AI in Insurance Market Outlook - 2030

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

COVID-19 Impact Analysis

• In the wake of COVID-19 pandemic situation, adoption of artificial intelligence (AI) technology has increased among the insurance sector, as it helps in automating the repetitive process and high accuracy rate that results to generate more profits.
• Moreover, to curb the spread of the virus, several insurance companies have streamlined their process of claim settlements and insurance services in the AI in insurance market forecast. In addition, AI technology helps in tracking real-time insured’s data, thereby providing better services online during the pandemic situation.                                                                      

Top Impacting Factors

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.

Rapid Growth of Technology and Better Consumer Experience

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.

Automation in Instant Claim Settlement

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 Segments Covered

Key Benefits of the Report

• This study presents analytical depiction of the market along with the current AI in insurance market trends and future estimations to determine the imminent investment pockets.      
• The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the AI in insurance market share.       
• The current market is quantitatively analyzed from 2021 to 2030 to highlight the AI in insurance market growth scenario.              
• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.         
• The report provides a detailed AI in insurance market analysis depending on competitive intensity and how the competition will take shape in the coming years.

Questions Answered in the AI in Insurance Market Research Report        

• Which are the leading players active in the AI in insurance market size?
• What are the detailed impacts of COVID-19 on the market?
• What are the current trends that will influence the market in the next few years?
• What are the driving factors, restraints, and opportunities in the AI in insurance market?
• What future projections would help in taking further strategic steps?