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Global AI in Insurance Market Size study, By Offering (Hardware, Software, Service), By Deployment Model (On-premise, Cloud), By Technology (Machine Learning, Natural Language Processing, Computer Vision, Others), By Application (Fraud Detection and Credit Analysis, Customer Profiling and Segmentation, Product and Policy Design, Underwriting and Claims Assessment), and Regional Forecasts 2022-2028

September 2022 | 200 pages | ID: G564606A4B5DEN
Bizwit Research & Consulting LLP

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Global AI in Insurance Market is valued at approximately USD XX million in 2021 and is anticipated to grow with a healthy growth rate of more than XX% over the forecast period 2022-2028. AI (Artificial Intelligence) is supporting insurance companies by eliminating various repeatable tasks from operational teams and helps efficiently carry on more complex actions. It also helps in optimizing the services, which are offered by insurers to their brokers, customers, and other external third parties. Factors such as a growing inclination toward personalized insurance services, rising investment by insurance companies in AI & machine learning, and an increase in government initiatives for supporting digitalization are driving the global market growth. For instance, in June 2022, MS&AD announced the company partnership with Akur8. The objective of this partnership is to improve innovation development processes by automating risk modeling, by the usage of transparent artificial intelligence (AI) proprietary technology, which helps insurers to boost their speed-to-accuracy for higher market reactivity, predictive performance, and immediate business impact, along with maintaining complete control and transparency on the models created. Consequentially, the rising number of strategic initiatives by key market players is burgeoning the market growth across the globe. However, the dearth of skilled labor and high deployment cost of AI, and advanced machine learning impede the growth of the market over the forecast period of 2022-2028. Also, the rise in the number of collaborative agreements between insurance companies and AI & machine learning solution companies and the growing need to automate the operational process are anticipated to act as catalyzing factors for the market demand during the forecast period.

The key regions considered for the global AI in Insurance Market study include Asia Pacific, North America, Europe, Latin America, and the Rest of the World. North America is the leading region across the world in terms of market share owing to the growing investments in solutions such as 5G and IoT technologies, along with increasing adoption of advanced solutions. Whereas, Asia-Pacific is anticipated to exhibit the highest CAGR over the forecast period 2022-2028. Factors such as the growing demand for 5G, IoT technologies, and other technology services, as well as the rising government initiatives supporting digitalization, would create lucrative growth prospects for the AI in Insurance Market across the Asia-Pacific region.

Major market players included in this report are:
Applied Systems
IBM Corporation
Microsoft Corporation
OpenText Corporation
Oracle Corporation
Pegasystems Inc.
Quantemplate
Salesforce, Inc.
SAP SE
SAS Institute Inc.

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Offering:
Hardware
Software
Service
By Deployment Model:
On-premise
Cloud
By Technology:
Machine Learning
Natural Language Processing
Computer Vision
Others
By Application:
Fraud Detection and Credit Analysis
Customer Profiling and Segmentation
Product and Policy Design
Underwriting and Claims Assessment
By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE

Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Rest of the World

Furthermore, years considered for the study are as follows:

Historical year – 2018, 2019, 2020
Base year – 2021
Forecast period – 2022 to 2028

Target Audience of the Global AI in Insurance Market in Market Study:

Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Venture capitalists
Value-Added Resellers (VARs)
Third-party knowledge providers
Investment bankers
Investors
CHAPTER 1. EXECUTIVE SUMMARY

1.1. Market Snapshot
1.2. Global & Segmental Market Estimates & Forecasts, 2020-2028 (USD Million)
  1.2.1. AI in Insurance Market, by Region, 2020-2028 (USD Million)
  1.2.2. AI in Insurance Market, by Offering, 2020-2028 (USD Million)
  1.2.3. AI in Insurance Market, by Deployment Model, 2020-2028 (USD Million)
  1.2.4. AI in Insurance Market, by Technology, 2020-2028 (USD Million)
  1.2.5. AI in Insurance Market, by Application, 2020-2028 (USD Million)
1.3. Key Trends
1.4. Estimation Methodology
1.5. Research Assumption

CHAPTER 2. GLOBAL AI IN INSURANCE MARKET DEFINITION AND SCOPE

2.1. Objective of the Study
2.2. Market Definition & Scope
  2.2.1. Scope of the Study
  2.2.2. Industry Evolution
2.3. Years Considered for the Study
2.4. Currency Conversion Rates

CHAPTER 3. GLOBAL AI IN INSURANCE MARKET DYNAMICS

3.1. AI in Insurance Market Impact Analysis (2020-2028)
  3.1.1. Market Drivers
    3.1.1.1. Growing inclination towards the personalized insurance services
    3.1.1.2. Rising investment by insurance companies in AI & machine learning
  3.1.2. Market Challenges
    3.1.2.1. Dearth of skilled labour
    3.1.2.2. High deployment cost of AI, advanced machine learning
  3.1.3. Market Opportunities
    3.1.3.1. Rise in number of collaborative agreements between insurance companies and AI & machine learning solution company
    3.1.3.2. Growing need to automate the operational process

CHAPTER 4. GLOBAL AI IN INSURANCE MARKET INDUSTRY ANALYSIS

4.1. Porter’s 5 Force Model
  4.1.1. Bargaining Power of Suppliers
  4.1.2. Bargaining Power of Buyers
  4.1.3. Threat of New Entrants
  4.1.4. Threat of Substitutes
  4.1.5. Competitive Rivalry
  4.1.6. Futuristic Approach to Porter’s 5 Force Model (2018-2028)
4.2. PEST Analysis
  4.2.1. Political
  4.2.2. Economical
  4.2.3. Social
  4.2.4. Technological
4.3. Investment Adoption Model
4.4. Analyst Recommendation & Conclusion
4.5. Top investment opportunity
4.6. Top winning strategies

CHAPTER 5. RISK ASSESSMENT: COVID-19 IMPACT

  5.1.1. Assessment of the overall impact of COVID-19 on the industry
  5.1.2. Pre COVID-19 and post COVID-19 market scenario

CHAPTER 6. GLOBAL AI IN INSURANCE MARKET, BY OFFERING

6.1. Market Snapshot
6.2. Global AI in Insurance Market by Offering, Performance - Potential Analysis
6.3. Global AI in Insurance Market Estimates & Forecasts by Offering, 2018-2028 (USD Million)
6.4. AI in Insurance Market, Sub Segment Analysis
  6.4.1. Hardware
  6.4.2. Software
  6.4.3. Service

CHAPTER 7. GLOBAL AI IN INSURANCE MARKET, BY DEPLOYMENT MODEL

7.1. Market Snapshot
7.2. Global AI in Insurance Market by Deployment Model, Performance - Potential Analysis
7.3. Global AI in Insurance Market Estimates & Forecasts by Deployment Model, 2018-2028 (USD Million)
7.4. AI in Insurance Market, Sub Segment Analysis
  7.4.1. On-premise
  7.4.2. Cloud

CHAPTER 8. GLOBAL AI IN INSURANCE MARKET, BY TECHNOLOGY

8.1. Market Snapshot
8.2. Global AI in Insurance Market by Technology, Performance - Potential Analysis
8.3. Global AI in Insurance Market Estimates & Forecasts by Technology, 2018-2028 (USD Million)
8.4. AI in Insurance Market, Sub Segment Analysis
  8.4.1. Machine Learning
  8.4.2. Natural Language Processing
  8.4.3. Computer Vision
  8.4.4. Others

CHAPTER 9. GLOBAL AI IN INSURANCE MARKET, BY APPLICATION

9.1. Market Snapshot
9.2. Global AI in Insurance Market by Application, Performance – Potential Analysis
9.3. Global AI in Insurance Market Estimates & Forecasts by Application, 2018-2028 (USD Million)
9.4. AI in Insurance Market, Sub Segment Analysis
  9.4.1. Fraud Detection and Credit Analysis
  9.4.2. Customer Profiling and Segmentation
  9.4.3. Product and Policy Design
  9.4.4. Underwriting and Claims Assessment

CHAPTER 10. GLOBAL AI IN INSURANCE MARKET, REGIONAL ANALYSIS

10.1. AI in Insurance Market, Regional Market Snapshot
10.2. North America AI in Insurance Market
  10.2.1. U.S. AI in Insurance Market
    10.2.1.1. Offering breakdown estimates & forecasts, 2018-2028
    10.2.1.2. Deployment Model breakdown estimates & forecasts, 2018-2028
    10.2.1.3. Technology breakdown estimates & forecasts, 2018-2028
    10.2.1.4. Application breakdown estimates & forecasts, 2018-2028
  10.2.2. Canada AI in Insurance Market
10.3. Europe AI in Insurance Market Snapshot
  10.3.1. U.K. AI in Insurance Market
  10.3.2. Germany AI in Insurance Market
  10.3.3. France AI in Insurance Market
  10.3.4. Spain AI in Insurance Market
  10.3.5. Italy AI in Insurance Market
  10.3.6. Rest of Europe AI in Insurance Market
10.4. Asia-Pacific AI in Insurance Market Snapshot
  10.4.1. China AI in Insurance Market
  10.4.2. India AI in Insurance Market
  10.4.3. Japan AI in Insurance Market
  10.4.4. Australia AI in Insurance Market
  10.4.5. South Korea AI in Insurance Market
  10.4.6. Rest of Asia Pacific AI in Insurance Market
10.5. Latin America AI in Insurance Market Snapshot
  10.5.1. Brazil AI in Insurance Market
  10.5.2. Mexico AI in Insurance Market
10.6. Rest of The World AI in Insurance Market

CHAPTER 11. COMPETITIVE INTELLIGENCE

11.1. Top Market Strategies
11.2. Company Profiles
  11.2.1. Applied Systems
    11.2.1.1. Key Information
    11.2.1.2. Overview
    11.2.1.3. Financial (Subject to Data Availability)
    11.2.1.4. Product Summary
    11.2.1.5. Recent Developments
  11.2.2. IBM Corporation
  11.2.3. Microsoft Corporation
  11.2.4. OpenText Corporation
  11.2.5. Oracle Corporation
  11.2.6. Pegasystems Inc.
  11.2.7. Quantemplate
  11.2.8. Salesforce, Inc.
  11.2.9. SAP SE
  11.2.10. SAS Institute Inc.

CHAPTER 12. RESEARCH PROCESS

12.1. Research Process
  12.1.1. Data Mining
  12.1.2. Analysis
  12.1.3. Market Estimation
  12.1.4. Validation
  12.1.5. Publishing
12.2. Research Attributes
12.3. Research Assumption

LIST OF TABLES

TABLE 1. Global AI in Insurance Market, report scope
TABLE 2. Global AI in Insurance Market estimates & forecasts by Region 2018-2028 (USD Million)
TABLE 3. Global AI in Insurance Market estimates & forecasts by Offering 2018-2028 (USD Million)
TABLE 4. Global AI in Insurance Market estimates & forecasts by Deployment Model 2018-2028 (USD Million)
TABLE 5. Global AI in Insurance Market estimates & forecasts by Technology 2018-2028 (USD Million)
TABLE 6. Global AI in Insurance Market estimates & forecasts by Application 2018-2028 (USD Million)
TABLE 7. Global AI in Insurance Market by segment, estimates & forecasts, 2018-2028 (USD Million)
TABLE 8. Global AI in Insurance Market by region, estimates & forecasts, 2018-2028 (USD Million)
TABLE 9. Global AI in Insurance Market by segment, estimates & forecasts, 2018-2028 (USD Million)
TABLE 10. Global AI in Insurance Market by region, estimates & forecasts, 2018-2028 (USD Million)
TABLE 11. Global AI in Insurance Market by segment, estimates & forecasts, 2018-2028 (USD Million)
TABLE 12. Global AI in Insurance Market by region, estimates & forecasts, 2018-2028 (USD Million)
TABLE 13. Global AI in Insurance Market by segment, estimates & forecasts, 2018-2028 (USD Million)
TABLE 14. Global AI in Insurance Market by region, estimates & forecasts, 2018-2028 (USD Million)
TABLE 15. Global AI in Insurance Market by segment, estimates & forecasts, 2018-2028 (USD Million)
TABLE 16. Global AI in Insurance Market by region, estimates & forecasts, 2018-2028 (USD Million)
TABLE 17. U.S. AI in Insurance Market estimates & forecasts, 2018-2028 (USD Million)
TABLE 18. U.S. AI in Insurance Market estimates & forecasts by segment 2018-2028 (USD Million)
TABLE 19. U.S. AI in Insurance Market estimates & forecasts by segment 2018-2028 (USD Million)
TABLE 20. Canada AI in Insurance Market estimates & forecasts, 2018-2028 (USD Million)
TABLE 21. Canada AI in Insurance Market estimates & forecasts by segment 2018-2028 (USD Million)
TABLE 22. Canada AI in Insurance Market estimates & forecasts by segment 2018-2028 (USD Million)
TABLE 23. UK AI in Insurance Market estimates & forecasts, 2018-2028 (USD Million)
TABLE 24. UK AI in Insurance Market estimates & forecasts by segment 2018-2028 (USD Million)
TABLE 25. UK AI in Insurance Market estimates & forecasts by segment 2018-2028 (USD Million)
TABLE 26. Germany AI in Insurance Market estimates & forecasts, 2018-2028 (USD Million)
TABLE 27. Germany AI in Insurance Market estimates & forecasts by segment 2018-2028 (USD Million)
TABLE 28. Germany AI in Insurance Market estimates & forecasts by segment 2018-2028 (USD Million)
TABLE 29. RoE AI in Insurance Market estimates & forecasts, 2018-2028 (USD Million)
TABLE 30. RoE AI in Insurance Market estimates & forecasts by segment 2018-2028 (USD Million)
TABLE 31. RoE AI in Insurance Market estimates & forecasts by segment 2018-2028 (USD Million)
TABLE 32. China AI in Insurance Market estimates & forecasts, 2018-2028 (USD Million)
TABLE 33. China AI in Insurance Market estimates & forecasts by segment 2018-2028 (USD Million)
TABLE 34. China AI in Insurance Market estimates & forecasts by segment 2018-2028 (USD Million)
TABLE 35. India AI in Insurance Market estimates & forecasts, 2018-2028 (USD Million)
TABLE 36. India AI in Insurance Market estimates & forecasts by segment 2018-2028 (USD Million)
TABLE 37. India AI in Insurance Market estimates & forecasts by segment 2018-2028 (USD Million)
TABLE 38. Japan AI in Insurance Market estimates & forecasts, 2018-2028 (USD Million)
TABLE 39. Japan AI in Insurance Market estimates & forecasts by segment 2018-2028 (USD Million)
TABLE 40. Japan AI in Insurance Market estimates & forecasts by segment 2018-2028 (USD Million)
TABLE 41. RoAPAC AI in Insurance Market estimates & forecasts, 2018-2028 (USD Million)
TABLE 42. RoAPAC AI in Insurance Market estimates & forecasts by segment 2018-2028 (USD Million)
TABLE 43. RoAPAC AI in Insurance Market estimates & forecasts by segment 2018-2028 (USD Million)
TABLE 44. Brazil AI in Insurance Market estimates & forecasts, 2018-2028 (USD Million)
TABLE 45. Brazil AI in Insurance Market estimates & forecasts by segment 2018-2028 (USD Million)
TABLE 46. Brazil AI in Insurance Market estimates & forecasts by segment 2018-2028 (USD Million)
TABLE 47. Mexico AI in Insurance Market estimates & forecasts, 2018-2028 (USD Million)
TABLE 48. Mexico AI in Insurance Market estimates & forecasts by segment 2018-2028 (USD Million)
TABLE 49. Mexico AI in Insurance Market estimates & forecasts by segment 2018-2028 (USD Million)
TABLE 50. RoLA AI in Insurance Market estimates & forecasts, 2018-2028 (USD Million)
TABLE 51. RoLA AI in Insurance Market estimates & forecasts by segment 2018-2028 (USD Million)
TABLE 52. RoLA AI in Insurance Market estimates & forecasts by segment 2018-2028 (USD Million)
TABLE 53. Row AI in Insurance Market estimates & forecasts, 2018-2028 (USD Million)
TABLE 54. Row AI in Insurance Market estimates & forecasts by segment 2018-2028 (USD Million)
TABLE 55. Row AI in Insurance Market estimates & forecasts by segment 2018-2028 (USD Million)
TABLE 56. List of secondary sources, used in the study of global AI in Insurance Market
TABLE 57. List of primary sources, used in the study of global AI in Insurance Market
TABLE 58. Years considered for the study
TABLE 59. Exchange rates considered

LIST OF FIGURES

FIG 1. Global AI in Insurance Market, research methodology
FIG 2. Global AI in Insurance Market, market estimation techniques
FIG 3. Global market size estimates & forecast methods
FIG 4. Global AI in Insurance Market, key trends 2021
FIG 5. Global AI in Insurance Market, growth prospects 2022-2028
FIG 6. Global AI in Insurance Market, porters 5 force model
FIG 7. Global AI in Insurance Market, pest analysis
FIG 8. Global AI in Insurance Market, value chain analysis
FIG 9. Global AI in Insurance Market by segment, 2018 & 2028 (USD Million)
FIG 10. Global AI in Insurance Market by segment, 2018 & 2028 (USD Million)
FIG 11. Global AI in Insurance Market by segment, 2018 & 2028 (USD Million)
FIG 12. Global AI in Insurance Market by segment, 2018 & 2028 (USD Million)
FIG 13. Global AI in Insurance Market by segment, 2018 & 2028 (USD Million)
FIG 14. Global AI in Insurance Market, regional snapshot 2018 & 2028
FIG 15. North America AI in Insurance Market 2018 & 2028 (USD Million)
FIG 16. Europe AI in Insurance Market 2018 & 2028 (USD Million)
FIG 17. Asia Pacific AI in Insurance market 2018 & 2028 (USD Million)
FIG 18. Latin America AI in Insurance Market 2018 & 2028 (USD Million)
FIG 19. Global AI in Insurance Market, company market share analysis (2021)


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