AI in Insurance Market By Offering (Hardware, Software, Service), By Deployment Model (On-premise, Cloud), By Technology (Machine Learning, Natural Language Processing, Computer Vision, Others), By Enterprise Size (Large Enterprises, SMEs), By End-user (Life and Health Insurance, Property and Casualty Insurance), By Application (Fraud Detection and Credit Analysis, Customer Profiling and Segmentation, Product and Policy Design, Underwriting and Claims Assessment): Global Opportunity Analysis and Industry Forecast, 2021-2031
AI in insurance is the combination of network operations and business operations segments into one integrated platform that provides necessary agility to create innovative and personalized customer experience. In addition, it makes automated claims processing and claims estimates more quickly and accurately. Furthermore, many Insurtech are using AI capabilities to create a new range of innovative products, such as instantly customizable life insurance and on-demand property coverage. Moreover, AI in insurance helps insurers from risk, detects fraud, and reduces human error in the application process.
Increase in investment by insurance companies in AI & machine learning and rise in preference for personalized insurance services boost the growth of the global AI in insurance market. In addition, increase in collaboration between insurance companies and AI & machine learning solution company positively impact growth of the market. However, higher deployment cost of AI, advanced machine learning, and lack of skilled labor hamper the market growth. On the contrary, increase in government initiatives and rise in investments to leverage the AI technology are expected to offer remunerative opportunities for expansion of the market during the forecast period.
The AI in insurance market is segmented on the basis of offering, deployment model, technology, enterprise size, end users, application, and region. On the basis of offering, the market is categorized into hardware, software, and service. On the basis of deployment model, the market is bifurcated into on-premise and cloud. By technology, it is classified into machine learning, natural language processing, computer vision, and others. On the basis of enterprise size, the market is classified into large enterprise and SMEs. On the basis of end user, it is classified into life & health Insurance and property & casualty insurance. On the basis of application, the market is classified into fraud detection & credit analysis, customer profiling & segmentation, product & policy design, and underwriting & claims assessment. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key players that operate in the AI in insurance market are Applied Systems, Cape Analytics, IBM Corporation, Microsoft Corporation, OpenText Corporation, Oracle Corporation, Pegasystems Inc, Quantemplate, Salesforce, Inc, SAP SE, SAS Institute Inc, Shift Technology, SimpleFinance, Slice Insurance Technologies, Vertafore, Inc, Zego, and Zurich Insurance Group Ltd. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
Key Benefits For Stakeholders
This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the ai in insurance market analysis from 2021 to 2031 to identify the prevailing ai in insurance market opportunities.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the ai in insurance market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global ai in insurance market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Offering
Hardware
Software
Service
By Deployment Model
On-premise
Cloud
By Technology
Machine Learning
Natural Language Processing
Computer Vision
Others
By Enterprise Size
Large Enterprises
SMEs
By End-user
Life and Health Insurance
Property and Casualty Insurance
By Application
Fraud Detection and Credit Analysis
Customer Profiling and Segmentation
Product and Policy Design
Underwriting and Claims Assessment
By Region
North America
U.S.
Canada
Europe
United Kingdom
Germany
France
Italy
Spain
Netherlands
Rest of Europe
Asia-Pacific
China
India
Japan
South Korea
Australia
Rest of Asia-Pacific
LAMEA
Latin America
Middle East
Africa
Key Market Players
Applied Systems
IBM Corporation
Microsoft Corporation
OpenText Corporation
Oracle Corporation
Pegasystems Inc.
Quantemplate
Salesforce, Inc.
SAP SE
SAS Institute Inc.
Shift Technology
SimpleFinance
Slice Insurance Technologies
Vertafore, Inc.
Zego
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