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The Artificial Intelligence (AI) in Insurance Market survey report helps to better situate the company within the market by applying the knowledge gained from marketing research to build competitive intelligence, and formulate & maintain revenue-generating business strategies. It has carefully compiled information pertinent to the company so that business can focus on the correct market segments, and prepare for further market developments and fluctuations. With this marketing report, receive elucidation regarding business initiatives that include proprietary company research, consumer data, and superior data-driven strategies. The most engaging Artificial Intelligence (AI) in Insurance market research report helps to avoid market and investment risks that can comprehensively map and profile competitors as well as the macroeconomic environment.
Data Bridge Market Research analyses that the artificial intelligence (AI) in 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) in Insurance Market 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.
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.
Some Of The Major Players Operating In The Artificial Intelligence (AI) In Insurance Market Are:
- 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.)
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Artificial Intelligence (AI) in Insurance Market Segmentation:
Component
- Hardware
- Software
- Services
Technology
- Machine Learning and Deep Learning
- Natural Language Processing (NLP)
- Machine Vision
- Robotic Automation
Deployment Model
- 0n-Premises
- Cloud
Enterprises Size
- Large Enterprises
- SMEs Enterprises
Application
- Claims Management
- Risk Management and Compliance
- Chatbots
- Others
Sector
- Life Insurance
- Health Insurance
- Title Insurance
- Auto Insurance
- Others
Artificial Intelligence (AI) in Insurance Market Regional Analysis/Insights
The countries covered in the artificial intelligence (AI) in insurance market report are 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, Israel, Egypt, South Africa, 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.
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