AI in Insurance Market COVID – 19 Impact Analysis, Market Overview, Applications Analysis and Competitive Analysis by Forecast to 2030
Market Overview
AI in Insurance Market
Size 6.2 Billion Expected To CAGR Value 21.60% Forecast By 2030
The penetration of AI in insurance processes,
especially in developed economies, is estimated to bolster the in the insurance
market 2020. The ICT industry reports are produced by Market Research Future,
which highlights market options for expansion. An impressive CAGR is forecasted
for the global market in the forecast period.
The requirement of staying competitive in the
market is forecasted to spur the AI in the insurance market share in the
future. The escalating quantity and pace of data generation are anticipated to
benefit AI in the insurance market in the approaching period.
Segmental Analysis
The segmental review of the AI
in the insurance market has been carried out on
the basis of application, technology, deployment, component, and sector. Based
on the technology, the AI in the insurance market has been segmented into
natural language processing (NLP), machine vision, machine learning, robotic
automation, and deep learning. On the basis of component, the AI in the
insurance market has been segmented into software, hardware, and services. Based
on the deployments, the AI in the insurance market has been segmented into
on-premise and on-cloud. The application-based segmentation of the AI in
the insurance market includes personalized recommendation, risk management, and
compliance, claims processing, chatbots, and others. By the sector, the
AI in the insurance market has been segmented into health insurance, life
insurance, title insurance, auto insurance, and others.
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Detailed Regional Analysis
The regional evaluation of the AI in the insurance
market includes regions such as Europe, the Middle East, South America,
Asia-Pacific, North America, and Africa. The regional market in North
America presently leads the global market. The US is credited for the biggest
market share due to an extremely skilled workforce in enterprises and research
& development ability, intended at developing AI technologies for insurance
process quality. The European region comes second in the global market due to
the growing adoption of digital technologies to automate business processes is
inspiring the market growth in the European region. The Asia-Pacific
regional market is expected to be the fastest-growing region in the forecast
period. The AI in insurance market in the Middle Eastern & African and
South American regions is also anticipated to develop at a considerable rate
throughout the forecast period.
Competitive Analysis
The stress on enhancing the production potential
and upgradation of the workforce are the top priorities to reinvigorate the
development potential of the market in the coming period. The competitors
present in the market are recalibrating their market share to open up new areas
of development in the market. The establishment of robust distribution channels
is estimated to define the development of the market in the future. The
investment in robotic elements in the supply chain is estimated to be seen in
the future to reduce the impact of the human capital on the long term market
expansion. The state of the market is extremely indecisive due to the effect of
the macro factors operating in the global economy. The road to the resurgence
of the market is estimated to be extensive and arduous due to the degree of
setbacks it has suffered. The prospects for growth in the market have to be
carefully sought out and examined to ensure that they will ensure the favorable
development of the market in the coming period.
The outstanding contenders in the AI in
insurance market are PolicyPal (Singapore), Insurmi (US), Planck Re (US),
Microsoft Corporation (US), IBM Corporation (US), Wipro Limited (India), BIMA
(UK), Quantemplate (US), Cape Analytics LLC (US), Zurich Insurance Group
(Switzerland), Amazon Web Services Inc. (US),Lemonade (US), Trov (Japan),
ZhongAn (China), Acko General Insurance (India), Shift Technology (France),
Slice (US), Insurify (US), Avaamo Inc (US), and Tractable (UK) are some of the
other players 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 Market Structure
Continued…
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