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Artificial Intelligence (AI) For Insurance Market Size, Latest Trends, Growth Status, Top Major Players And Forecast To 2033
Artificial Intelligence (AI) For Insurance Market Share
According to The Business Research Company's, The artificial intelligence (AI) for insurance market size has grown exponentially in recent years. It will grow from $5.77 billion in 2023 to $7.71 billion in 2024 at a compound annual growth rate (CAGR) of 33.6%. The growth in the historic period can be attributed to data explosion in insurance, risk assessment and underwriting, fraud detection and prevention, customer experience enhancement, operational efficiency and cost reduction.
The artificial intelligence (AI) for insurance market size is expected to see exponential growth in the next few years. It will grow to $25.91 billion in 2028 at a compound annual growth rate (CAGR) of 35.4%. The growth in the forecast period can be attributed to advancements in ai algorithms, expansion of insurtech ecosystem, increased focus on personalization, integration with iot devices, evolving cyber insurance landscape. Major trends in the forecast period include collaboration with ecosystem partners, ethical and explainable ai, claims processing automation, customer experience enhancement, dynamic pricing strategies.
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Market Drivers and Trends:
The rising investments in the insurance sector are expected to propel the growth of the artificial intelligence (AI) insurance market going forward. Investments refer to the allocation of money or resources to various assets or projects with the expectation of generating income or profit over time. AI in insurance for research and development, data infrastructure, technology development, and talent acquisition, ensuring comprehensiveness and providing innovative solutions to their customers. These investments are expected to fuel the development and adoption of AI-powered solutions, as insurers increasingly recognize the transformative potential of AI. For instance, in July 2023, according to a report published by Swiss Re, a Switzerland-based insurance company, investment rates increased from 6.2% in 2022 to 8.1% in 2023. Therefore, rising investments in the insurance sector are driving the growth of artificial intelligence (AI) for insurance market.
Major companies operating in the artificial intelligence (AI) for insurance market are focusing on the development of technologically advanced solutions, such as InsuranceGPT, to address the complexities of the insurance sector. InsuranceGPT is a custom-built generative pre-trained transformer (GPT) tool specifically designed for insurers, offering enhanced decision-making capabilities for automated claims management while maintaining privacy and data security. For instance, in June 2023, Simplifai AS, a Norway-based artificial intelligence company, introduced Simplifai InsuranceGPT, a specialized GPT tool for the insurance industry. This tool enhances decision-making for automated claims management, prioritizing privacy and data security. Additionally, key features include seamless integration into existing systems, a no-code-necessary model for security, training on insurance data for accuracy, and improved communication between insurers and customers.
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Major Key Players of the Market:
Major companies operating in the artificial intelligence (AI) for insurance market report are Amazon.com Inc., Google LLC, Microsoft Corporation, IBM Corporation, Oracle Corporation, SAP SE, Salesforce Inc., Baidu Inc., Infosys Limited, Wipro Products Limited, OpenText Corporation, SAS Institute Inc., Pegasystems Inc., Shift Technology, Vertafore, Inc., Applied Systems, Zego Inc., Acko General Insurance, Tractable Ltd, SimpleFinance, Insurify, Inc., Avaamo Inc., Slice Insurance Technologies, Quantemplate, Cape Analytics LLC
Artificial Intelligence (AI) For Insurance Market 2024 Key Insights:
• The artificial intelligence (ai) for insurance market is expected to grow to $25.91 billion in 2028 at a compound annual growth rate (CAGR) of 35.4%.
• Surge In Investments In Insurance Accelerates Growth In Artificial Intelligence (AI) Insurance Market
• Focus On Development Of Technologically Advanced Solutions
• North America was the largest region in the artificial intelligence (AI) for insurance 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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