Global AI in Insurance Market Overview 

The Global AI in the Insurance Market size is estimated to reach $ 4.1 billion by 2026, growing at a CAGR of 22.3% over the forecast period of 2021-2026. AI is revolutionizing sectors, including underwriting, customer service, claims, marketing, and fraud detection in the insurance business. AI is assisting insurers in making sense of vast amounts of data, whether it is structured or unstructured data (e.g., social media, wearables, telematics, sensors, news, weather, and traffic reports). Furthermore, insurers have access to a vast amount of big data, a key component of AI's success. AI may boost customer interaction, generate more customized service and relevant marketing messages, offer the correct product to customers, and target the right customer, thanks to the quantity of unstructured data.

Impact of COVID-19 on AI in the Insurance Market:

In the aftermath of the COVID-19 outbreak, the insurance industry has boosted its use of artificial intelligence (AI) technology since it aids in automating repetitive processes and has a high accuracy rate, resulting in improved revenues. Furthermore, numerous insurance firms have shortened their claim settlement and insurance services processes in the AI in insurance market prediction to prevent the virus from spreading. Moreover, AI technology aids in the tracking of real-time insured data, allowing for improved online services during a pandemic.

Key Takeaways from Global AI in Insurance Market Report:

• Evaluate market potential through analyzing growth rates (CAGR %), Volume (Units), and Value ($M) data given at country level – for Component, Deployment Mode, Organization Size, Application, and by different industry verticals. Understand the various market dynamics – key driving factors, challenges, and hidden opportunities.
• Get in-depth insights on your competitor's performance – market shares, strategies, financial benchmarking, product benchmarking, SWOT, and more.
• Analyze the sales and distribution channels across key geographies to improve top-line revenues.
• Understand the industry supply chain with a deep dive on the value augmentation at each step to optimize value and bring efficiencies in your processes. 
• Get a quick outlook on the market entropy – M&As, deals, partnerships, product launches of all key players for the past four years. 
• Evaluate the supply-demand gaps, import-export statistics, and regulatory landscape for more than the top 20 countries globally for the market

By technology, the market for AI in Insurance to grow at the highest CAGR during the forecast period.

By Technology, AI in Insurance Market is segmented into natural language processing (NLP), machine learning and deep learning, machine vision, and robotic automation. Natural Language Processing dominated the AI in Insurance Market in 2020. It is also expanding, with a CAGR of 23.7% over the forecast period 2021-2026. Globally, China being a significant market, top Chinese banks have launched two chat assistants: one for general banking questions like mortgages, personal loans, credit cards, medical insurance, and travel insurance, and the other, which is embedded in Facebook Messenger, allows customers to search for dining discounts and makes recommendations based on their preferences. Both assistants can communicate in Chinese, English, Cantonese, and a mix of Chinese and English, and they use machine learning and natural language processing to improve their capacity to answer customer inquiries.

The Asia Pacific to account for the largest market share during the forecast period

North America held the largest share of the AI in Insurance Market in 2020, with a global market share of 35.9%. The rapid expansion in North America may be attributed to the expanding usage of big data technologies, a growing volume of data across the end-user, and rising corporate investments in real-time analytics. As a result, in 2020, this will account for the bulk of the AI in the Insurance Market Share.

Asia Pacific is the fastest-growing AI in the insurance market due to the most robust gains in countries such as China and India.

Market Dynamics

Driver: Technology Advancement and Improved Consumer Experience are driving AI in Insurance Market. 

AI aids in automating repetitive insurance activities, and insurers use this technology to collect data from consumers to understand their insurance needs and expectations. Furthermore, insurance firms employ chatbot technology to communicate with clients and provide tailored services, moving the industry forward. As a result, rising technology breakthroughs and improved user experiences will drive the worldwide AI in the insurance market forward throughout the forecast period.

Challenge: Increasing risk associated with data leaks and cybersecurity attacks is restraining the market growth.

While insurance company data breaches may not rank among the top data breaches of the century, thieves have paid close attention to this industry. Even insurance businesses that are well-versed in the cyber threat landscape are susceptible to becoming victims.

Key Market Players

Key Players in the Global AI in Insurance Market consist of Applied Systems, IBM Corp., Microsoft, Open Text Corporation, Oracle, Pegasystems Inc., Salesforce.com Inc., SAP SE, SAS Institute Inc., and Vertafore, Inc, among Others.

Report Coverage and Scope

The report "Global AI in Insurance Market" by Research Informatic covers an in-depth detailed analysis for the following segment covered under the scope.

By Offerings 

• Solutions
• Services

By Deployment Mode

• Cloud
• On-Premises

By Applications

• Cyber Security
• Chatbots & Virtual Assistants
• Fraud Detection
• Financials Transactions
• Others

By Geography

• North America
• Europe
• APAC
• RoW

Global AI in Insurance Market Growth, Trend and Forecast 2020-2028

Chapter 1 AI in Insurance Market Overview
1.1 Product Overview and Scope of AI in Insurance
1.2 AI in Insurance Market Segmentation by Type
1.2.1 Global Production Market Share of AI in Insurance by Type in 2019
1.2.1 Type 1
1.2.2 Type 2
1.2.3 Type 3
1.3 AI in Insurance Market Segmentation by Application
1.3.1 AI in Insurance Consumption Market Share by Application in 2019
1.3.2 Application 1
1.3.3 Application 2
1.3.4 Application 3
1.4 AI in Insurance Market Segmentation by Regions
1.4.1 North America
1.4.2 China
1.4.3 Europe
1.4.4 Southeast Asia
1.4.5 Japan
1.4.6 India
1.5 Global Market Size (Value) of AI in Insurance (2014-2028)

Chapter 2 Global Economic Impact on AI in Insurance Industry
2.1 Global Macroeconomic Environment Analysis
2.1.1 Global Macroeconomic Analysis
2.1.2 Global Macroeconomic Environment Development Trend
2.2 Global Macroeconomic Environment Analysis by Regions

Chapter 3 Global AI in Insurance Market Competition by Manufacturers
3.1 Global AI in Insurance Production and Share by Manufacturers (2019 and 2019)
3.2 Global AI in Insurance Revenue and Share by Manufacturers (2019 and 2019)
3.3 Global AI in Insurance Average Price by Manufacturers (2019 and 2019)
3.4 Manufacturers AI in Insurance Manufacturing Base Distribution, Production Area and Product Type
3.5 AI in Insurance Market Competitive Situation and Trends
3.5.1 AI in Insurance Market Concentration Rate
3.5.2 AI in Insurance Market Share of Top 3 and Top 5 Manufacturers
3.5.3 Mergers & Acquisitions, Expansion

Chapter 4 Global AI in Insurance Production, Revenue (Value) by Region (2014-2020)
4.1 Global AI in Insurance Production by Region (2014-2020)
4.2 Global AI in Insurance Production Market Share by Region (2014-2020)
4.3 Global AI in Insurance Revenue (Value) and Market Share by Region (2014-2020)
4.4 Global AI in Insurance Production, Revenue, Price and Gross Margin (2014-2020)
4.5 North America AI in Insurance Production, Revenue, Price and Gross Margin (2014-2020)
4.6 Europe AI in Insurance Production, Revenue, Price and Gross Margin (2014-2020)
4.7 China AI in Insurance Production, Revenue, Price and Gross Margin (2014-2020)
4.8 Japan AI in Insurance Production, Revenue, Price and Gross Margin (2014-2020)
4.9 Southeast Asia AI in Insurance Production, Revenue, Price and Gross Margin (2014-2020)
4.10 India AI in Insurance Production, Revenue, Price and Gross Margin (2014-2020)

Chapter 5 Global AI in Insurance Supply (Production), Consumption, Export, Import by Regions (2014-2020)
5.1 Global AI in Insurance Consumption by Regions (2014-2020)
5.2 North America AI in Insurance Production, Consumption, Export, Import by Regions (2014-2020)
5.3 Europe AI in Insurance Production, Consumption, Export, Import by Regions (2014-2020)
5.4 China AI in Insurance Production, Consumption, Export, Import by Regions (2014-2020)
5.5 Japan AI in Insurance Production, Consumption, Export, Import by Regions (2014-2020)
5.6 Southeast Asia AI in Insurance Production, Consumption, Export, Import by Regions (2014-2020)
5.7 India AI in Insurance Production, Consumption, Export, Import by Regions (2014-2020)

Chapter 6 Global AI in Insurance Production, Revenue (Value), Price Trend by Type
6.1 Global AI in Insurance Production and Market Share by Type (2014-2020)
6.2 Global AI in Insurance Revenue and Market Share by Type (2014-2020)
6.3 Global AI in Insurance Price by Type (2014-2020)
6.4 Global AI in Insurance Production Growth by Type (2014-2020)

Chapter 7 Global AI in Insurance Market Analysis by Application
7.1 Global AI in Insurance Consumption and Market Share by Application (2014-2020)
7.2 Global AI in Insurance Consumption Growth Rate by Application (2014-2020)
7.3 Market Drivers and Opportunities
7.3.1 Potential Applications
7.3.2 Emerging Markets/Countries

Chapter 8 AI in Insurance Manufacturing Cost Analysis
8.1 AI in Insurance Key Raw Materials Analysis
8.1.1 Key Raw Materials
8.1.2 Price Trend of Key Raw Materials
8.1.3 Key Suppliers of Raw Materials
8.1.4 Market Concentration Rate of Raw Materials
8.2 Proportion of Manufacturing Cost Structure
8.2.1 Raw Materials
8.2.2 Labor Cost
8.2.3 Manufacturing Expenses
8.3 Manufacturing Process Analysis of AI in Insurance

Chapter 9 Industrial Chain, Sourcing Strategy and Downstream Buyers
9.1 AI in Insurance Industrial Chain Analysis
9.2 Upstream Raw Materials Sourcing
9.3 Raw Materials Sources of AI in Insurance Major Manufacturers in 2019
9.4 Downstream Buyers

Chapter 10 Marketing Strategy Analysis, Distributors/Traders
10.1 Marketing Channel
10.1.1 Direct Marketing
10.1.2 Indirect Marketing
10.1.3 Marketing Channel Development Trend
10.2 Market Positioning
10.2.1 Pricing Strategy
10.2.2 Brand Strategy
10.2.3 Target Client
10.3 Distributors/Traders List

Chapter 11 Market Effect Factors Analysis
11.1 Technology Progress/Risk
11.1.1 Substitutes Threat
11.1.2 Technology Progress in Related Industry
11.2 Consumer Needs/Customer Preference Change
11.3 Economic/Political Environmental Change

Chapter 12 Global AI in Insurance Market Forecast (2020-2028)
12.1 Global AI in Insurance Production, Revenue Forecast (2020-2028)
12.2 Global AI in Insurance Production, Consumption Forecast by Regions (2020-2028)
12.3 Global AI in Insurance Production Forecast by Type (2020-2028)
12.4 Global AI in Insurance Consumption Forecast by Application (2020-2028)
12.5 AI in Insurance Price Forecast (2020-2028)

Chapter 13 Appendix