Birmingham, Jan. 12, 2023 (GLOBE NEWSWIRE) -- "Artificial Intelligence (AI) in Insurance Market" is the title of a new report from Data Bridge Market Research. Key growth strategies, drivers, opportunities, key segments, Porter's Five Forces analysis, and competitive environment are all dissected in detail in the research. The transparent, trustworthy, and extensive market information and data included in the Artificial Intelligence (AI) in Insurance business reports will definitely help develop business and improve return on investment (ROI). The market report estimates the region that is foretold to create the most number of opportunities in the global Artificial Intelligence (AI) in Insurance Market. It figures out whether there will be any changes in the market competition during the forecast period. These insights are often critical to key business processes such as product planning, new product development, distribution route planning, and sales force development. This market research report really serves to be a proven solution for businesses to gain a competitive advantage.
Data Bridge Market Research analyses that the artificial intelligence (AI) in the insurance market was valued at USD 3.64 billion in 2022 and is expected to reach the value of USD 35.77 billion by 2030, at a CAGR of 33.06% during the forecast period. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.
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Artificial intelligence (AI) has brought an innovative change in how the insurance sector performed in the last few years. Insurance was generally associated with time-consuming meetings, filing complicated claims, loads of paperwork,, and waiting months for a decision. Artificial intelligence (AI) in insurance has brought in automation that has continuously rebuilt insurance providers' trust. Moreover, insurance automation such as artificial intelligence (AI) helps lower risks and fraud, encouraging business growth and automating numerous business processes to lessen overall costs.
Artificial intelligence (AI) will transfigure the insurance industry. Artificial intelligence (AI) technologies such as machine vision, natural language processing (NLP), machine learning and deep learning, and robotic automation have the potential to reimagine the overall insurance lifecycle from customer procurement to claims processing.
Opportunities
- Numerous advantages associated with artificial intelligence (AI)
Artificial intelligence (AI) will increase critical insurance operations such as risk assessment, claims processing, asset management, and prevention. For instance, the image processing function of artificial intelligence (AI) in Insurance may be used to estimate property damage. This same machine may be utilized to make an educated choice on smart system expenditures. Thus, As a result of all these factors, the demand for the artificial intelligence (AI) increase, which will be expected to create immense market growth opportunities.
Key Market Players:
- Microsoft (U.S.)
- Infosys Limited (India)
- Tractable Ltd (U.S.)
- Insurify, Inc. (U.S.)
- Slice Insurance Technologies Inc., (U.S.)
- Google (U.S.)
- Oracle (U.S.)
- Amazon Web Services Inc. (U.S.)
- IBM (U.S.)
- Avaamo (U.S.)
- Cape Analytics (U.S.)
- Wipro (India)
- Acko General Insurance (India)
- Shift Technology (France)
- Quantemplate (U.K.)
- Zurich (Switzerland)
- Lemonade Insurance Agency, LLC (U.S.)
We can add or profile new company as per client need in the report. Final confirmation is to be provided by the research team depending upon the difficulty of survey.
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Key Growth Drivers:
- Increasing usage of artificial intelligence (AI) in chatbots
The artificial intelligence (AI) in the insurance sector has brought a revolutionary change in the level of customer service. Chatbots are the simplest and easiest way to start the process and further distribute the information to the next aligned process without any human interference. This makes the process quick, smooth, and error-free. AI based chatbots can upsell and cross-sell products based on the customer’s history and profile.
- Insurance claims management and investigation
Regulating all the procedures of authorizations, approvals, payment tracking, data capturing, claims creation and recovery tracking through artificial intelligence (AI) can be paired with other applications to reorganize the fraud detection process, thus saving costs and time. Artificial intelligence in insurance claims can decrease processing costs by 50-65%, claims regulation prices by 20 to 30%, and processing time by 50-90% while improving the customer service experience.
Critical Insights Related to the Artificial Intelligence (AI) in Insurance Included in the Report:
- Exclusive graphics and Illustrative SWOT analysis of some of the leading companies in this market
- Value chain analysis of prominent players in the market
- Current trends influencing the dynamics of this market across various geographies
- Recent mergers, acquisitions, collaborations, and partnerships
- Revenue growth of this industry over the forecast period
- Marketing strategy study and growth trends
- Growth driven factor analysis
- Emerging recess segments and region-wise market
- An empirical evaluation of the curve of this market
- Ancient, Present, and Probable scope of the market from both prospect value and volume
Global Artificial Intelligence (AI) in Insurance Market Scope
By Component
- Hardware
- Software
- Services
By Technology
- Machine Learning and Deep Learning
- Natural Language Processing (NLP)
- Machine Vision
- Robotic Automation
By Deployment Model
- 0n-Premises
- Cloud
By Enterprises Size
- Large Enterprises
- SMEs Enterprises
By Application
- Claims Management
- Risk Management and Compliance
- Chatbots
By Sector
- Life Insurance
- Title Insurance
- Auto Insurance
Read the Detailed Index of the full Research Study @ https://www.databridgemarketresearch.com/reports/global-artificial-intelligence-ai-in-insurance-market
Artificial Intelligence (AI) in Insurance Market Regional Analysis/Insights
Global Artificial Intelligence (AI) in Insurance market is analyzed and market size insights and trends are provided by country, application, material, color, connector application, type, voltage, sales channel and vehicle type, as referenced above.
The countries covered in the Artificial Intelligence (AI) in Insurance market report are the U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America dominates the artificial intelligence (AI) in insurance market in terms of revenue and market share due to the increasing adoption of new technologies to numerous AI solution providers in the region.
Asia-Pacific will continue to project the highest compound annual growth rate during the forecast period of 2023-2030 due to the increasing government initiatives supporting digitalization. Moreover, growing investments on advanced technologies such as IoT and AI are raising the demand for AI across the insurance sector which will likely to enhance market growth within this region.
Table of Content:
Part 01: Executive Summary
Part 02: Scope of the Report
Part 03: Global Artificial Intelligence (AI) in Insurance Market Segmentation By Component
Part 04: Global Artificial Intelligence (AI) in Insurance Market Segmentation By Enterprises Size
Part 05: Global Artificial Intelligence (AI) in Insurance Market Segmentation By Technology
Part 06: Five Forces Analysis
Part 07: Customer Landscape
Part 08: Geographic Landscape
Part 09: Decision Framework
Part 10: Drivers and Challenges
Part 11: Market Trends
Part 12: Vendor Landscape
Part 13: Vendor Analysis
To check the complete Table of Content click here: @ https://www.databridgemarketresearch.com/toc/?dbmr=global-artificial-intelligence-ai-in-insurance-market
Customization Options
All segmentation provided above in this report is represented at country level and can be customized according to needs.
All products covered in the market, product volume and average selling prices will be included as customizable options which may incur no or minimal additional cost (depends on customization).
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