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Insurance Chatbot Global Market Report 2024 Market Size, Trends, Outlook, Growth Demand, Insights, Overview 2024-2033
Insurance Chatbot Market Size
According to The Business Research Company's, The insurance chatbot market size has grown exponentially in recent years. It will grow from $0.61 billion in 2023 to $0.77 billion in 2024 at a compound annual growth rate (CAGR) of 26.3%. The growth in the historic period can be attributed to focus on personalization, expansion of multichannel capabilities, increased use in claims processing, use of predictive analytics, integration with voice assistants.
The insurance chatbot market size is expected to see exponential growth in the next few years. It will grow to $1.94 billion in 2028 at a compound annual growth rate (CAGR) of 26.0%. The growth in the forecast period can be attributed to increasing customer expectations, cost efficiency and automation, rise of digital channels, enhanced customer engagement, rapid growth in insurtech. Major trends in the forecast period include continuous ai advancements, explainable ai (xai), dynamic scripting and adaptive conversations, ai-powered fraud detection, human augmentation in customer support.
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Market Drivers and Trends:
The rising demand for automated services is expected to propel the growth of the insurance chatbot market going forward. Automated services refer to processes, tasks, or systems that operate and perform functions with minimal human intervention, relying on automation technologies, algorithms, and artificial intelligence to execute predefined actions or workflows. Insurance chatbots are virtual assistants powered by artificial intelligence (AI) that can automate various tasks and services for insurance companies and their customers. Automation allows insurance chatbots to handle routine tasks, provide real-time support, and contribute to a more seamless and responsive customer experience. For instance, in May 2023, according to Formstack, a US-based software company, around 76% of organizations employ automation to optimize their daily workflows, 58% utilize automation for data and reporting to facilitate planning, and 36% integrate automation to ensure compliance with regulations. Therefore, the rising demand for automated services is driving the growth of the insurance chatbot market.
Major companies operating in the insurance chatbot market are developing new products, such as chatbots for customer service, to gain a competitive edge in the market. Customer service refers to the range of activities and support a business or organization provides to assist and satisfy customers before, during, and after purchasing a product or service. For instance, in June 2023, INZMO, a Germany-based financial services company, launched NIMO, a ChatGPT-powered chatbot, to bolster customer service on its consumer website. NIMO, short for Neo-Insurance Multitasking Opal, leverages OpenAI's ChatGPT technology to offer 24/7 personalized assistance to INZMO customers. The chatbot aims to streamline customer interactions, providing instant support on queries related to insurance policies, claims procedures, coverage options, pricing structures, and more. INZMO plans to enhance NIMO's capabilities further, exploring features such as self-service functionality, sales guidance, personalized recommendations, and support in the claims and settlements process.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
Major companies operating in the insurance chatbot market report are Amazon.com Inc., International Business Machines Corporation, Allstate Corporation, Oracle Corporation, Geico, Nuance Communications, Verint Systems Inc., Userlike, Shift Technologies, LivePerson Inc., Lemonade, Yellow.ai, Boostlingo, Conversica, Ada Support Inc., ShareChat, Snapsheet, Insurify, Lexalytics Inc., Spixii, Chatfuel, Livegenic, Violet, Alphachat.ai, Sense360, Botsify, ManyChat, Engati, Inbenta Technologies Inc., SANA Benefits
Insurance Chatbot Market 2024 Key Insights:
• The insurance chatbot market is expected to grow to $1.94 billion in 2028 at a compound annual growth rate (CAGR) of 26.0%.
• Increasing Demand For Automated Services Fuels Growth In The Insurance Chatbot Market
• Customer Service Chatbots Transforming The Insurance Chatbot Market
• North America was the largest region in the insurance chatbot market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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