AI in Insurance Market

AI in Insurance Market by Offering, Deployment Model, Technology, Enterprise Size, End-user, Application : Global Opportunity Analysis & Industry Forecast, 2031

PORTLAND, OR, UNITES STATES, July 17, 2023/EINPresswire.com/ -- Allied Market Research (AMR) released a market report that quotes, “AI in Insurance Market by Offering (Hardware, Software, Service), by Deployment Model (On-premise, Cloud), by Technology (Machine Learning, Natural Language Processing, Computer Vision, Others), by Enterprise Size (Large Enterprises, SMEs), by End-user (Life and Health Insurance, Property and Casualty Insurance), by Application (Fraud Detection and Credit Analysis, Customer Profiling and Segmentation, Product and Policy Design, Underwriting and Claims Assessment): Global Opportunity Analysis and Industry Forecast, 2021-2031"

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The research report offers detailed information on the driving factors, market size and share analysis, competition analysis, research methodology, market dynamics, key market segments, top investment pockets, and market forecast. It offers comprehensive insights into company profiles, strategies, product/service portfolios, contact information, recent developments, and revenue generated by the key market players.

At the same time, the report contains Porters Five Forces Analysis, Covid-19 impact analysis, value chain analysis, and industry pain-point analysis. The report is an excellent resource for businesses, investors, shareholders, and new entrants looking for a thorough grasp of the industry in order to make informed decisions and make intelligent business decisions based on the business objectives.

The key players that operate in the AI in insurance market are Applied Systems, Cape Analytics, IBM Corporation, Microsoft Corporation, OpenText Corporation, Oracle Corporation, Pegasystems Inc, Quantemplate, Salesforce, Inc, SAP SE, SAS Institute Inc, Shift Technology, SimpleFinance, Slice Insurance Technologies, Vertafore, Inc, Zego, and Zurich Insurance Group Ltd.

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Report coverage & details:

Report Coverage Details
Forecast Period 2022 - 2031
Base Year 2021
Market Size in 2020 $2.74 billion
Market Size in 2030 $45.74 billion
CAGR 32.56%

Drivers
Increase in investment by insurance companies in AI & machine learning
Rise in preference for personalized insurance services
Increase in collaboration between insurance companies and AI & machine learning solution company

Opportunities

Increase in government initiatives
Rise in investments to leverage the AI technology

Restraints
Higher deployment cost of AI
Advanced machine learning
Lack of skilled labor

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The growth of the AI in insurance market surged during the outbreak of the COVID-19 pandemic, as various companies started to implement AI into their processes to save time, reduce costs, improve customer experience, and increase profitability.

The AI in insurance market is segmented on the basis of offering, deployment model, technology, enterprise size, end users, application, and region.

On the basis of offering, the market is categorized into hardware, software, and service. On the basis of deployment model, the market is bifurcated into on-premise and cloud.

By technology, it is classified into machine learning, natural language processing, computer vision, and others.

On the basis of enterprise size, the market is classified into large enterprise and SMEs. On the basis of end user, it is classified into life & health Insurance and property & casualty insurance.

Based on application, the market is classified into fraud detection & credit analysis, customer profiling & segmentation, product & policy design, and underwriting & ai in insurance claims assessment.

By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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