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Generative AI in Insurance Market Flourishes: Key Metrics and Demand Forecast Show Explosive Growth as Insurers Leverage AI for Risk Assessment and Customer Engagement
Generative AI In Insurance Market
Generative AI In Insurance Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $4.1 billion In 2028 At A CAGR Of 39.5% :
The generative AI in insurance market size has grown exponentially in recent years. It will grow from $0.78 billion in 2023 to $1.08 billion in 2024 at a compound annual growth rate (CAGR) of 39.3%. The growth in the historic period can be attributed to fraud detection needs, regulatory compliance requirements, operational efficiency needs, and data proliferation.
The generative AI in insurance market size is expected to see exponential growth in the next few years. It will grow to $4.1 billion in 2028 at a compound annual growth rate (CAGR) of 39.5%. The growth in the forecast period can be attributed to enhanced fraud detection, predictive analytics, customer experience enhancement, competitive advantage, and emerging technologies integration. Major trends in the forecast period include hyper-personalized policies, predictive risk modeling, automated claims processing, AI-driven customer service, and ethical AI governance.
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Generative AI In Insurance Market Major Segments
The generative ai in insurance market covered in this report is segmented -
1) By Technology: Machine Learning, Natural Language Processing
2) By Deployment Model: On-Premise, Cloud
3) By Application: Personalized Insurance Policies, Automated Underwriting, Claims Processing Automation, Fraud Detection And Prevention, Virtual Assistants And Customer Support, Other Applications
4) By End-User: Individual Policyholders, Commercial Policyholders
Key Driver - Generative AI Meets Rising Demand For Insurance Plans
The increasing demand for insurance plans is expected to propel the growth of generative AI in the insurance market going forward. Insurance plans refer to contractual agreements between an insurance provider and an individual or entity, offering financial protection against specific risks in exchange for premium payments. The demand for insurance is increasing as it provides individuals, businesses, and organizations with a financial safety net against unexpected events and risks. Generative AI analyzes insurance plan data to personalize offerings, tailoring them to individual needs and preferences for more attractive insurance options. For instance, in September 2023, according to the United States Census Bureau, a US-based government agency, in 2022, the percentage of individuals with health insurance increased to 92.1%, equivalent to 304.0 million people, compared to 91.7%, or 300.9 million individuals, in 2021. Therefore, increasing demand for insurance plans drives generative AI in the insurance market.
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Prominent Trend - Transforming Insurance Operations Through The Rise of Generative AI Innovations
Major companies operating in the generative AI insurance market are focused on developing GPT tools for insurance to enhance risk assessment accuracy and streamline claim processing. GPT (Generative Pre-trained Transformer) tools for insurance refer to the application of advanced natural language processing (NLP) models, such as GPT-3, in the insurance industry. For instance, in June 2023, Simplifai Cognitive Services Pvt. Ltd., a Norway-based advanced AI solutions company, launched Simplifai InsuranceGPT to address the growing need for effective AI integration within the insurance industry. Simplifai InsuranceGPT is a custom-built generative pre-trained transformer (GPT) tool. This innovative product is the first-ever custom GPT tool crafted for insurers, aiming to enhance communication efficiency between insurers and their customers through generative AI technology. InsuranceGPT provides swift, concise, and accurate responses within a secure framework, addressing the need for effective AI integration within the insurance sector.
Generative AI In Insurance Market Players
Major companies operating in the generative AI in insurance market report are Pegasystems Inc.; Shift Technologies Inc.; Lemonade Inc.; DataRobot Inc.; Metromile Inc.; Artivatic.AI Pvt Ltd.; HyperScience Inc.; Tractable Ltd.; Cape Analytics Inc.; Archipelago Analytics Inc.; Tinubu Square; Planck Resolution Ltd.; Akur8; Zesty AI Inc.; Betterview Marketplace Inc.; Flyreel Co.; Quantemplate Limited; Human API Inc.; Groundspeed Analytics Inc.; FRISS Inc.; Atidot; Claim Genius Inc.; Boost Insurance Agency Inc.; Kasko Ltd.; RiskGenius Inc.
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Largest And Fastest Growing Region In The Market
North America was the largest region in the generative AI in insurance market in 2023. The regions covered in the generative AI in insurance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Generative AI In Insurance Market Report Structure
3. Generative AI In Insurance Market Trends And Strategies
4. Generative AI In Insurance Market - Macro Economic Scenario
5. Generative AI In Insurance Market Size And Growth
…..
27. Generative AI In Insurance Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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