The insurance sector will change as a result of artificial intelligence. Natural language processing (NLP), machine learning, deep learning, machine vision, and robotic automation are a few examples of AI technologies that have the ability to completely rethink the insurance lifecycle, from customer acquisition to claims processing. The global AI in insurance market is expanding as a result of an increase in investment by insurance companies in AI and machine learning as well as a rise in demand for personalised insurance services. Additionally, increased cooperation between insurance companies and providers of AI and machine learning solutions has a favourable effect on the market for insurance-related AI. The use of artificial intelligence in the insurance industry is spreading to more nations at a faster rate. Artificial intelligence (AI) adoption helps insurance companies increase revenue, improve operational efficiency, and stay competitive in the market.
The global ai in insurance market size was valued at $2.74 billion in 2021, and is projected to reach $45.74 billion by 2031, growing at a CAGR of 32.56% from 2022 to 2031.
Considering the influence of COVID-19 on the global Artificial Intelligence in Insurance market, this report analyzed the impact from both global and regional perspectives. From production end to consumption end in regions such as North America, Europe, China, and Japan, the report put emphasis on analysis of market under COVID-19 and corresponding response policy in different regions.
Major Players in Artificial Intelligence in Insurance market are:
Allianz SE
Berkshire Hathaway
AXA
AIG
AIA Group Ltd
Most important types of Artificial Intelligence in Insurance products covered in this report are:
Solutions
Services
Most widely used downstream fields of Artificial Intelligence in Insurance market covered in this report are:
Chatbots & Virtual Assistants
Fraud Detection
Customer Relationship Management
Cybersecurity
Payment Gateways
Financial Transactions
Others
Major Regions or countries covered in this report:
North America
Europe
China
Japan
Middle East and Africa
South America
India
South Korea
Southeast Asia
Others
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Frequently Asked Questions (FAQ) :
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- How does AI work in insurance?
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