A11615 | Pages: NA | Jul 2022 | 1957 Views | ||
Author(s) : Vijay Poola | Tables: NA | Charts: NA |
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Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Ai In Insurance Market
Request Now !Artificial intelligence (AI) technology accelerates the human work by repeated algorithms and helps in automating the work through computer system without requirement of human intelligence. Moreover, expansion & adoption of AI has rapidly increased due to rapid growth in consumer data & massive penetration of insurance products. Furthermore, AI technology helps in faster claim settlement, reduces rate of fraud, and improves the market efficiency of the insurance sector. Therefore, surge in adoption of AI in the insurance sector helps to reduce the cost of operation and boost the AI in insurance market growth.
The global AI in insurance market is segmented on the basis of offering, deployment model, application, and region. Based on offering, the market is divided into solution and service. In terms of deployment model, the market is categorized into on-premise and cloud. On the basis of application, the market is divided into cybersecurity, chatbots & virtual assistance, fraud detection, financial transactions, and other. Geographically, the market is analyzed across several regions such as North America, Europe, Asia-Pacific, and Latin America, Middle East & Africa (LAMEA).
Key players operating in the global AI in insurance industry include Applied Systems, IBM Corp., Microsoft, Open Text Corporation, Oracle, Pegasystems Inc., Salesforce.com Inc., SAP SE, SAS Institute Inc., and Vertafore, Inc.. These companies have adopted several strategies such as product launches, partnerships, collaborations, mergers & acquisitions, and joint ventures to strengthen their foothold in the global AI in insurance market.
Market Scope and Structure Analysis
Report Metric | Details |
Market Size Available for Years | 2020–2030 |
Base Year Considered | 2020 |
Forecast Period | 2021-2030 |
Forecast Unit | Value (USD) |
Segments Covered | Offering, Deployment Model, Application, and Region |
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COVID-19 Impact Analysis
Rapid technological advancements and rise in competition in the insurance sector further accelerate the demand for AI technology, thereby boosting the market growth. However, limited skilled labors and high cost of technology implementation are the major factors that hamper the market growth. Contrarily, rise in demand for automated data processing is expected to provide lucrative opportunities to the market in the coming years.
AI helps in automating insurance operations, which is repetitive in nature and with help of this technology, insurers collect the data of customers to analyze consumer needs & demands toward insurance. Moreover, insurance companies use chatbot technology for interacting with customers and providing personalized services, thereby propelling the market growth. Therefore, increasing technological advancements and providing better consumer experience foster the growth of the global AI in insurance market during the forecast period.
The claim process in the insurance sector involves huge paperwork. Therefore, the demand for the implementation of AI technology further helps in streamlining the process and drives the market growth. Moreover, as it becomes difficult for agencies to manage large number of claims simultaneously, AI helps with simplified process and chatbots are used for query handling, which propel the market growth.
Key Benefits of the Report
Questions Answered in the AI in Insurance Market Research Report       Â
Key Market Segments
Segments | Sub-segments |
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By Deployment Model |
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By Offering |
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By Application |
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By Region |
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Key Market Players
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