AI in Insurance Market, Trends, Emerging Trends, Qualitative Outlook, Business Growth and Business Opportunities Statistics, Analysis by Top Leading Players and Forecast 2027
Market
Overview:
Market Research Future (MRFR) report on the global AI in Insurance Market (2019-2025)
addresses the COVID-19 analysis of a critical factor affecting the market
growth. The research examines competition in the regional and global markets,
providing a holistic evaluation of factors that could have a significant impact
on the industry's outlook over the forecast period.
Artificial
Intelligence is affecting every step of the insurance value chain. AI
technologies like machine vision, machine learning and deep learning, natural
language processing (NLP), and robotic automation can re-imagine the entire
insurance lifecycle from customer acquisition to claims processing. Adopting AI
allows insurance companies to stay competitive on the market, drive operational
excellence, and boost growth.
Machine
learning and deep learning algorithms help drive smart, automated applications
like healthcare diagnosis, predictive maintenance, customer service,
self-driving cars, automated data centers, and smart homes. The rising need to
offer personalized insurance services and automate the operational process are
factors propelling the growth of Artificial Intelligence in Insurance industry
around the globe. AI technologies are capable of managing vast quantities of
customer and enterprise data and different tasks more efficiently and reliably
compared to humans, enabling insurance professionals to concentrate more on
challenging and high-value activities. AI is becoming an expert at recognizing
faces or images and spoken language with the aid of technologies like NLP and
computer vision that give intuitive experience. In addition, the increasing
acceptance of IoT technology is also expected to fuel market growth. Growing
volume and speed of data generation with the adoption of IoT is anticipated to
push the need to automate the process of generating actionable insights using
advanced machine learning and deep learning algorithms.
Nevertheless,
the lack of technical expertise related to complex AI algorithms is hindering
market development. The industry is looking for opportunities for advances in
machine learning and deep learning algorithms. Whereas the risks associated
with data leakage and cybersecurity breaches are significant challenges facing
the industry.
Interactive
insurance chatbots, insurance analytics, customized claims settlements,
behavioral premium pricing, fraud, and risk management are various AI cases in
the insurance industry. Adoption of UAVs and smart devices for extreme
surveillance are the prevailing trends in the market. The insurance industry is
expected to be mainly impacted by technologies such as blockchains and big data
analytics.
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Competitive Analysis:
The
prominent participants active in the global market of AI in insurance are Microsoft
Corporation (US), ZhongAn (China), Amazon Web Services Inc. (US), IBM
Corporation (US), BIMA (UK), Avaamo Inc (US), Cape Analytics LLC (US), Acko
General Insurance (India), Shift Technology (France), Quantemplate (US), Zurich
Insurance Group (Switzerland), Lemonade (US), Wipro Limited (India), Trov
(Japan), and Slice (US).
Insurify
(US), Planck Re (US), Insurmi (US), PolicyPal (Singapore), and Tractable (UK)
are some of the other participants in the market.
Segmental Overview:
The
global market for AI in the insurance has been segmented into components,
technology, deployment, application, and sector.
By
component, the global AI in the insurance market has been segmented into
hardware, software, and services.
By
technology, the global AI in the insurance market has been segmented into
machine learning and deep learning, machine vision, robotic automation, and
natural language processing (NLP).
By
deployment, the global AI in the insurance market has been segmented into
on-cloud and on-premise.
By
application, the global AI in the insurance market has been segmented into
claims processing, chatbots, risk management and compliance, personalized
recommendation, and others.
By
sector, the global AI in the insurance market has been categorized into life insurance,
health insurance, title insurance, auto insurance, and others.
Regional Analysis:
By
region, the global AI in the insurance market has been segmented into North
America, Asia Pacific (APAC), Europe, the Middle East and Africa, and South
America.
North
America dominates the global Artificial Intelligence (AI) in Insurance market.
The region is an early adopter of emerging technologies and a hub for a variety
of AI solution providers. Among all the nations in the region, the US has the
largest market share due to its highly skilled workforce in enterprises and
research and development capabilities, aimed at developing AI technologies to
improve the efficiency of the insurance process. Europe trails North America in
terms of market share; it is estimated that there will be substantial growth in
the global AI in the insurance market.
The
Asia Pacific is expected to be the fastest-growing region in the forecast
period. Government initiatives promoting digitalization and growing investment
in advanced technologies like AI and IoT are rising demand for AI across the
insurance industry. The global AI in the insurance market in the Middle East
& Africa and South America is also expected to expand at a notable pace
during the forecast period due to the increasing need to automate the insurance
process and provide personalized insurance services to help companies retain a
competitive edge in the market.
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Table of Contents:
1 Executive
Summary
2 Scope of the
Report
2.1 Market
Definition
2.2 Scope
of the Study
2.2.1 Research objectives
2.2.2 Assumptions & Limitations
2.3 Markets
Structure
3 Market
Research Methodology
3.1 Research
Process
3.2 Secondary
Research
3.3 Primary
Research
3.4 Forecast
Model
Continued….
Read More: https://blogfreely.net/pranali004/antivirus-software-market-trends-covid-19-outbreak-business-trends
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