
2.2. Research Process
3. EXECUTIVE SUMMARY
3.1. Key Findings
4. MARKET DYNAMICS
4.1. Market Drivers
4.2. Market Restraints
4.3. Porter’s Five Forces Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Power of Buyers
4.3.3. Threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis
4.5. Analyst View
5. AI FOR INSURANCE MARKET BY APPLICATION
5.1. Introduction
5.2. Fraud Detection
5.3. Risk Analysis
5.4. Customer Service
5.5. Claims Assessment
5.6. Others
6. AI FOR INSURANCE MARKET BY SECTOR
6.1. Introduction
6.2. Life Insurance
6.3. Health Insurance
6.4. Title Insurance
6.5. Others
7. AI FOR INSURANCE MARKET BY TECHNOLOGY
7.1. Introduction
7.2. Deep Learning
7.3. Machine Learning
7.4. Robotic Automation
7.5. Others
8. AI FOR INSURANCE MARKET BY GEOGRAPHY
8.1. Introduction
8.2. North America
8.2.1. By Application
8.2.2. By Sector
8.2.3. By Technology
8.2.4. By Country
8.2.4.1. USA
8.2.4.2. Canada
8.2.4.3. Mexico
8.3. South America
8.3.1. By Application
8.3.2. By Sector
8.3.3. By Technology
8.3.4. By Country
8.3.4.1. Brazil
8.3.4.2. Argentina
8.3.4.3. Others
8.4. Europe
8.4.1. By Application
8.4.2. By Sector
8.4.3. By Technology
8.4.4. By Country
8.4.4.1. Germany
8.4.4.2. France
8.4.4.3. United Kingdom
8.4.4.4. Spain
8.4.4.5. Others
8.5. Middle East and Africa
8.5.1. By Application
8.5.2. By Sector
8.5.3. By Technology
8.5.4. By Country
8.5.4.1. Saudi Arabia
8.5.4.2. UAE
8.5.4.3. Israel
8.5.4.4. Others
8.6. Asia Pacific
8.6.1. By Application
8.6.2. By Sector
8.6.3. By Technology
8.6.4. By Country
8.6.4.1. China
8.6.4.2. Japan
8.6.4.3. India
8.6.4.4. South Korea
8.6.4.5. Indonesia
8.6.4.6. Taiwan
8.6.4.7. Others
9. COMPETITIVE ENVIRONMENT AND ANALYSIS
9.1. Major Players and Strategy Analysis
9.2. Market Share Analysis
9.3. Mergers, Acquisitions, Agreements, and Collaborations
9.4. Competitive Dashboard
10. COMPANY PROFILES
10.1. Amelia US LLC
10.2. Microsoft Corporation
10.3. Amazon Web Services Inc.
10.4. IBM Corporation
10.5. Avaamo Inc.
10.6. Cape Analytics LLC
10.7. Wipro Limited
10.8. Acko General Insurance
10.9. Shift Technology
10.10. BIMA

Companies Mentioned

Some of the key companies profiled in this Artificial Intelligence (AI) for Insurance Market report include:
  • Amelia US LLC
  • Microsoft Corporation
  • Amazon Web Services Inc.
  • IBM Corporation
  • Avaamo Inc.
  • Cape Analytics LLC
  • Wipro Limited
  • Acko General Insurance
  • Shift Technology
  • BIMA

Methodology

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Table Information