Artificial Intelligence (AI) for Insurance Global Market Report 2024

The artificial intelligence (AI) for insurance market size has grown exponentially in recent years. It will grow from $5.77 billion in 2023 to $7.71 billion in 2024 at a compound annual growth rate (CAGR) of 33.6%. Historical growth in the insurance industry can be attributed to the explosion of data, particularly in areas such as risk assessment and underwriting, fraud detection and prevention, as well as initiatives aimed at enhancing customer experience, operational efficiency, and reducing costs.

The artificial intelligence (AI) for insurance market size is expected to see exponential growth in the next few years. It will grow to $25.91 billion in 2028 at a compound annual growth rate (CAGR) of 35.4%. The forecasted growth in the insurance industry can be attributed to advancements in AI algorithms, the expansion of the insurtech ecosystem, increased focus on personalization, integration with IoT devices, and the evolving landscape of cyber insurance. Major trends in the forecast period include collaboration with ecosystem partners, ethical and explainable AI practices, automation of claims processing, enhancement of customer experience, and the implementation of dynamic pricing strategies.

The increasing investments in the insurance sector are poised to accelerate the growth of the artificial intelligence (AI) insurance market in the foreseeable future. These investments encompass allocations of funds and resources towards research and development, data infrastructure, technology development, and talent acquisition within the insurance domain. This strategic investment approach ensures comprehensive coverage and fosters the development of innovative solutions to cater to customer needs. The surge in investments is expected to drive the development and adoption of AI-powered solutions, as insurers increasingly recognize the transformative potential of AI. For example, in July 2023, Swiss Re, a Switzerland-based insurance company, reported an increase in investment rates from 6.2% in 2022 to 8.1% in 2023. Consequently, the escalating investments in the insurance sector are propelling the growth of the artificial intelligence (AI) for insurance market.

Key players in the artificial intelligence (AI) for insurance market are directing their efforts towards the creation of technologically advanced solutions tailored to address the intricacies of the insurance sector. One such innovation is InsuranceGPT, a custom-built generative pre-trained transformer (GPT) tool specifically designed for insurers. InsuranceGPT enhances decision-making capabilities for automated claims management while prioritizing privacy and data security. For instance, SimplifAI AS, a Norway-based artificial intelligence company, unveiled SimplifAI InsuranceGPT in June 2023. This specialized GPT tool streamlines decision-making processes for automated claims management, emphasizing privacy and data security. Noteworthy features include seamless integration into existing systems, a user-friendly no-code-necessary model for security, training on insurance data for accuracy, and enhanced communication between insurers and customers.

In February 2022, RenewBuy, an India-based online insurance platform, acquired Artivatic.AI to enhance customer experience, drive operational efficiency, and position the company for future growth in the technology-driven insurance landscape. Artivatic.AI, an India-based AI insurtech and healthtech platform, offers various solutions for the insurance industry, including underwriting, claims processing, fraud detection, and customer engagement.

Major companies operating in the artificial intelligence (AI) for insurance market report are Amazon.com Inc., Google LLC, Microsoft Corporation, IBM Corporation, Oracle Corporation, SAP SE, Salesforce Inc., Baidu Inc., Infosys Limited, Wipro Products Limited, OpenText Corporation, SAS Institute Inc., Pegasystems Inc., Shift Technology, Vertafore, Inc., Applied Systems, Zego Inc., Acko General Insurance, Tractable Ltd, SimpleFinance, Insurify, Inc., Avaamo Inc., Slice Insurance Technologies, Quantemplate, Cape Analytics LLC.

North America was the largest region in the artificial intelligence (AI) for insurance market in 2023. The regions covered in the artificial intelligence (AI) for insurance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the artificial intelligence (AI) for insurance market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The artificial intelligence (AI) for insurance market includes revenues earned by entities by providing services such as customer interaction and support, claims processing automation, policy underwriting, and fraud detection and prevention. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included. The artificial intelligence (AI) for insurance market consists of sales of chatbots and virtual assistants, telematics devices, fraud detection tools, and robotic process automation. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

Artificial intelligence (AI) for insurance involves utilizing AI techniques and algorithms to enhance various aspects of the insurance industry. The application of AI aims to streamline processes, improve efficiency, enhance customer experience, and enable better data-driven decisions.

The main types of offerings in AI for insurance are hardware, software, and services. Hardware encompasses the physical components of a computer system or mechanical/electronic devices. It incorporates various technologies such as machine learning, natural language processing, computer vision, among others. These technologies find applications in areas including fraud detection, credit analysis, customer profiling, product and policy design, underwriting, and claims assessment. End-users of AI in insurance span across life and health insurance, property and casualty insurance, among others.

The artificial intelligence (AI) for insurance market research report is one of a series of new reports that provides artificial intelligence (AI) for insurance market statistics, including artificial intelligence (AI) for insurance industry global market size, regional shares, competitors with an artificial intelligence (AI) for insurance market share, detailed artificial intelligence (AI) for insurance market segments, market trends and opportunities, and any further data you may need to thrive in the artificial intelligence (AI) for insurance industry. This artificial intelligence (AI) for insurance market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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