AI in insurance is a major market expected to unleash disruptive potential in the industry. The insurance sector is likely to use AI to optimize its services and offerings over the next couple of years. Market Research Future MRFR has asserted in its report that the global AI in insurance market is anticipated to strike a high growth rate over the forecast period. This report also unveils a study of the market divergences that are poised to influence the growth trajectory of the market.
AI is being integrated into the industry to enhance the quality of services being offered. The development of peripheral technologies such as sensors, connected devices, etc. are also poised to support the expansion of the artificial intelligence in insurance market in the foreseeable future. AI facilitates the personalization of policies and services. It has also enabled the simplification of reimbursement processes. These factors are projected to catalyze the proliferation of the AI in insurance market in the years to come.
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In the insurance industry, the automotive insurance is one of the major users of the technology for predictive management. The rising electrification of vehicles has boosted the growth of the AI in insurance market. It is expected to demonstrate a similar growth pattern in the coming years. However, lack of technical expertise remains an impediment.
The segments of the AI in insurance market, on the basis of component, are hardware, software, and services.
On the basis of technology, the segmental analysis of the Ai in insurance market covers deep learning, machine vision, natural language processing (NLP), and robotic automation.
The segments of the AI in insurance market based on deployment are on-cloud and on-premise.
The segments of Global AI in Insurance Market, on the basis of application, are claims processing, personalized recommendation, risk management and compliance, chatbots, and others.
On the basis of sector, the AI in insurance market has been segmented into life insurance, title insurance, auto insurance, health insurance, and others.
The regional segments identified for the study of the AI in insurance market are – Asia Pacific (APAC), the Middle East & Africa (MEA), North America, South America, and Europe. North America is expected to have a dominant share if the market during the assessment period. This is supported by the rising adoption of digital technologies in the insurance sector. The U.S. is likely to witness the highest growth in the regional AI in insurance market.
Microsoft Corporation (US), IBM Corporation (US), Amazon Web Services Inc. (US), Avaamo Inc (US), Wipro Limited (India), Cape Analytics LLC (US), ZhongAn (China), Shift Technology (France), Acko General Insurance (India), BIMA (UK), Quantemplate (US), Lemonade (US), Trov (Japan), Zurich Insurance Group (Switzerland), and Slice (US) are some of the key players of the global AI in insurance market. Other players anticipated to hold considerable share of the market in the coming years are – Insurify (US), PolicyPal (Singapore), Insurmi (US), Planck Re (US), and Tractable (UK).
These players are making use of the latest developments in the AI industry to expand its application in the insurance sector. It is expected to drive competition in the AI in insurance market over the next few years. Some of the prominent growth methodologies expected are – mergers & acquisition, product launch, collaborations, agreements, regional expansion, alliances, and strategic partnerships among others.
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