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Generative AI in Insurance Market: Exploring Key Trends and Emerging Growth Opportunities
Generative AI In Insurance Global Market Report 2024
According to The Business Research Company's, 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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Market Drivers and Trends:
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.
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.
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Major Key Players of the Market:
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.
Generative AI In Insurance Market 2024 Key Insights:
• 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%.
• Generative AI Meets Rising Demand For Insurance Plans
• Transforming Insurance Operations Through The Rise of Generative AI Innovations
• North America was the largest region in the generative AI in 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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