Global Artificial Intelligence (AI) Insurance Market Size, Trends & Growth Opportunity, by Offering (Hardware, Software, Service), by Enterprise Size (Large Enterprises, SMEs), by End-user (Life and Health Insurance, Property and Casualty Insurance), by Application (Fraud Detection and Credit Analysis, Customer Profiling and Segmentation, Product and Policy Design, Underwriting and Claims Assessment), By Region (North America, Europe, Asia Pacific, Latin America, Middle East) and forecast till 2030.

Report ID : AMR1004176 | Industries : ICT | Published On :December 2023 | Page Count : 233

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Global Artificial Intelligence (AI) Insurance Market Size, Trends & Growth Opportunity, by Offering (Hardware, Software, Service), by Enterprise Size (Large Enterprises, SMEs), by End-user (Life and Health Insurance, Property and Casualty Insurance), by Application (Fraud Detection and Credit Analysis, Customer Profiling and Segmentation, Product and Policy Design, Underwriting and Claims Assessment), By Region (North America, Europe, Asia Pacific, Latin America, Middle East) and forecast till 2030.


Global Artificial Intelligence (AI) Insurance Market


The Artificial Intelligence (AI) Insurance Market was valued at USD 2.74 Billion in 2022 and is expected to expand to USD 45.6 Billion in 2030 at a CAGR of 42.11% during the forecast period 2023- 2030.

 
Market Overview


AI (Artificial Intelligence) assists insurance businesses by eliminating repetitive activities from operational teams and allowing them to undertake more complicated actions. Furthermore, it aids in the optimisation of services provided by insurers to consumers, brokers, and other external third parties based on their relationships, preferences, and previous interactions.


Market Drivers


The insurance industry has seen a fundamental shift in the quality of customer care due to artificial intelligence (AI). Without requiring human intervention, chatbots are the most straightforward method of initiating a process and transferring information to subsequent aligned processes. This results in a rapid, error-free, and seamless process. AI-powered chatbots are able to cross- and upsell products depending on the profile and past purchases of their users.


Market Restraints


AI technologies need to be successfully implemented, and this requires a workforce with the knowledge and skills to create, manage, and understand AI models. It might be difficult for certain insurance businesses to locate the necessary expertise to lead their AI initiatives because the demand for AI talent frequently exceeds the supply. Thus, over the anticipated term, it is anticipated that the shortage of a competent labour will impede industrial growth.


Impact of Covid-19


During the COVID-19 outbreak, the AI in the insurance business benefited from the unexpected lockdown in 2020. Furthermore, as the COVID-19 epidemic spreads, many businesses are incorporating AI into their processes in order to save time, cut costs, improve customer experience, and increase profitability. Indeed, AI has the potential to alter traditionally time-consuming and labor-intensive activities including as underwriting, claims management, fraud detection, and customer support.


Market Segmentation


Global Artificial Intelligence (AI) Insurance Market is segmented into By Type, the Global Artificial Intelligence (AI) Insurance Market is segmented into Offering, Enterprise Size, End-user, and Application. By Offering, the Global Artificial Intelligence (AI) Insurance Market is segmented into Hardware, Software, Service. By Enterprise Size, the Global Artificial Intelligence (AI) Insurance Market is segmented into Large Enterprises, SMEs. By End-user, the Global Artificial Intelligence (AI) Insurance Market is segmented into Life and Health Insurance, Property and Casualty Insurance. By Application, the Global Artificial Intelligence (AI) Insurance Market is segmented into Fraud Detection and Credit Analysis, Customer Profiling and Segmentation, Product and Policy Design, Underwriting and Claims Assessment.


Regional Analysis


Global Artificial Intelligence (AI) Insurance Market is segmented into five regions such as North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. North America dominated the artificial intelligence in insurance market size in 2022 and is expected to retain its position throughout the forecast period, owing to the presence of major players that offer advanced solutions and invest heavily in solutions such as 5G and IoT technologies, which offer lucrative opportunities for the market.


Market Key Players


Various key players are discussed in this report such as Shift Technology (France), Quantemplate (U.K.), Tractable Ltd (U.S.), Insurify, Inc. (U.S.), Slice Insurance Technologies Inc., (U.S.), Google (U.S.), Oracle (U.S.), Amazon Web Services Inc. (U.S.), IBM (U.S.), Avaamo (U.S.), Cape Analytics (U.S.), Wipro (India), Microsoft (U.S.), Infosys Limited (India), Acko General Insurance (India), Zurich (Switzerland), and Lemonade Insurance Agency, LLC (U.S.)


Market Taxonomy


By Offering
• Hardware
• Software
• Service
By Enterprise Size
• Large Enterprises
• SMEs
By End-user
• Life and Health Insurance
• Property and Casualty Insurance
By Application
• Fraud Detection and Credit Analysis
• Customer Profiling and Segmentation
• Product and Policy Design
• Underwriting and Claims Assessment
By Region
• North America
o U.S.
o Canada
o Mexico
• Latin America
o Brazil
o Argentina
o Colombia
o Peru
o Chile
o Venezuela
o Rest of Latin America
• Europe
o Germany
o France
o UK
o Russia
o Italy
o Spain
o Rest of Europe
• Asia Pacific
o China
o Japan
o India
o South Korea
o Australia
o New Zealand
o Singapore
o Malaysia
o Rest of Asia Pacific
• Middle East & Africa
o Saudi Arabia
o UAE
o Egypt
o Kuwait
o South Africa
o Rest Middle East & Africa


Key Questions Addressed by the Report


• What are the Key Opportunities in Global Artificial Intelligence (AI) Insurance Market?
• What will be the growth rate from 2023 to 2030?
• Which segment/region will have highest growth?
• What are the factors that will impact/drive the Market?
• What is the competitive Landscape in the Industry?
• What is the role of key players in the value chain?
• What are the strategies adopted by key players?




 

 

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Global Artificial Intelligence (AI) Insurance Market


1 Introduction
1.1 Objective of the Study
1.2 Market Definition
1.3 Market Scope
2 Research Methodology
2.1 Data Mining
2.2 Validation
2.3 Primary Interviews
2.4 List of Data Sources
3 Executive Summary
4 Global Artificial Intelligence (AI) Insurance Market Outlook
4.1 Overview
4.2 Market Dynamics
4.2.1 Drivers
4.2.2 Restraints
4.2.3 Opportunities
4.2.4 Cumulative Impact due to Recent Energy Crisis
4.2.5 Cumulative Impact due to Nearing Economic Downturn
4.2.6 Post Covid-19 World Supply & Demand Conditions
4.2.7 Cumulative Impact of Russia-Ukraine Conflict
4.3 Porters Five Force Model
4.4 Value Chain Analysis
5 Global Artificial Intelligence (AI) Insurance Market, By Offering
5.1 Y-o-Y Growth Comparison, By Offering
5.2 Global Artificial Intelligence (AI) Insurance Market Share Analysis, By Offering
5.3 Global Artificial Intelligence (AI) Insurance Market Size and Forecast, By Offering
5.3.1 Hardware
5.3.2 Software
5.3.3 Service
6 Global Artificial Intelligence (AI) Insurance Market, By Enterprise Size
6.1 Y-o-Y Growth Comparison, By Enterprise Size
6.2 Global Artificial Intelligence (AI) Insurance Market Share Analysis, By Enterprise Size
6.3 Global Artificial Intelligence (AI) Insurance Market Size and Forecast, By Enterprise Size
6.3.1 Large Enterprises
6.3.2 SMEs
7 Global Artificial Intelligence (AI) Insurance Market, By End-user
7.1 Y-o-Y Growth Comparison, By End-user
7.2 Global Artificial Intelligence (AI) Insurance Market Share Analysis, By End-user
7.3 Global Artificial Intelligence (AI) Insurance Market Size and Forecast, By End-user
7.3.1 Life and Health Insurance
7.3.2 Property and Casualty Insurance
8 Global Artificial Intelligence (AI) Insurance Market, By Application
8.1 Y-o-Y Growth Comparison, By Application
8.2 Global Artificial Intelligence (AI) Insurance Market Share Analysis, By Application
8.3 Global Artificial Intelligence (AI) Insurance Market Size and Forecast, By Application
8.3.1 Fraud Detection and Credit Analysis
8.3.2 Customer Profiling and Segmentation
8.3.3 Product and Policy Design
8.3.4 Underwriting and Claims Assessment
9 Global Artificial Intelligence (AI) Insurance Market, By Region
9.1 Global Artificial Intelligence (AI) Insurance Market Share Analysis, By Region
9.2 Global Artificial Intelligence (AI) Insurance Market Size and Forecast, By Region
9.3 Global Artificial Intelligence (AI) Insurance Market Trends and Forecast, By Region
10 North America Artificial Intelligence (AI) Insurance Market Analysis and Forecast (2023-2030)
10.1 Introduction
10.2 North America Artificial Intelligence (AI) Insurance Market Size and Forecast, By Offering
10.3 North America Artificial Intelligence (AI) Insurance Market Size and Forecast, By Enterprise Size
10.4 North America Artificial Intelligence (AI) Insurance Market Size and Forecast, By End-user
10.5 North America Artificial Intelligence (AI) Insurance Market Size and Forecast, By Application
10.6 North America Artificial Intelligence (AI) Insurance Market Size and Forecast, By Country
10.6.1 U.S.
10.6.1.1 Market Size and Forecast, By Offering
10.6.1.2 Market Size and Forecast, By Enterprise Size
10.6.1.3 Market Size and Forecast, By End-user
10.6.1.4 Market Size and Forecast, By Application
10.6.2 Canada
10.6.2.1 Market Size and Forecast, By Offering
10.6.2.2 Market Size and Forecast, By Enterprise Size
10.6.2.3 Market Size and Forecast, By End-user
10.6.2.4 Market Size and Forecast, By Application
10.6.3 Mexico
10.6.3.1 Market Size and Forecast, By Offering
10.6.3.2 Market Size and Forecast, By Enterprise Size
10.6.3.3 Market Size and Forecast, By End-user
10.6.3.4 Market Size and Forecast, By Application
11 Europe Artificial Intelligence (AI) Insurance Market Analysis and Forecast (2023-2030)
11.1 Introduction
11.2 Europe Artificial Intelligence (AI) Insurance Market Size and Forecast, By Offering
11.3 Europe Artificial Intelligence (AI) Insurance Market Size and Forecast, By Enterprise Size
11.4 Europe Artificial Intelligence (AI) Insurance Market Size and Forecast, By End-user
11.5 Europe Artificial Intelligence (AI) Insurance Market Size and Forecast, By Application
11.6 Europe Artificial Intelligence (AI) Insurance Market Size and Forecast, By Country
11.6.1 Germany
11.6.1.1 Market Size and Forecast, By Offering
11.6.1.2 Market Size and Forecast, By Enterprise Size
11.6.1.3 Market Size and Forecast, By End-user
11.6.1.4 Market Size and Forecast, By Application
11.6.2 France
11.6.2.1 Market Size and Forecast, By Offering
11.6.2.2 Market Size and Forecast, By Enterprise Size
11.6.2.3 Market Size and Forecast, By End-user
11.6.2.4 Market Size and Forecast, By Application
11.6.3 UK
11.6.3.1 Market Size and Forecast, By Offering
11.6.3.2 Market Size and Forecast, By Enterprise Size
11.6.3.3 Market Size and Forecast, By End-user
11.6.3.4 Market Size and Forecast, By Application
11.6.4 Russia
11.6.4.1 Market Size and Forecast, By Offering
11.6.4.2 Market Size and Forecast, By Enterprise Size
11.6.4.3 Market Size and Forecast, By End-user
11.6.4.4 Market Size and Forecast, By Application
11.6.5 Italy
11.6.5.1 Market Size and Forecast, By Offering
11.6.5.2 Market Size and Forecast, By Enterprise Size
11.6.5.3 Market Size and Forecast, By End-user
11.6.5.4 Market Size and Forecast, By Application
11.6.6 Spain
11.6.6.1 Market Size and Forecast, By Offering
11.6.6.2 Market Size and Forecast, By Enterprise Size
11.6.6.3 Market Size and Forecast, By End-user
11.6.6.4 Market Size and Forecast, By Application
11.6.7 Rest of Europe
11.6.7.1 Market Size and Forecast, By Offering
11.6.7.2 Market Size and Forecast, By Enterprise Size
11.6.7.3 Market Size and Forecast, By End-user
11.6.7.4 Market Size and Forecast, By Application
12 Asia Pacific Artificial Intelligence (AI) Insurance Market Analysis and Forecast (2023-2030)
12.1 Introduction
12.2 Asia Pacific Artificial Intelligence (AI) Insurance Market Size and Forecast, By Offering
12.3 Asia Pacific Artificial Intelligence (AI) Insurance Market Size and Forecast, By Enterprise Size
12.4 Asia Pacific Artificial Intelligence (AI) Insurance Market Size and Forecast, By End-user
12.5 Asia Pacific Artificial Intelligence (AI) Insurance Market Size and Forecast, By Application
12.6 Asia Pacific Artificial Intelligence (AI) Insurance Market Size and Forecast, By Country
12.6.1 China
12.6.1.1 Market Size and Forecast, By Offering
12.6.1.2 Market Size and Forecast, By Enterprise Size
12.6.1.3 Market Size and Forecast, By End-user
12.6.1.4 Market Size and Forecast, By Application
12.6.2 Japan
12.6.2.1 Market Size and Forecast, By Offering
12.6.2.2 Market Size and Forecast, By Enterprise Size
12.6.2.3 Market Size and Forecast, By End-user
12.6.2.4 Market Size and Forecast, By Application
12.6.3 India
12.6.3.1 Market Size and Forecast, By Offering
12.6.3.2 Market Size and Forecast, By Enterprise Size
12.6.3.3 Market Size and Forecast, By End-user
12.6.3.4 Market Size and Forecast, By Application
12.6.4 South Korea
12.6.4.1 Market Size and Forecast, By Offering
12.6.4.2 Market Size and Forecast, By Enterprise Size
12.6.4.3 Market Size and Forecast, By End-user
12.6.4.4 Market Size and Forecast, By Application
12.6.5 Australia
12.6.5.1 Market Size and Forecast, By Offering
12.6.5.2 Market Size and Forecast, By Enterprise Size
12.6.5.3 Market Size and Forecast, By End-user
12.6.5.4 Market Size and Forecast, By Application
12.6.6 New Zealand
12.6.6.1 Market Size and Forecast, By Offering
12.6.6.2 Market Size and Forecast, By Enterprise Size
12.6.6.3 Market Size and Forecast, By End-user
12.6.6.4 Market Size and Forecast, By Application
12.6.7 Singapore
12.6.7.1 Market Size and Forecast, By Offering
12.6.7.2 Market Size and Forecast, By Enterprise Size
12.6.7.3 Market Size and Forecast, By End-user
12.6.7.4 Market Size and Forecast, By Application
12.6.8 Malaysia
12.6.8.1 Market Size and Forecast, By Offering
12.6.8.2 Market Size and Forecast, By Enterprise Size
12.6.8.3 Market Size and Forecast, By End-user
12.6.8.4 Market Size and Forecast, By Application
12.6.9 Rest of Asia
12.6.9.1 Market Size and Forecast, By Offering
12.6.9.2 Market Size and Forecast, By Enterprise Size
12.6.9.3 Market Size and Forecast, By End-user
12.6.9.4 Market Size and Forecast, By Application
13 Latin America Artificial Intelligence (AI) Insurance Market Analysis and Forecast (2023-2030)
13.1 Introduction
13.2 Latin America Artificial Intelligence (AI) Insurance Market Size and Forecast, By Offering
13.3 Latin America Artificial Intelligence (AI) Insurance Market Size and Forecast, By Enterprise Size
13.4 Latin America Artificial Intelligence (AI) Insurance Market Size and Forecast, By End-user
13.5 Latin America Artificial Intelligence (AI) Insurance Market Size and Forecast, By Application
13.6 Latin America Artificial Intelligence (AI) Insurance Market Size and Forecast, By Country
13.6.1 Brazil
13.6.1.1 Market Size and Forecast, By Offering
13.6.1.2 Market Size and Forecast, By Enterprise Size
13.6.1.3 Market Size and Forecast, By End-user
13.6.1.4 Market Size and Forecast, By Application
13.6.2 Argentina
13.6.2.1 Market Size and Forecast, By Offering
13.6.2.2 Market Size and Forecast, By Enterprise Size
13.6.2.3 Market Size and Forecast, By End-user
13.6.2.4 Market Size and Forecast, By Application
13.6.3 Colombia
13.6.3.1 Market Size and Forecast, By Offering
13.6.3.2 Market Size and Forecast, By Enterprise Size
13.6.3.3 Market Size and Forecast, By End-user
13.6.3.4 Market Size and Forecast, By Application
13.6.4 Peru
13.6.4.1 Market Size and Forecast, By Offering
13.6.4.2 Market Size and Forecast, By Enterprise Size
13.6.4.3 Market Size and Forecast, By End-user
13.6.4.4 Market Size and Forecast, By Application
13.6.5 Chile
13.6.5.1 Market Size and Forecast, By Offering
13.6.5.2 Market Size and Forecast, By Enterprise Size
13.6.5.3 Market Size and Forecast, By End-user
13.6.5.4 Market Size and Forecast, By Application
13.6.6 Venezuela
13.6.6.1 Market Size and Forecast, By Offering
13.6.6.2 Market Size and Forecast, By Enterprise Size
13.6.6.3 Market Size and Forecast, By End-user
13.6.6.4 Market Size and Forecast, By Application
13.6.7 Rest of Latin America
13.6.7.1 Market Size and Forecast, By Offering
13.6.7.2 Market Size and Forecast, By Enterprise Size
13.6.7.3 Market Size and Forecast, By End-user
13.6.7.4 Market Size and Forecast, By Application
14 Middle East Artificial Intelligence (AI) Insurance Market Analysis and Forecast (2023-2030)
14.1 Introduction
14.2 Middle East Artificial Intelligence (AI) Insurance Market Size and Forecast, By Offering
14.3 Middle East Artificial Intelligence (AI) Insurance Market Size and Forecast, By Enterprise Size
14.4 Middle East Artificial Intelligence (AI) Insurance Market Size and Forecast, By End-user
14.5 Middle East Artificial Intelligence (AI) Insurance Market Size and Forecast, By Application
14.6 Middle East Artificial Intelligence (AI) Insurance Market Size and Forecast, By Country
14.6.1 Saudi Arabia
14.6.1.1 Market Size and Forecast, By Offering
14.6.1.2 Market Size and Forecast, By Enterprise Size
14.6.1.3 Market Size and Forecast, By End-user
14.6.1.4 Market Size and Forecast, By Application
14.6.2 UAE
14.6.2.1 Market Size and Forecast, By Offering
14.6.2.2 Market Size and Forecast, By Enterprise Size
14.6.2.3 Market Size and Forecast, By End-user
14.6.2.4 Market Size and Forecast, By Application
14.6.3 Egypt
14.6.3.1 Market Size and Forecast, By Offering
14.6.3.2 Market Size and Forecast, By Enterprise Size
14.6.3.3 Market Size and Forecast, By End-user
14.6.3.4 Market Size and Forecast, By Application
14.6.4 Kuwait
14.6.4.1 Market Size and Forecast, By Offering
14.6.4.2 Market Size and Forecast, By Enterprise Size
14.6.4.3 Market Size and Forecast, By End-user
14.6.4.4 Market Size and Forecast, By Application
14.6.5 South Africa
14.6.5.1 Market Size and Forecast, By Offering
14.6.5.2 Market Size and Forecast, By Enterprise Size
14.6.5.3 Market Size and Forecast, By End-user
14.6.5.4 Market Size and Forecast, By Application
14.6.6 Rest of Middle East & Africa
14.6.6.1 Market Size and Forecast, By Offering
14.6.6.2 Market Size and Forecast, By Enterprise Size
14.6.6.3 Market Size and Forecast, By End-user
14.6.6.4 Market Size and Forecast, By Application
15 Competitive Analysis
15.1 Competition Dashboard
15.2 Market share Analysis of Top Vendors
15.3 Key Development Strategies
16 Company Profiles
16.1 Shift Technology (France)
16.1.2 Offerings
16.1.3 Key Financials
16.1.4 Business Segment & Geographic Overview
16.1.5 Key Market Developments
16.1.6 Key Strategies
16.2 Quantemplate (U.K.)
16.2.1 Overview
16.2.2 Offerings
16.2.3 Key Financials
16.2.4 Business Segment & Geographic Overview
16.2.5 Key Market Developments
16.2.6 Key Strategies
16.3 Tractable Ltd (U.S.)
16.3.1 Overview
16.3.2 Offerings
16.3.3 Key Financials
16.3.4 Business Segment & Geographic Overview
16.3.5 Key Market Developments
16.3.6 Key Strategies
16.4 Insurify, Inc. (U.S.)
16.4.1 Overview
16.4.1 Overview
16.4.2 Offerings
16.4.3 Key Financials
16.4.4 Business Segment & Geographic Overview
16.4.5 Key Market Developments
16.4.6 Key Strategies
16.5 Slice Insurance Technologies Inc., (U.S.)
16.5.1 Overview
16.5.2 Offerings
16.5.3 Key Financials
16.5.4 Business Segment & Geographic Overview
16.5.5 Key Market Developments
16.5.6 Key Strategies
16.6 Google (U.S.)
16.6.1 Overview
16.6.2 Offerings
16.6.3 Key Financials
16.6.4 Business Segment & Geographic Overview
16.6.5 Key Market Developments
16.6.6 Key Strategies
16.7 Oracle (U.S.)
16.7.1 Overview
16.7.2 Offerings
16.7.3 Key Financials
16.7.4 Business Segment & Geographic Overview
16.7.5 Key Market Developments
16.7.6 Key Strategies
16.8 Amazon Web Services Inc. (U.S.)
16.8.1 Overview
16.8.2 Offerings
16.8.3 Key Financials
16.8.4 Business Segment & Geographic Overview
16.8.5 Key Market Developments
16.8.6 Key Strategies
16.9 IBM (U.S.)
16.9.1 Overview
16.9.2 Offerings
16.9.3 Key Financials
16.9.4 Business Segment & Geographic Overview
16.9.5 Key Market Developments
16.9.6 Key Strategies
16.10 Lemonade Insurance Agency, LLC (U.S.)
16.10.1 Overview
16.10.2 Offerings
16.10.3 Key Financials
16.10.4 Business Segment & Geographic Overview
16.10.5 Key Market Developments
16.10.6 Key Strategies

 

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