Allied Market Research
Loading...
0
Upcoming Allied Market Research
2021
Intelligent Virtual Assistant (iva) Based Insurance Market

Intelligent Virtual Assistant (IVA) Based Insurance Market By Product (Chatbots and Smart Speakers) and User Interface (Text-to-Text, Text-to-Speech and Automatic Speech Recognition): Global Opportunity Analysis and Industry Forecast, 2021–2030

A12746
Pages: NA
Oct 2021 | 213 Views
   
Author(s) : Vijay Poola
Tables: NA
Charts: NA
  • Formats*:

  • SIngle User License, Five User
    License & Enterprise User License

  • Data Pack Excel License

  • IComes with the additional cost
    of $2500.00 contact sales.

 

COVID-19

Pandemic disrupted the entire world and affected many industries.

Get detailed COVID-19 impact analysis on the Intelligent Virtual Assistant (iva) Based Insurance Market

Request Now !

Intelligent Virtual Assistant (IVA) Based Insurance Market Outlook - 2030

A software agent known as an intelligent virtual assistant (IVA) can perform tasks or provide services for a person in response to commands or questions. The term "chatbot" is sometimes used to refer to virtual assistants that can be accessed through online chat in general or specifically. Furthermore, the virtual assistant has grown in popularity across many sectors wherein insurance is one such, as a result of its ability to personalize customer service.

Moreover, conversational AI is already causing havoc in the insurance industry. Insurance chatbots and virtual assistants powered by artificial intelligence have improved the customer service experience by instantly resolving routine queries, automating the claims filing process, and more. Therefore, the surge in demand for virtual assistants in insurance firms is expected to boost the growth of the intelligent virtual assistant (IVA) based insurance market in the upcoming years.

The global intelligent virtual assistant (IVA) based insurance market is segmented on the basis of product, user interface and region. Based on product, the market is divided into chatbots and smart speakers. In terms of user interface, the market is categorized into text-to-text, text-to-speech and automatic speech recognition. 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 intelligent virtual assistant (IVA) based insurance industry include Inbenta Technologies Inc., Avaamo, EdgeVerve Systems Limited, Creative Virtual Ltd, Baidu Inc., Serviceaide Inc., Kore.ai Inc., Sonos Inc., Bose Corporation and IPsoft 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 intelligent virtual assistant (IVA) based 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 units

 Value ($)

 Segments covered

 Product, User Interface and Region

 Regions covered

North America (U.S. and Canada), Europe (Germany, UK, France, and rest of Europe), Asia-Pacific (China, Japan, India, and rest of Asia-Pacific), Latin America (Brazil, Mexico, and rest of LATAM), and Middle East & Africa

 Companies covered

Major players analyzed include Inbenta Technologies Inc., Avaamo, EdgeVerve Systems Limited, Creative Virtual Ltd, Baidu Inc., Serviceaide Inc., Kore.ai Inc., Sonos Inc., Bose Corporation and IPsoft Inc.

 

COVID-19 Scenario Analysis

  • Various organizations are increasingly using intelligent virtual assistants like chatbots to respond to customer inquiries and other related information during the COVID-19 outbreak. As a result of state/country-imposed lockdowns, various organizations have adopted remote working as a result of limited availability of customer service employees. As a result, insurance companies rely heavily on IVA.
  • The importance and urgency of digital transformation has increased as a result of COVID-19. Firms have had years to prepare for opportunities that are rapidly approaching, and previously slow-growing pain points are now being brought to the forefront. Insurance companies began to innovate, reinvent, and redefine themselves to meet these challenges.

Top Impacting Factors

Increase in data explosion across firms and rise in focus to improve customer experience across professional services drive the growth of the market. In addition, advancement of artificial intelligence across the insurance firms helps propel the growth of the market. However, lack of skilled personnel is expected to hamper the growth of the market. Contrarily, surge in application area of virtual assistants is further anticipated to provide several growth opportunities for the key players in the intelligent virtual assistant (IVA) based insurance market over the upcoming years.

Increasing Data Explosion Across Firms

The switch from analogue to digital technologies has resulted in a rapid increase in data production. Internet usage is expected to rise from low to high during the forecast period due to increased consumer awareness and increased internet usage. Furthermore, the advent of the digital era has resulted in the storage of an increasing amount of data in the digital medium and its display on the internet.

This is due to the diverse nature of the internet, which contains millions of websites with varying information and each website differing from the next. Moreover, this results in a decrease in user interest in surfing the company's website, which leads to a decrease in sales. Therefore, the surge in demand for intelligent virtual assistant (IVA) based insurance is expected to drive the growth of the market during the forecast period.

Increasing Focus to Improve Customer Experience

One of the major drivers for the global virtual assistant market is the rapid adoption of intelligent virtual assistants. Quick response, improved data collection, and less reliance on customer support are just a few of the advantages of using an intelligent virtual assistant. A digital avatar that can communicate in multiple languages is provided by an intelligent virtual assistant.

Furthermore, the BFSI sector favors IVA primarily for supporting mobile applications. Intelligent Virtual Assistant (IVA) is being rapidly adopted by insurance companies to improve their overall customer experience and capital management. Moreover, the clients of insurance firms who have implemented IVA have seen an improvement in customer handling.

Key Segments Covered

Segments

Sub-Segments

 Product

  • Chatbots
  • Smart Speakers

 User Interface

  • Text-to-Text
  • Text-to-Speech
  • Automatic Speech Recognition


Key Benefits of the Report

  • This study presents analytical depiction of the global intelligent virtual assistant (IVA) based insurance market forecast along with the current 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 intelligent virtual assistant (IVA) based insurance market trends.          
  • The current market is quantitatively analyzed from 2021 to 2030 to highlight the global intelligent virtual assistant (IVA) based insurance market growth scenario.                 
  • Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
  • The report provides a detailed intelligent virtual assistant (IVA) based insurance market analysis depending on the present and future competitive intensity of the market.

Questions Answered in the Intelligent Virtual Assistant (IVA) Based Insurance Market Research Report

  • Which are the leading players active in the global intelligent virtual assistant (IVA) based insurance market size?
  • What would be the detailed impact of COVID-19 on the global intelligent virtual assistant (IVA) based insurance market share?
  • What are current trends that would influence the intelligent virtual assistant (IVA) based insurance market in the next few years?
  • What are the driving factors, restraints, and opportunities of the global intelligent virtual assistant (IVA) based insurance market?
 
With collective industry experience of about 200 years of its analysts and experts, Allied Market Research (AMR) encompasses most infallible research methodology for its market intelligence and industry analysis. We do not only engrave the deepest levels of markets but also sneak through its slimmest details for the purpose of our market estimates and forecasts. Our approach helps in building greater market consensus view for size, shape and industry trends within each industry segment. We carefully factor in industry trends and real developments for identifying key growth factors and future course of the market. Our research proceeds are the resultant of high quality data, expert views and analysis and high value independent opinions. Our research process is designed to deliver balanced view of the global markets and allow stakeholders to make informed decisions.

We offer our clients exhaustive research and analysis based on wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics and regional intelligence. Our in-house industry experts play instrumental role in designing analytic tools and models, tailored to the requirements of particular industry segment. These analytical tools and models sanitize the data & statistics and enhance the accuracy of our recommendations and advice. With AMR’s calibrated research process and 360` degree data-evaluation methodology, our clients are assured of receiving:

  • Consistent, valuable, robust and actionable data & analysis that can easily be referenced for strategic business planning
  • Technologically sophisticated and reliable insights through well audited and veracious research methodology
  • Sovereign research proceeds that present a tangible depiction of marketplace


With a strong methodology we are, therefore, confident that our research and analysis are most reliable and guarantees sound business planning.

Secondary research
We refer a broad array of industry sources for our secondary, which typically include; however, not limited to: Company SEC filings, annual reports, company websites, broker & financial reports and investor presentations for competitive scenario and shape of the industry

  • Patent and regulatory databases for understanding of technical & legal developments
  • Scientific and technical writings for product information and related preemptions
  • Regional government and statistical databases for macro analysis
  • Authentic new articles, web-casts and other related releases for market evaluation
  • Internal and external proprietary databases, key market indicators and relevant press releases for market estimates and forecast


Primary research
Our primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks and face-to-face interactions. We are also in professional corporate relations with various companies that allow us greater flexibility for reaching out industry participants and commentators for interviews and discussions, fulfilling following functions:

  • Validates and improves the data quality and strengthens research proceeds
  • Further develops analyst team’s market understanding and expertise
  • Supplies authentic information about market size, share, growth and forecasts


Our primary research interview and discussion panels are typically composed of most experienced industry members. These participants include; however, not limited to:

  • Chief executives and VPs of leading corporations specific to industry
  • Product and sales managers or country heads; channel partners and top level distributors; banking, investments and valuation experts Key opinion leaders (KOLs)


Analyst tools and models
AMR has developed set of analyst tools and data models to supplement and expedite the analysis process. Corresponding to markets, where there is significant lack of information and estimates, AMR’s team of experts and analyst develop specific analyst tools and industry models to translate qualitative and quantitative industry indicators into exact industry estimates. These models also allow analysts to examine the prospects and opportunities prevailing in the market to accurately forecast the course of the market.
PURCHASE OPTIONS

Start reading ,This Report and over 13000+ thousand more Reports, Available with Avenue Library, T&C*

Call or Email us

U.S.-Canada
Toll-free :
+1-800-792-5285
Int'l : +1-503-894-6022
Europe : + 44-845-528-1300
Email : help@alliedmarketresearch.com
 
Allied Market Research Allied Market Research Allied Market Research

Access from any device, anywhere

Clients can easily download both quantitative as well as
qualitative reports in PDF and excel formats.

RELATED TAGS
 

HAVE QUESTIONS?
SPEAK WITH ANALYST

 

FREQUENTLY ASKED
QUESTIONS?

 

DID YOU MISS ANYTHING?
DO YOU HAVE SPECIFIC REQUIREMENTS?

 

REQUEST TOC/SAMPLE

OR

Purchase Full Report of
Intelligent Virtual Assistant (iva) Based Insurance Market

Start reading.
This Report and over 13,000+ thousand more Reports, Available with Avenue Library. T&C*.

  • Online Only
  • $3,456  $3,110
  • Online cloud access only
  • Restricted print, copy, paste & download
  • Read only
  •   Free quarterly industry update
  •   Free report update (Within 180 days)
  •   Subscription model sign in
  • Data Pack
  • $3,840  $3,456
  • Restricted to one authorized user
  • One print only
  • Available in
    Excel
  •   Free quarterly industry update
  •   Free report update (Within 180 days)
  •   Subscription model sign in
  • Single User
  • $5,769  $5,192
  • Restricted to one authorized user
  • One print only
  • Available in Excel & PDF
  •   Free quarterly industry update
  •   Free report update (Within 180 days)
  •   Subscription model sign in
  • Five Users
  • $6,450  $5,805
  • Limited to five authorized users
  • Print upto five copies
  • Available in Excel & PDF
  •   Free quarterly industry update
  •   Free report update (Within 180 days)
  •   Subscription model sign in
  • Enterprise
    License/PDF

  • $9,995  $8,996
  • Unlimited
    within
    company/enterprise
  • Available in Excel & PDF
  •   Free quarterly industry update
  •   Free report update (Within 180 days)
  •   Subscription model sign in
  • Library Membership
  • $ 699/mo
  • Published Content
    E-access
  • Company Profiles
    E-access
  • Newly Added Content Access
  • 10 PDF
    Downloads
  • 5 Excel Data
    Pack Downloads
  • 250 Company Profiles PDF Downloads
  • Buy Now

*Taxes/Fees, if applicable will be added during checkout. All prices in USD

 

Why Allied Market Research?

 

Infallible Methodology

To ensure high-level data integrity, accurate analysis, and impeccable forecasts

Analyst Support

For complete satisfaction

Customization

On-demand customization of scope of the report to exactly meet your needs

TARGETED MARKET VIEW

Targeted market view to provide pertinent information and save time of readers

 
 

Featured Reports

 

Erythropoietin Drugs Market

Global Opportunity Analysis and Industry Forecast, 2021–2028

Published in May 2021

Download Sample

Protein Therapeutics Market

Global Opportunity Analysis and Industry Forecast, 2017-2023

Published in Nov 2017

Download Sample

Surgical Equipment Market

Global Opportunity Analysis and Industry Forecast, 2020-2027

Published in Jan 2021

Download Sample

Medical Implant Market

Global Opportunity Analysis and Industry Forecast, 2020–2027

Published in Nov 2020

Download Sample

Featured Readings

 

Get fresh content delivered

Get insights on topics that are crucial for your business. Stay abreast of your interest areas.

 
Get Industry Data Alerts
 

Why Allied Market Research?

 

Infallible Methodology

To ensure high-level data integrity, accurate analysis, and impeccable forecasts

Analyst Support

For complete satisfaction

Customization

On-demand customization of scope of the report to exactly meet your needs

TARGETED MARKET VIEW

Targeted market view to provide pertinent information and save time of readers