The artificial intelligence in insurance is disrupting every step across the insurance value chain. AI technologies such as deep learning and machine learning, machine vision, natural language processing (NLP), and robotic automation have the capability to reimagine the entire insurance lifecycle from customer acquisition to claims processing. The adoption of artificial intelligence in insurance helps insurance companies to drive operational excellence, remain competitive in the market, and boost growth.
MARKET DYNAMICS
The rising necessity to provide personalized insurance services and the increasing need to automate the operational process are some of the significant factors driving the growth of artificial intelligence in insurance market. However, the lack of technical expertise related to complex AI algorithms is one of the major factors which may restrain the growth of artificial intelligence in insurance market. Nevertheless, advancements in machine learning and deep learning algorithms are anticipated to bring new opportunities for artificial intelligence in insurance market.
MARKET SCOPE
The "Global Artificial Intelligence in Insurance Market Analysis to 2028" is a specialized and in-depth study of the artificial intelligence in insurance market with a special focus on the global market trend analysis. The report aims to provide an overview of artificial intelligence in insurance market with detailed market segmentation by component, technology, deployment, application, end users. The global artificial intelligence in insurance market is expected to witness high growth during the forecast period. The report provides key statistics on the market status of the leading artificial intelligence in insurance market players and offers key trends and opportunities in the artificial intelligence in insurance market.
MARKET SEGMENTATION
The global artificial intelligence in insurance market is segmented on the basis of component, technology, deployment, application, end users. On the basis of component, the market is segmented as software, services. On the basis of technology, the market is segmented as machine learning and deep learning, natural language processing (NLP), machine vision, robotic automation. On the basis of deployment, the market is segmented as on-cloud, on-premise. On the basis of application, the market is segmented as claims management, risk management and compliance, chatbots, others. On the basis of end users, the market is segmented as life insurance, health insurance, title insurance, auto insurance, others.
REGIONAL FRAMEWORK
The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides overview and forecast of the global artificial intelligence in insurance market based on various segments. It also provides market size and forecast estimates from year 2020 to 2028 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South America. The artificial intelligence in insurance market by each region is later sub-segmented by respective countries and segments. The report covers analysis and forecast of 18 countries globally along with current trend and opportunities prevailing in the region.
The report analyzes factors affecting artificial intelligence in insurance market from both demand and supply side and further evaluates market dynamics effecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA and South America after evaluating political, economic, social and technological factors effecting the artificial intelligence in insurance market in these regions.
MARKET PLAYERS
The reports cover key developments in the artificial intelligence in insurance market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions, and partnership & collaborations. These activities have paved way for expansion of business and customer base of market players. The market players from artificial intelligence in insurance market are anticipated to lucrative growth opportunities in the future with the rising demand for artificial intelligence in insurance market. Below mentioned is the list of few companies engaged in the artificial intelligence in insurance market.
The report also includes the profiles of key artificial intelligence in insurance market companies along with their SWOT analysis and market strategies. In addition, the report focuses on leading industry players with information such as company profiles, components and services offered, financial information of last 3 years, key development in past five years.
- Amazon Web Services, Inc.
- Avaamo
- Cape Analytics, LLC
- IBM
- Lemonade, Inc.
- Microsoft
- Osp Labs Pvt Ltd
- Shift Technology
- Trov Insurance Solutions, LLC
- Wipro Limited
The Insight Partner's dedicated research and analysis team consist of experienced professionals with advanced statistical expertise and offer various customization options in the existing study.