Brooklyn, New York, Feb. 26, 2024 (GLOBE NEWSWIRE) -- According to a new market research report published by Global Market Estimates, the global generative AI in insurance market is projected to grow at a CAGR of 33.1% from 2024 to 2029.
The growth of the global generative AI in insurance market is driven by the increasing demand for personalized experiences and the imperative for operational efficiency. Customers seek tailored insurance solutions that cater to their unique needs and preferences, driving insurers to adopt AI technologies capable of delivering personalized recommendations and products.
Key Market Trends
- Personalized Customer Experiences: Generative AI enables insurers to create personalized recommendations and customized products tailored to individual needs, enhancing customer satisfaction and loyalty.
- Operational Efficiency: Insurers are increasingly leveraging generative AI for task automation and decision-making optimization, leading to improved operational efficiency, reduced manual interventions, and faster processes.
- Ethical and Regulatory Considerations: With the proliferation of generative AI in insurance, there is a growing focus on addressing ethical concerns such as biases and discrimination, as well as complying with regulatory requirements related to data privacy and fairness in AI-driven decision-making.
Browse 147 Market Data Tables and 115 Figures spread through 163 Pages and in-depth TOC on “Global Generative AI in insurance Market - Forecast to 2029’’
Key Market Insights
- As per the application outlook, the underwriting automation segment is expected to be the largest segment in the global generative AI in insurance market from 2024 to 2029
- As per the end user outlook, the insurance carriers segment is expected to be the largest segment in the global generative AI in insurance market from 2024 to 2029
- Asia Pacific region is analyzed to be the fastest-growing region in the market
- North America region is estimated to hold the largest share of the market during the forecast period from 2024 to 2029
- LeewayHertz, Markovate, Azati Software, Solulab, Tensorway, Chisel AI, Avaamo, Accubits, InData Labs, and Gradient AI, among others, are some of the key players operating in the global generative AI in insurance market
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By Application Outlook (Revenue, USD Billion, 2024-2029)
- Underwriting Automation
- Risk Assessment and Management
- Fraud Detection
- Customer Service and Engagement
- Claim Processing
By End User Outlook (Revenue, USD Billion, 2024-2029)
- Insurance Carriers
- Brokers and Agents
- Third-Party Administrators
By Regional Outlook (Revenue, USD Billion, 2024-2029)
North America
- The U.S.
- Canada
- Mexico
Europe
- Germany
- U.K.
- France
- Spain
- Italy
- Netherlands
- Rest of Europe
Asia Pacific
- China
- India
- Japan
- South Korea
- Thailand
- Indonesia
- Malaysia
- Singapore
- Vietnam
- Rest of APAC
Central and South America
- Brazil
- Argentina
- Chile
- Rest of CSA
Middle East and Africa
- Saudi Arabia
- UAE
- Israel
- South Africa
- Rest of MEA
Contact: Yash Jain
Director- Global Accounts & Strategic Advisory
Email address: yash.jain@globalmarketestimates.com
Phone Number: +1 6026667238
Website: www.globalmarketestimates.com
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