Global AI in Insurance Market- Forecast and Analysis (2020-2027)

Global AI in Insurance Market was valued at USD xx Bn in 2019 and is expected to reach at USD xx Bn by 2027 at a CAGR of xx% over forecast period 2020-2027.

Global AI in Insurance Market

The report covers an in depth analysis of COVID 19 pandemic impact on Global AI in Insurance Market by region and on the key players revenue affected till April 2020 and expected short term and long term impact on the market.

Global AI in Insurance Market Dynamic’s:

Artificial intelligence will revolutionize the insurance industry. Seventy-five percent of insurance executives agree. As intelligent automation in the back office evolves to virtual assistance on the front lines, AI will become the digital face of brands. Many insurance companies are moving slowly to implement AI solutions, unsure what investments to make in an environment where technology evolves rapidly. AI in insurance can improve all facets of policy administration, underwriting, billing, and customer relations, but it should also be used to improve the internal operations of insurers themselves. Various factors such as an increasing need to offer personalized insurance services, growing need to automate the operational process and the rising adoption of IoT technologies are driving the market growth over forecast period.

However, the lack of technical expertise related to complex AI algorithms and cyber security concerns are restraining the market growth over forecast period.

Global AI in Insurance Market is segmented by Component, Technology, Deployment, Application, and Sector and by Region. By Technology, Machine Learning and Deep Learning segment held 37.98% of market share in 2019 and is expected to keep its dominance over forecast period. Machine learning used to be the exclusive domain of data scientists, it is now possible for business users to build data models and make accurate predictions faster. Insurers already have domain experts: actuaries, claims managers and underwriters, who can contribute to machine learning projects with the right training and tools. Insurers are evaluating machine learning for their organisations to automate the entire workflow.

By application, claims management is dominating the global market with xx% of market share over forecast period. AI is used for underwriting, claims, new business, retention, marketing, to increase the operational efficiencies and improving the experience for customers. An Insurers are using machine learning to improve operational efficiency, from claims registration to claims settlement. Machine learning and predictive models can also equip insurers with a better understanding of claims costs. These insights can help a carrier save millions of dollars in claim costs through proactive management, fast settlement, targeted investigations and better case management.

By geography, market is segmented into North America, APAC, Europe, MEA& Africa and Latin America. Among all of these North America held 36.76% of market share in 2019 and is expected to keep its dominance over forecast period owing to presence of major market players such as Microsoft Corporation (US), Amazon Web Services Inc. (US), IBM Corporation (US) and Avaamo Inc (US). These players are investing heavily in research and development capabilities to develop advanced AI technologies for enhancing quality of insurance process. North America is followed by Europe and APAC.

Europe is expected to hold xx% of market share over forecast period. Insurance companies from Germany, France and U.K are adopting AI application to improve the efficiency of processing data and making decisions in terms of both contracting and claims processing.

Report covers in depth analysis of key development, marketing strategies and company profiles of market leaders, potential players and new entrants. Some of the key players covered in this report are Microsoft Corporation (US), Amazon Web Services Inc. (US), IBM Corporation (US), Avaamo Inc (US), Cape Analytics LLC (US), Wipro Limited (India), ZhongAn (China), Acko General Insurance (India), Shift Technology (France), BIMA (UK), Quantemplate (US), Zurich Insurance Group (Switzerland) and Lemonade (US). These key players are adopting various organic and inorganic growth strategies such as merger& acquisitions, Joint ventures, strategic alliances, expansion, diversification, new product launches and patent to increase their business opeartions and regional presence.

The objective of the report is to present a comprehensive analysis of the Global AI in Insurance Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers and new entrants. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analysed, which will give a clear futuristic view of the industry to the decision-makers. The report also helps in understanding Global AI in Insurance Market dynamics, structure by analyzing the market segments and project Global AI in Insurance Market. Clear representation of competitive analysis of key players by price, financial position, Product portfolio, growth strategies, and regional presence in the Global AI in Insurance Market make the report investor’s guide.

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Scope of Global AI in Insurance Market

Global AI in Insurance Market Segmentation by Component

• Hardware
• Services
• Software
Global AI in Insurance Market Segmentation by Technology

• Machine Learning and Deep Learning
• Natural Language Processing (NLP)
• Machine Vision
• Robotic Automation
Global AI in Insurance Market Segmentation by Deployment

• On-Premise
• On-Demand
Global AI in Insurance Market Segmentation by Application

• Claims Management
• Risk Management and Compliance
• Chatbots
• Others
Global AI in Insurance Market Segmentation by Sector

• Life Insurance
• Health Insurance
• Title Insurance
• Auto Insurance
• Others
Global AI in Insurance Market Segmentation by Region

• North America
• Europe
• APAC
• Middle East and Africa
• Latin America
Global AI in Insurance Market Major Players

• Microsoft Corporation (US)
• Amazon Web Services Inc. (US)
• IBM Corporation (US)
• Avaamo Inc (US)
• Cape Analytics LLC (US)
• Wipro Limited (India)
• ZhongAn (China)
• Acko General Insurance (India)
• Shift Technology (France)
• BIMA (UK)
• Quantemplate (US)
• Zurich Insurance Group (Switzerland)
• Lemonade (US)
• Trov (Japan)
• Slice (US)
• Insurify (US)
• Insurmi (US)
• PolicyPal (Singapore)
• Planck Re (US)
• Tractable (UK)

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