Press release
AI in Insurance Market Expected to Reach $45.74 Billion by 2031 . The key players profiled Clearbit, Demandbase, Inc., Dun & Bradstreet Corporation, Data Axle, HG Insights.
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https://www.alliedmarketresearch.com/ai-in-insurance-market-A11615
Artificial intelligence in insurance sector helps in accelerating claims processing, underwriting, fraud detection, and customer service. Artificial intelligence (AI) can help insurers assess risk, detect fraud, and reduce human error in the application process. Moreover, machine learning tools can rapidly determine what's involved in a claim and forecast the potential costs involved.
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Depending on enterprise size, large enterprise segment holds the largest share of the market as have higher IT budget compared to SMEs and they are more willing to adopt emerging technologies. However, SMEs segment is expected to grow at the highest rate during the forecast period owing to, increasing number of insurtech companies helping digitalized the insurance sector and reducing the cost of AI services.
Region wise, the AI in insurance market size was dominated by North America in 2021, and is expected to retain its position during the forecast period, owing to rise in investments in new technologies such as AI, and ML, the expanding presence of AI providers, and increased government support for compliance with regulations.
However, Asia-Pacific is expected to witness significant growth during the forecast period, owing to the surge in technology investments.
This has led to growth in demand for solutions in AI utilized for the maintenance automation and customer conversion process, which is drives the AI in insurance market growth in the Asia-Pacific region.
COVID-19 pandemic various companies are implementing AI into their processes, it can save time, reduce costs, improve customer experience, and increase profitability. Indeed, AI can transform typically tedious and time-consuming processes, underwriting, claims management, fraud detection, and customer service.
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Key Benefits For Stakeholders
This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the ai in insurance market analysis from 2021 to 2031 to identify the prevailing ai in insurance market opportunities.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the ai in insurance market outlook segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global ai in insurance market opportunity.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global ai in insurance market trends, key players, market segments, application areas, and ai in insurance market forecast strategies.
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AI in Insurance Market Report Highlights
Aspects Details
Offering
Hardware
Software
Service
Deployment Model
On-premise
Cloud
Technology
Machine Learning
Natural Language Processing
Computer Vision
Others
Enterprise Size
Large Enterprises
SMEs
End-user
Life and Health Insurance
Property and Casualty Insurance
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 (United Kingdom, Germany, France, Italy, Spain, Netherlands, Rest of Europe)
Asia-Pacific (China, India, Japan, South Korea, Australia, Rest of Asia-Pacific)
LAMEA (Latin America, Middle East, Africa)
Key Market Players Applied Systems, IBM Corporation, Microsoft Corporation, OpenText Corporation, Oracle Corporation, Pegasystems Inc., Quantemplate, Salesforce, Inc., SAP SE, SAS Institute Inc., Shift Technology, SimpleFinance, Slice Insurance Technologies, Vertafore, Inc., Zego
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