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AI-Powered Insurance Chatbots: Global Market Trends and Projections for 2024
Insurance Chatbot Market Size
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Report Coverage & Details:
• Forecast Period: 2024-2033
• Base Year: 2023
• Market Size In 2024: $0.77 billion
• Revenue Forecast In 2033: $1.94 billion
• CAGR: 26.0%
Global Insurance Chatbot Market: Segmentation
The insurance chatbot market covered in this report is segmented -
1) By Type: Customer Service Chatbots, Sales Chatbots, Claims Processing Chatbots, Underwriting Chatbots, Other Types
2) By User Interface: Text-based Interface, Voice-based Interface
3) By Platform: Web-based, Mobile-based
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Insurance Chatbot Market Report: Growth Drivers
The growing demand for automated services is expected to boost the insurance chatbot market in the future. Automated services refer to processes and systems that perform tasks with minimal human intervention, utilizing automation technologies, algorithms, and artificial intelligence to execute predefined workflows. Insurance chatbots are virtual assistants powered by AI that can automate various tasks and services for insurance companies and their clients. Automation enables insurance chatbots to handle routine functions, provide real-time support, and enhance the overall customer experience. For example, in May 2023, Formstack, a US-based software company, reported that around 76% of organizations utilize automation to streamline their daily operations, 58% use it for data and reporting to aid planning, and 36% incorporate automation to ensure regulatory compliance. Hence, the rising demand for automated services is driving the growth of the insurance chatbot market.
Key Developments:
Glia Technologies Acquires Finn AI For Advanced Chatbot Solutions In Financial Institutions
In June 2022, Glia Technologies Inc., a US-based customer service technology company, acquired Finn AI for an undisclosed amount. The acquisition of Finn AI by Glia has enhanced the Digital Customer Service (DCS) platform by integrating Finn AI's proven conversational AI solutions, enabling Glia to offer a comprehensive and industry-leading chatbot solution for financial institutions, streamlining customer interactions and driving operational efficiencies at scale. Finn AI is a Canada-based AI-powered chatbot platform.
Top Market Leader Included:
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 Industry: Regional Landscape
North America was the largest region in the insurance chatbot market in 2023. The regions covered in the insurance chatbot market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the insurance chatbot market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
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What Does The Global Insurance Chatbot Market Report Include?
1.Introduction
• Overview of the Insurance Chatbot Market
• Comprehensive Analysis of Insurance Chatbot Market
2. Insurance Chatbot Market Drivers and Restraints
• Drivers and Restraints For Historic And Forecast Period
3. Insurance Chatbot Market Segmentation
• By Drug Class
• By Indication
• By Distribution Channel
4. Competitive Landscape And Company Profiles In The Insurance Chatbot Market
• Overview
• Products and Services
• Strategy
5. Insurance Chatbot Market Regional And Country Analysis
• By Region
• By Country
6. Market Trends And Opportunities In Insurance Chatbot Market
• Technological Advancements
• Emerging Trends
7. Insurance Chatbot Market Future Outlook and Potential Analysis
• Growth Strategies
• New Opportunities
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