The Global Insurance Chatbot Market size is expected to reach $2.6 billion by 2030, rising at a market growth of 24.9% CAGR during the forecast period.
Text-Based Interface is the mostly used interface of insurance chatbot thus, several businesses have implemented virtual assistants that make use of AI and predictive analytics to let customers communicate via text and speech, hence, Text-based Interface is expected to generate more than 70% share in the market by 2030. With chatbots, organizations can streamline processes and enhance customer experiences at every stage of the relationship with the client, which is becoming increasingly important in providing better customer service. They help users make payments, save money, transfer money, and monitor account balances, all of which raise the standard of services given to customers. Some of the factors impacting the market are growing acceptance of NLP and AI technologies, rising customer demand for automated services, and inaccurate and less capable in cases of managing complex issues.
The insurance industry is increasingly utilizing technologies for artificial intelligence (AI) and natural language processing (NLP). The usage of chatbots for automating an array of insurance-related processes is a logical development of these technologies. When handling their insurance needs, many clients employ self-service solutions like chatbots. Customers may perform simple tasks like submitting a claim or verifying their policy status using chatbots to get quick and easy responses to their questions. As a result of this factor, the market is witnessing growth. However, while chatbots thrive at addressing frequently asked questions and resolving straightforward issues, they may struggle with more complicated issues. The pre-programmed knowledge and practiced facts are what chatbots rely on. A chatbot might be unable to give an appropriate or pertinent response if its knowledge base does not cover the particular problem it is dealing with. As a result, they could offer oversimplified or insufficient solutions to complicated problems.
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).
Text-Based Interface is the mostly used interface of insurance chatbot thus, several businesses have implemented virtual assistants that make use of AI and predictive analytics to let customers communicate via text and speech, hence, Text-based Interface is expected to generate more than 70% share in the market by 2030. With chatbots, organizations can streamline processes and enhance customer experiences at every stage of the relationship with the client, which is becoming increasingly important in providing better customer service. They help users make payments, save money, transfer money, and monitor account balances, all of which raise the standard of services given to customers. Some of the factors impacting the market are growing acceptance of NLP and AI technologies, rising customer demand for automated services, and inaccurate and less capable in cases of managing complex issues.
The insurance industry is increasingly utilizing technologies for artificial intelligence (AI) and natural language processing (NLP). The usage of chatbots for automating an array of insurance-related processes is a logical development of these technologies. When handling their insurance needs, many clients employ self-service solutions like chatbots. Customers may perform simple tasks like submitting a claim or verifying their policy status using chatbots to get quick and easy responses to their questions. As a result of this factor, the market is witnessing growth. However, while chatbots thrive at addressing frequently asked questions and resolving straightforward issues, they may struggle with more complicated issues. The pre-programmed knowledge and practiced facts are what chatbots rely on. A chatbot might be unable to give an appropriate or pertinent response if its knowledge base does not cover the particular problem it is dealing with. As a result, they could offer oversimplified or insufficient solutions to complicated problems.
User Interface Outlook
By user interface, the market is fragmented into text-based interface, and voice-based interface. The test-based interface segment dominated the market with the maximum revenue share. This is attributable to the reason that text-based user interfaces have been developed to handle different languages, enabling insurance companies to provide services to a worldwide clientele. To give users a more interesting and customized experience, firms are also increasingly integrating emoticons and GIFs.
Type Outlook
Based on type, the market is segmented into customer service chatbots, sales chatbots, claims processing chatbots, underwriting chatbots, and others. The claims processing chatbots segment garnered a significant revenue share in the market in 2022. One of the most vital tasks an insurance firm performs is processing claims. An insurance company's reputation is significantly impacted by how quickly and easily this process may be completed. Claims made using a chatbot in Messenger are quickly responded to with any delays, and data is kept in predefined document types.Regional Outlook
Region wise, the market is analysed across North America, Europe, Asia Pacific, and LAMEA. The North America region led the market with the maximum revenue share in 2022. This is credited to a surge in individual user demand brought on by a growth in mobile & wireless consumers. Additionally, a rise in the use of BYOD (bring your own device) trends has fuelled the development of remote working in the region and increased demand for insurance chatbots.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).
Strategies Deployed in the Market
- Apr-2023: Amazon announced the launch of the Bedrock service, a fully managed service that creates FMs from leading AI startups and Amazon. The service is launched for generative artificial intelligence in a limited preview. Moreover, through Bedrock, clients would utilize language models from Amazon and startups.
- Mar-2023: Nuance Communications, Inc. introduced Dragon Ambient eXperience (DAX™) Express, a workflow-integrated, fully automated clinical documentation application. The launched product is the first to integrate conversational and ambient AI with OpenAI's latest and most capable model - GPT-4. Additionally, the DAX Express aims to decrease administrative burden and strengthen clinicians to spend more time taking care of patients and less time on paperwork.
- Nov-2021: IBM Watson collaborated with Humana Inc., an American health insurance company. Following this collaboration, both companies would simplify and increase the member experience for Humana Employer Group Customers.
- Mar-2021: Oracle Insurance Policy Administration (OIPA) collaborated with ClearView Wealth Limited (diversified Australian life insurance and wealth management business.). Under this collaboration, ClearView selected OIPA to support its digital transformation journey. This collaboration is part of broader technology investment by the company to advance its systems & processes. Through the technologies, ClearView would enhance efficiencies, decrease operating costs, fulfil the latest regulatory requirements, and enhance the digital experience for both employees & customers.
- Jan-2021: IBM collaborated with Thai Reinsurance Public Company Limited (Thai Re). Under this collaboration, Thai Re introduced Insurer Network, a reinsurance smart contract production network utilizing IBM blockchain technology on IBM Cloud. It is available via ThaiRe Innovation Co., the Thai Re subsidiary and IT engine, Insurer Network is developed to bring transparency and speed to its customers in Thailand.
- Sep-2020: IBM released a new risk-based service IBM Risk Analytics. It is developed to assist companies to apply the same analytics utilized for conventional business decisions to cybersecurity spending priorities.
- Mar-2020: IBM joined hands with Thélem Assurances, a French property and casualty insurer. This collaboration focuses on developing a fraud detection solution. Thélem assurances introduced an artificial intelligence program, prioritizing a fraud detection use case as its introductory project.
- Feb-2020: Oracle extended its cloud collaboration with Microsoft with the latest cloud interconnect location in Amsterdam, Netherlands. The new interconnect would allow the companies to share data over applications running in Microsoft Azure and Oracle Cloud.
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 Geography
- North America
- US
- Canada
- Mexico
- Rest of North America
- Europe
- Germany
- UK
- France
- Russia
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Singapore
- Malaysia
- Rest of Asia Pacific
- LAMEA
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA
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. Global Insurance Chatbot Market by Type
Chapter 6. Global Insurance Chatbot Market by User Interface
Chapter 7. Global Insurance Chatbot Market by Region
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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