The Artificial Intelligence (AI) For Insurance Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Artificial Intelligence (AI) For Insurance Global Market Report 2024, The artificial intelligence (AI) for insurance market size has grown exponentially in recent years. It will grow from $5.77 billion in 2023 to $7.71 billion in 2024 at a compound annual growth rate (CAGR) of 33.6%. The growth in the historic period can be attributed to data explosion in insurance, risk assessment and underwriting, fraud detection and prevention, customer experience enhancement, operational efficiency and cost reduction.
The artificial intelligence (AI) for insurance market size is expected to see exponential growth in the next few years. It will grow to $25.91 billion in 2028 at a compound annual growth rate (CAGR) of 35.4%. The growth in the forecast period can be attributed to advancements in ai algorithms, expansion of insurtech ecosystem, increased focus on personalization, integration with iot devices, evolving cyber insurance landscape. Major trends in the forecast period include collaboration with ecosystem partners, ethical and explainable ai, claims processing automation, customer experience enhancement, dynamic pricing strategies.
The rising investments in the insurance sector are expected to propel the growth of the artificial intelligence (AI) insurance market going forward. Investments refer to the allocation of money or resources to various assets or projects with the expectation of generating income or profit over time. AI in insurance for research and development, data infrastructure, technology development, and talent acquisition, ensuring comprehensiveness and providing innovative solutions to their customers. These investments are expected to fuel the development and adoption of AI-powered solutions, as insurers increasingly recognize the transformative potential of AI. For instance, in July 2023, according to a report published by Swiss Re, a Switzerland-based insurance company, investment rates increased from 6.2% in 2022 to 8.1% in 2023. Therefore, rising investments in the insurance sector are driving the growth of artificial intelligence (AI) for insurance market.
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The artificial intelligence (ai) for insurance market covered in this report is segmented –
1) By Offering: Hardware, Software, Services
2) By Technology: Machine Learning, Natural Language Processing, Computer Vision, Other Technologies
3) By Application: Fraud Detection and Credit Analysis, Customer Profiling and Segmentation, Product and Policy Design, Underwriting and Claims Assessment
4) By End User: Life And Health Insurance, Property And Casualty Insurance
Major companies operating in the artificial intelligence (AI) for insurance market are focusing on the development of technologically advanced solutions, such as InsuranceGPT, to address the complexities of the insurance sector. InsuranceGPT is a custom-built generative pre-trained transformer (GPT) tool specifically designed for insurers, offering enhanced decision-making capabilities for automated claims management while maintaining privacy and data security. For instance, in June 2023, Simplifai AS, a Norway-based artificial intelligence company, introduced Simplifai InsuranceGPT, a specialized GPT tool for the insurance industry. This tool enhances decision-making for automated claims management, prioritizing privacy and data security. Additionally, key features include seamless integration into existing systems, a no-code-necessary model for security, training on insurance data for accuracy, and improved communication between insurers and customers.
The artificial intelligence (ai) for insurance market report table of contents includes:
1. Executive Summary
- Artificial Intelligence (AI) For Insurance Market Characteristics
- Artificial Intelligence (AI) For Insurance Market Trends And Strategies
- Artificial Intelligence (AI) For Insurance Market – Macro Economic Scenario
- Global Artificial Intelligence (AI) For Insurance Market Size and Growth
. - Global Artificial Intelligence (AI) For Insurance Market Competitive Benchmarking
- Global Artificial Intelligence (AI) For Insurance Market Competitive Dashboard
- Key Mergers And Acquisitions In The Artificial Intelligence (AI) For Insurance Market
- Artificial Intelligence (AI) For Insurance Market Future Outlook and Potential Analysis
- Appendix
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