Press release
AI in Insurance Market Set to Reach USD 60.76 Million by 2032
AI in Insurance Market
The global AI in Insurance market is experiencing significant growth, driven by advancements in artificial intelligence technologies and their integration into various aspects of the insurance industry. According to a recent report by Maximize Market Research, the market was valued at USD 6.38 million in 2024 and is projected to reach USD 60.76 million by 2032, growing at a Compound Annual Growth Rate (CAGR) of 32.54% during the forecast period from 2025 to 2032.
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Market Overview
Artificial Intelligence (AI) is revolutionizing the insurance industry by enhancing underwriting processes, improving claims management, and providing personalized customer experiences. AI algorithms analyze vast amounts of data, including historical claims, customer behavior, and external factors, to assess risks more accurately and efficiently. This enables insurers to offer tailored policies, detect fraudulent activities, and streamline operations.
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Key Market Drivers
Several factors contribute to the rapid growth of AI in the insurance market:
Data Abundance and Advanced Analytics: The insurance industry generates vast volumes of data, which AI technologies can analyze to provide actionable insights, improving decision-making processes.
Automation of Claims Processing: AI-powered systems expedite claims assessments, reducing processing times and enhancing customer satisfaction.
Fraud Detection and Prevention: Machine learning algorithms identify patterns and anomalies in data, helping insurers detect and prevent fraudulent activities.
Personalized Customer Experiences: AI enables insurers to offer customized policies and services, improving customer engagement and retention.
Regional Insights
North America: Dominates the AI in Insurance market, accounting for over 38% of the global revenue share in 2026. The region's growth is driven by significant investments from U.S.-based insurers in automation and analytics, with rapid adoption of technologies like Natural Language Processing (NLP) and machine learning, reducing claim settlement times by up to 60% .
Europe: Exhibits accelerated adoption of AI in insurance, particularly in countries like the UK, Germany, and France. The region focuses on AI-powered fraud detection and personalized policy offerings, with regulatory alignment and data privacy laws shaping AI integration .
Asia-Pacific: Expected to witness significant growth, driven by increasing digitalization and the adoption of AI technologies in countries like China and India. China's rapidly aging population is transforming its insurance sector, with AI enabling insurers to use data analytics and machine learning for dynamic policy pricing and personalized coverage .
Competitive Landscape
The AI in Insurance market is characterized by the presence of several key players:
Cognizant Technology Solutions: Expanding its presence with a techfin center at GIFT City in Gandhinagar, focusing on digital and AI-led transformation for global clients in banking, financial services, insurance, and fintech .
QBE Insurance: Australia's largest listed commercial insurer, integrating AI to optimize its portfolio and improve earnings stability .
To learn more about the findings of this research, please check:https://www.maximizemarketresearch.com/market-report/global-ai-in-insurance-market/62986/
AI in Insurance Market Segment Analysis
by Deployment
On-Premise
Cloud-Based
by Technology
Machine Learning (ML)
Natural Language Processing (NLP)
Computer Vision
Robotic Process Automation (RPA)
Blockchain & AI Integration
by Application
Claims Processing & Fraud Detection
Underwriting & Risk Assessment
Customer Service & Chatbots
Personalized Policy Recommendations
Marketing & Sales Automation
Telematics & Usage-Based Insurance (UBI)
Recent Developments
Cognizant's Expansion in India: On May 21, 2025, Gujarat Chief Minister Bhupendra Patel inaugurated Cognizant's new techfin center at GIFT City in Gandhinagar. The facility spans 60,000 square feet and aims to support digital and AI-led transformation for global clients in banking, financial services, insurance, and fintech .
QBE's AI Integration: QBE announced plans to accelerate AI integration cautiously, following its investment in Snorkel AI. The insurer aims to increase its use of AI while continuing to pull back from risky business lines .
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