Market Size on Artificial Intelligence (AI) in Insurance
Artificial Intelligence (AI) in Insurance Market Ecosystem is Expected to Grow at a CAGR of 23.5% by 2023. AI in Insurance Market is disrupting every phase in the value chain of insurance including virtual agent and chatbots that provide customized product recommendations and manage customer service inquiries. It also makes automated claims processing and claims estimates more quickly and accurately. InsurTech is using AI capabilities to create a new range of innovative products, such as instantly customizable life insurance and on-demand property coverage. While some key insurance companies are investing aggressively in AI, most insurers are moving slowly, as they are not sure about how to deploy these technologies in the best possible way. In 2018, only 51% of insurance executives claimed AI technologies to be extremely or very important to their companies’ success. But as compared to other industries, this number was very small.
According to AllTheResearch, global Artificial Intelligence (AI) in Insurance Market will see substantial growth by USD 16.5 billion in 2023. AI Insurance is expanding at a faster rate to a wider range of countries. Insurance companies like Insurify, Ccc, Lemonade, Zest Finance, Clear cover, and Fly reel have already started using AI technology in an Insurance claim, payments, and recommendations. AI can change the outlook of the business model of an insurer by enhancing the speed at which tasks can be carried out with the help of Robotic Process Automation (RPA). RPA helps in reducing repeatable tasks from operational teams and in performing more complex actions It also helps in optimizing the services insurers can provide to customers, brokers, and other external third parties, based on their relationships, preferences, and past interactions.
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Artificial Intelligence in Insurance Market Ecosystem Snapshot
Even though it is difficult to predict the full utilization of Artificial Intelligence in Insurance industry and replace specific actions with automated intelligent machines, market leaders are optimistic and confident about the benefits they can derive from its involvement. AI will increase labor productivity by 30 to 35% in 11 western industrialized countries and Japan by 2035. Economic growth is expected to be doubled by 2035. Considering the current scenario, AI-based products will include insurance coverage for smart driverless cars, smart sensors and factories, and cybercrime damages. Additionally, AI will also empower key insurance processes like claims analysis, asset management, risk calculation, and prevention. For example, property damage assessment can be done via the image processing feature of Artificial Intelligence in Insurance. The same machine can be used to make an informed decision about investments based on smart systems.
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Segmentation of Artificial Intelligence in Insurance Market
|Chatbots & Virtual Assistance||Smartphones & Tablets||CPU||Machine learning||Cloud||Solutions|
|Fraud Detection||Wearables||GPU||Natural Language Process||On-Premise||Services|
|Customer Relationship Management||Surveillance systems||Microprocessor||Computer Vision|
|Payment Gateways||Autonomous Robots||Memory||Others|
At the regional level, EMEA recorded moderate growth in the Property and Casualty Insurance (P&C) and health insurance segments. Growth in the American region has been characterized by strong progress in the health insurance segment and moderate growth in the P&C segment. Life insurance is expected to be a bit unpredictable, owing to changes in US regulations. On the other hand, in APAC, the insurance industry grew in all three segments in 2019, with the health insurance segment generating double-digit growth.
In the life insurance segment, most regions, except the Americas and Western Europe, noticed growth in 2019, but the extent of the growth, as well as the factors responsible for it, varied by region. It is observed that since 2018, Asian countries such as China, Hong Kong, and India have achieved the strongest gains in life insurance segment. Property & casualty insurance has remained stable over the past five years, growing at a rate of 4-5%. It is also expected to grow at 4.2% for the year 2020. At the regional level, the APAC region accounts for only 23%. The P&C insurance market has been the key driver of growth, growing at an average rate of 9% per annum (p.a.) and is estimated to grow even faster in the future.
Artificial Intelligence in Insurance Market Statistics Glimpse:
There are many trends that are having an impact on the market forecast. These, when evaluated from a company’s perspective, can drive growth. Our numerous consulting projects have generated sizeable synergies across all regions and all sizes of companies.
The major players operating in the global AI in Insurance are as follows:
|Company||Ecosystem Positioning||Total Revenue||Industry||Region|
|AIA Group Ltd||Product Provider||$230 billion||Financial Services||Global|
|AIG||Product Provider||$0.006 billion||Financial Services||Global|
|Allianz SE||Product Provider||$144.7 billion||Financial Services||Global|
|AXA||Product Provider||$ 114.1 billion||Financial Services||Global|
|Berkshire Hathaway||Product Provider||$247.5 billion||Financial Services||Global|
Very few markets have interconnectivity with other markets like AI. Our Interconnectivity module focuses on the key nodes of heterogenous markets in detail. Data analytics, Cloud Logistics, Machine learning, and computer vision markets are some of our key researched markets.
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