AI in the insurance market is growing due to the growing need to provide personalized insurance services – Report by Market Research Future (MRFR)

/EIN News/ — New York, U.S., Jan. 18, 2022 (GLOBE NEWSWIRE) — Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “AI in the insurance market information by Technology, by Components, through Deployment and region – forecast to 2027” market size to grow at a healthy compound annual growth rate.

Market scope:
Artificial intelligence is disrupting all stages of the insurance value chain. AI technologies such as machine learning, deep learning, natural language processing (NLP), machine vision and robotic automation have the ability to reinvent the entire lifecycle of the insurance, from customer acquisition to claims handling. Adopting AI enables insurance companies to stay competitive in the industry, drive operational excellence, and drive growth.

The Dominant Key Players of AI in Insurance Market covered are:

  • Microsoft Corporation (USA)
  • Zhong An (China)
  • Acko General Insurance (India)
  • Amazon Web Services Inc. (USA)
  • IBM Corporation (USA)
  • Avaamo Inc (USA)
  • Cap Analytics LLC (USA)
  • Wipro Limited (India)
  • Shift Technology (France)
  • BIMA (UK)
  • Quantmodel (US)
  • Zurich Insurance Group (Switzerland)
  • Lemonade (US)
  • Trov (Japan)
  • Slice (US)

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Exclusively encompassed USP market:
Market factors
Machine learning and deep learning algorithms aid in the development of intelligent, automated applications such as healthcare diagnostics, automated data centers, predictive maintenance, customer service, self-driving vehicles and homes smart. The growing need to provide personalized insurance services, along with the need to simplify the operating process, is driving the growth of AI in the global insurance industry. Compared to humans, AI systems are able to handle large volumes of customer and business data as well as multiple tasks more efficiently and reliably, allowing insurance professionals to focus on more complex and with high added value. With the help of technologies like NLP and computer vision, AI becomes proficient at recognizing faces, images, and spoken language, providing an intuitive experience. Additionally, increasing adoption of IoT technology is expected to drive the market growth. The adoption of IoT is expected to increase the volume and speed of data generation, and in turn drive the need to automate the process of generating actionable insights.

However, a lack of technological expertise in complex AI algorithms is stifling market development. The industry is looking for opportunities in machine learning and deep learning algorithms. On the other hand, the risks related to data leaks and cybersecurity attacks are the main challenges of the market.

The multiple use cases of AI in the insurance industry include interactive insurance chatbots, behavioral premium pricing, personalized claims settlement, insurance analytics, fraud and risk management . The market is seeing an increase in the use of Unmanned Aerial Vehicles (UAVs) and smart devices for intense surveillance. Blockchain and big data analytics are expected to have the greatest effect on AI in the insurance industry.

Browse the in-depth market research report (111 pages) on AI in Insurance Market:
https://www.marketresearchfuture.com/reports/ai-in-insurance-market-8465

Market Segmentation Covered by Research:
Global AI in the insurance industry has been segmented based on component, technology, deployment, application, and industry.

Based on components, global AI in the insurance industry has been segmented into hardware, software and services.

Based on technology, global AI in the insurance industry has been segmented into natural language processing (NLP), machine learning and deep learning, machine vision and robotic automation.

Based on deployment, global AI in the insurance industry has been segmented into cloud and on-premises.
Based on the application, global AI in the insurance industry has been segmented into chatbots, risk management and compliance, personalized recommendation, claims handling, etc.

Based on the sector, the global AI in the insurance industry has been categorized into health insurance, life insurance, auto insurance, title insurance, and others.

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Regional analysis
Geographically, the global AI in insurance industry has been segmented into Asia-Pacific, North America, Middle East and Africa, Europe, and South America.

Currently, North America dominates global AI in the insurance industry. The region is a pioneer of emerging technologies and a hub for many AI solution providers. The United States holds the largest market share in the region, thanks to a highly skilled workforce in companies and R&D capabilities aimed at improving AI technologies to improve the efficiency of the insurance process.

Europe is expected to witness a significant increase in its market share in the global AI industry in the insurance industry, behind North America. The increasing use of digital technologies to simplify business processes and improve customer service is propelling the market growth in Europe.

During the forecast period, Asia-Pacific is expected to be the fastest growing region. Government policies to promote digitalization, along with increased investment in emerging technologies such as AI and IoT, are increasing the demand for AI in the insurance industry.

The global AI in insurance market in the Middle East, Africa and South America is expected to grow at a significant rate during the forecast period, owing to the growing need to automate the process of insurance and to provide personalized insurance services, which help companies maintain a competitive advantage in the market.

Impact of COVID-19 on the Global AI in Insurance Market
COVID-19 is an unprecedented global public health emergency that has affected almost every industry, with long term effects that are expected to affect industry growth over the projected period.

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