AI In Insurance Market By Offering (Hardware, Software, Service), By Deployment Model (On-Premise, Cloud), By Technology (Machine Learning, Natural Language Processing, Computer Vision, Others), 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): Global Opportunity Analysis And Industry Forecast, 2022-2030 , Covid 19 Outbreak Impact research report added by Report Ocean, is an in-depth analysis of market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography. It places the market within the context of the wider AI In Insurance market, and compares it with other markets., market definition, regional market opportunity, sales and revenue by region, manufacturing cost analysis, Industrial Chain, market effect factors analysis, AI In Insurance market size forecast, market data & Graphs and Statistics, Tables, Bar &Pie Charts, and many more for business intelligence. Get the whole report, which includes a chart and more than 100 tables and figures. – Comprehensive Analysis of COVID-19 Market Outbreak Impact and Regional Situation
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The global AI in insurance market size was US$ 2.7 billion in 2021. The global AI in insurance market size is estimated to reach US$ 411.6 billion by 2030, growing at a compound annual growth rate (CAGR) of 32.5% during the forecast period from 2022 to 2030.
AI helps insurance firms by decreasing repeatable tasks from functional teams and executing more complicated actions. Also, it aids in optimizing the services that insurers deliver to brokers, clients, and other external third parties, based on their connections, choices, and past interchanges.
Factors Influencing Market Growth
? Growth in the acquisition by insurance firms in AI and machine learning and an increase in selection for personalized insurance assistance drive the overall market expansion.
? The higher deployment cost of AI-improved machine learning and the shortage of skilled labor hinder the expansion of the overall market.
? The increase in government ambition and acquisitions to leverage AI technology is expected to drive the overall market expansion.
Study of the COVID-19 Pandemic
COVID-19 had a positive impact on the overall market expansion. Moreover, with the increase in the pandemic different organizations are implementing AI into their operations, it can save time, decrease costs, enhance the client experience, and raise profitability. AI can convert generally tedious and time-consuming functions, including fraud detection, underwriting, claims management, and customer service.
Regional Analysis
North America dominated the overall market expansion during the analysis period, due to key players providing improved solutions and investing heavily in solutions like IoT and 5G technologies, which drive the overall market expansion.
Asia-Pacific is anticipated to notice substantial growth during the analysis period due to an increase in awareness concerning the significance of boosting the global IoT technologies, 5G, and other technology services to guarantee servers, low-cost networking, storage solution, and communications service providers.
Leading Competitors
The prominent players in the global AI in insurance market are:
- Vertafore
- Zego
- Slice Insurance Technologies
- SimpleFinance
- SAS Institute
- Quantemplate
- Pegasystems
- Applied Systems
- IBM Corporation
- Microsoft Corporation
- OpenText Corporation
- Others
Segmentation Analysis
The global AI in insurance market segmentation focuses on Offering, Deployment Mode, Technology, Enterprise Size, End User, Application, and Region.
Segmentation on the basis of Offering
- Hardware
- Software
- Service
Segmentation on the basis of Deployment Mode
- On-premise
- Cloud
Segmentation on the basis of Technology
- Machine Learning
- Natural Language Processing
- Computer Vision
- Others
Segmentation on the basis of Enterprise Size
- Large Enterprises
- SMEs
Segmentation on the basis of End User
- Life and Health Insurance
- Property and Casualty Insurance
Segmentation on the basis of Application
- Fraud Detection and Credit Analysis
- Customer Profiling and Segmentation
- Product and Policy Design
- Underwriting and Claims Assessment
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Key Points Covered in AI In Insurance Market Report:
Chapter 1, About Executive Summary to describe Definition, Specifications and Classification of AI In Insurance market, Applications, Market Segment by Regions North America, Europe or Asia;
Chapter 2, objective of the study.
Chapter 3, to display Research methodology and techniques.
Chapter 4 and 5, to show the Overall Market Analysis, segmentation analysis, characteristics;
Chapter 6 and 7, to show the Market size, share and forecast; Five forces analysis (bargaining Power of buyers/suppliers), Threats to new entrants and market condition;
Chapter 8 and 9, to show analysis by regional segmentation, comparison, leading countries and opportunities; Regional Marketing Type Analysis, Supply Chain Analysis
Chapter 10, focus on identifying the key industry influencer’s, overview of decision framework accumulated through Industry experts and strategic decision makers;
Chapter 11 and 12, Market Trend Analysis, Drivers, Challenges by consumer behavior, Marketing Channels and demand & supply.
Chapter 13 and 14, describe about the vendor landscape (classification and Market Positioning)
Chapter 15, deals with AI In Insurance Market sales channel, distributors, traders, dealers, Research Findings and Conclusion, appendix and data source.
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