AI in Insurance Market

Global AI in Insurance Market is valued at USD 2.74 Billion in 2021 and expected to reach USD 19.66 Billion by 2028 with a CAGR of 32.5% over the forecast period.

Global AI in Insurance Market: Global Size, Trends, Competitive, And Historical & Forecast Analysis, 2022-2028: Deep learning and machine learning technologies help in the creation of intelligent, computerized solutions including medical diagnostics, customer support, automated information centers, predictive servicing, self-driving cars, and smart homes. The rising demand to streamline the operational workflow as well as the increasing demand for personalized insurance solutions are propelling the growth of AI in insurance market share.

Scope of Global AI in Insurance Market

AI is transforming industries such as underwriting, customer support, advertising, claims, and fraud prevention in the insurance industry. AI is aiding insurers in creating a sense of massive volumes of data, both organized and uncontrolled (e.g., social media, weather, wearables, sensors, telematics, news, and traffic reports). Moreover, insurers have access to a massive quantity of big data, which is critical to AI's success. Because of the abundance of unstructured information, AI may improve customer engagement, provide more personalized service and relevant advertising communications, give the proper product to consumers, and target the appropriate customer.

Because of the worldwide lockdown imposed as a consequence of the Covid-19 outbreak, several public, governmental, as well as other artificial intelligence (AI) insurance organizations established a work-from-home lifestyle for their personnel. Furthermore, to safeguard end users' information in the face of rapid digital change, various governments enacted rigorous legislation including the California Consumer Privacy Act (CCPA) as well as the General Data Protection Regulation (GDPR). As a result, governments in many countries have established stringent measures regarding policyholder private details, plan limits and covering losses of COVID-19 rules, and natural language processing software.

This is assisting insurance businesses in scanning internal rules and claims papers to ensure compliance with various regulatory rules. Moreover, insurance firms are expanding their service and product capabilities to make them more widely accessible across the world. As a consequence, throughout the outbreak, there is a rise in the frequency of cloud-based client contact, distant access, software-as-a-service (SaaS), and scam prevention technologies. The pattern will persist even after the outbreak.

The global AI in Insurance market is segmented based on the technology, component, enterprise size, deployment mode, application, sector, and region & country level. Based on technology, the global market is segmented into Machine Learning and Deep Learning, Machine Vision, Robotic Automation. By component, the market is segmented into Software, Hardware, Services.

By enterprise size, the global AI in Insurance market is segmented into Large Enterprises, SMEs Enterprises. By deployment mode, the global market is segmented into On-Premises and Cloud. By application, the global AI in Insurance market is segmented into Risk Management and Compliance, Claims Management, Chatbots, Others. By sector, the market is segmented into Life Insurance, Title Insurance, Health Insurance, Auto Insurance, and Others.

The regions covered in the global AI in Insurance market report are North America, Europe, Asia-Pacific, Latin America, and the rest of the World. Based on country level, the market of global AI in Insurance is sub divided into the U.S., Mexico, Canada, the U.K., France, Germany, China, Italy, India, Japan, Southeast Asia, Middle East Asia (Saudi Arabia, UAE, Egypt) GCC, Africa, etc.

Global AI in Insurance Market Segmentation

By Component

• Software
• Hardware
• Service

By Technology

• Machine Learning and Deep Learning
• Machine Vision
• Robotic Automation

By Deployment Mode

• 0n-Premises
• Cloud-Based

By Enterprise Size

• Large Enterprises
• SMEs Enterprises

By Sector

• Life Insurance
• Title Insurance
• Health Insurance
• Auto Insurance
• Others

By Application

• Risk Management and Compliance
• Claims Management
• Chatbots
• Others

Key Players of Global AI in Insurance Market

Some major players for the global AI in Insurance market report cover prominent companies like

• 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
• Zurich Insurance Group
• Others

News

Health at Scale Collaborated with Assured Benefits Administrators (ABA) Introduce AI-Powered Intelligent Health Plan Administration Functionality to ABA Members

On December 5^th, 2022; Health at Scale, a leading company in machine intelligence for value-based care delivery, revealed a collaboration with Assured Benefits Administrators (ABA) to introduce AI-powered intelligent health plan administration functionality to ABA members. ABA is a foremost domestic third-party administrator supplying adaptable and fully incorporated healthcare governance and control alternatives to employers throughout the United States.

HAYAH Insurance Company P.J.S.C. Signed a Deal With Lumera to Create The World's First AI-Powered Insurance Service

On December 9^th, 2022; HAYAH Insurance Company P.J.S.C., the Middle East's first online insurer, has signed a deal with Lumera to create the world's first AI-powered insurance service. Lumera is an InsurTech firm based in Stockholm, Sweden, committed to the digital revolution of the worldwide life and pensions market. HAYAH is dedicated to meeting the requirements of both locals and expats.

GK8 and USI insurance have joined forces to provide digital asset insurance policies to GK8 clients

On November 29^th, 2022; GK8 and USI insurance have joined forces to provide digital asset insurance policies to GK8 clients, allowing for more confidence and better investment possibilities. Customers may now insure their electronic assets equivalent to the value of $1 billion, signaling another step for greater stability and confidence in the Decentralized finance (DeFi) industry.

Increasing Adoption of Machine Learning and Artificial Intelligence, and Increasing Investments by Key Industry Players are Some of the Major Factors Driving the Market Growth

Machine learning methods are being used and developed by insurance businesses in order to evaluate vast amounts of data and provide important insights to clients. Furthermore, increased investments in AI and sophisticated machine intelligence by insurtech to improve automation and provide a more simplified and customized client experience drives market development. For example, in June 2022, MS&AD, an Indian-based startup that has teamed with Akur8, revolutionized insurance pricing using transparent AI.

By computerizing risk modeling and using translucent artificial intelligence patented modern technologies, this partnership rewards insurers by increasing predictive effectiveness and velocity for higher business reactions and instant business influence, while preserving full clarity and control over the models formed, thereby augmenting business growth. End customers are increasingly seeking customized insurance services, leading to a rise in chatbot usage among personalized insurance providers and increased rivalry among insurance providers for maximum industry share. Numerous insurance firms are offering budgetary control applications driven by computer vision, which assist clients in meeting their financial goals and improving their money administration process, hence fueling market development.

Additionally, robot advisors are a fast-rising trend in tailored insurance solutions, since they primarily target investors with minimal capabilities, including people and small- to medium-sized organizations, for fund management. Furthermore, computer learning-based robot advisors may employ standard data processing methods with algorithms to generate client portfolios and services for its customers, including trading, investments, and pension planning. For example, CLARA Analytics released CLARA Optics in April 2022. It is an application product that utilizes AI and computer learning to search, sort, and analyze expenses and healthcare reports to establish a claim-based medical file and contributes to the business insurance firm's utilization of artificial intelligence innovation.

Lack of technological understanding, along with growing concerns about cybersecurity and data protection, will most likely function as important market limitations throughout the forecasted period. High risks associated with security breakdowns and information leakage will provide the greatest impediment to industry expansion.

North America is Expected to Capture a Major Share in the Global AI in Insurance Market

Geographically, North America is the worldwide leader in AI in insurance market. The region is a forerunner in developing technologies, as well as a hub for several AI solution vendors. The United States has the region's greatest market share due to a highly qualified workforce in organizations and R&D skills geared at increasing AI technologies to improve the performance of insurance claims.

Asia-Pacific is predicted to develop significantly during the projection period as a result of increased knowledge about the necessity of enhancing total 5G, IoT, and other technological services to assure low-cost connectivity, computers, storage solutions, and communications service providers (CSPs). Furthermore, rising investments in sophisticated innovations such as IoT and artificial intelligence are increasing the need for Intelligence in the insurance industry, which would likely boost market development in this area.

For example, as of December 12, 2022, reducing the time devoted from information to insight and information to action, as well as visualizing marketing campaign outcomes, remain important problems for most organizations contemplating Customer Data Platforms (CDP). In consideration of this, Appier announced the introduction of AIRIS, the next-generation AI-powered CDP designed to help businesses and agencies achieve faster time-to-insight via better decision-making and implementation by utilizing its sophisticated AI and Machine Learning capabilities. This launch follows the company's acquisition of Woopra in October, and it combines AIXON's sophisticated user-centric predictive Ai technologies with Woopra's advanced business intelligence and instinctive data visualization to assist enterprises in turning data into insight, and insights into action and outcomes.

By Regional & Country Level:

North America

• U.S.
• Canada

Europe

• U.K.
• France
• Germany
• Italy

Asia Pacific

• China
• Japan
• India
• Southeast Asia

Latin America

• Brazil
• Mexico

Middle East and Africa

• GCC
• Africa
• Rest of Middle East and Africa

Report Analysis	Details
Historical data	2018 - 2021
Forecast Period	2021 - 2028
Market Size in 2021:	USD 2.74 Billion
Base year considered	2021
Forecast Period CAGR %:	32.5%
Market Size Expected in 2028:	USD 19.66 Billion
Tables, Charts & Figures:	175
Pages	300
Key Players/Companies	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, Zurich Insurance Group, and others.
Segments Covered	By Component, By Technology, By Deployment Mode, By Enterprise Size, By Sector, By Application
Regional Analysis	North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, Africa, Rest of the Middle East and Africa