Artificial Intelligence (AI) in Insurance Market Updates by 2031
Artificial intelligence (AI) in the insurance market is expected to register a CAGR of 32.7% during 2023–2031. The growing demand for predictive analytics and automation is likely to remain a key trend in the market.
Artificial Intelligence (AI) in Insurance Market Analysis
- The AI Insurance sector supports the insurance industry and puts enormous amounts of data to the optimum level.
- Insurers design customized policies for individuals, systematic underwriting processes, and provide estimates with greater accuracy to customers across the world.
- Integrating AI technology could further enable precise predictions, manage customer interactions, and expand personalized service.
Artificial Intelligence (AI) in Insurance Market Overview
- AI technology could offer a host of potential benefits to embrace change in the insurance industry to manage risk.
- Insurance companies are integrating AI technologies to precisely estimate, manage customer interactions, and expand personalized service and product lines with unprecedented accuracy and speed.
- Within the insurance sector, guarantors use AI to improve customer service, increase efficiency, and fight against fraud effectively.
- AI technologies will allow insurers to draw on developed datasets to recover their processes, from mechanizing customer support to improving risk modeling and predictions.
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Artificial Intelligence (AI) in Insurance Market: Strategic Insights
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Artificial Intelligence (AI) in Insurance Market: Strategic Insights
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Artificial Intelligence (AI) in Insurance Market Drivers and Opportunities
Rising Need for Personalized Experience Among Consumers to Favor the Market
- Consumers expect personalized experiences, which encourages market players to adopt AI technology to automate insurance processes.
- AI technology supports insurance companies in analyzing customer data and behavior, AI algorithms can section customers, identify their preferences and needs, and tailor marketing messages and product recommendations. This drives customer engagement and loyalty by increasing cross-selling and upselling opportunities for market players.
- AI-powered solutions such as chatbots and virtual assistants are enabling insurers to meet customer demand for prompt and personalized support, which increases the demand, hence driving the market.
Technological Advancements
- Advanced technologies such as machine learning, natural language processing, and computer vision are highly demanded by insurance companies to track customers' behavior and maintain data in real time.
- The volatile growth of AI and machine learning has provided new opportunities to extract value from data.
- Moreover, large language modeling (LLM), is a branch of artificial intelligence handing out data contained in documents.
- Insurers use LLM to accelerate their claims processes and detect fraudulent claims with improved accuracy.
- Additionally, the evolution of Generative AI brings collected data, tools, and functions to provide a data handling and management solution for insurance companies.
Artificial Intelligence (AI) in Insurance Market Report Segmentation Analysis
Key segments that contributed to the derivation of artificial intelligence (AI) in insurance market analysis are offering, deployment, enterprise size, and end-users.
- Based on components, the artificial intelligence (AI) in the insurance market is divided into software and service. The software segment held a larger market share in 2023.
- By technology, the market is bifurcated into machine learning and deep learning, natural language processing (NLP), machine vision, and robotic automation. The machine learning and deep learning segment is anticipated to expand at a significant rate during the forecast period.
- In terms of deployment, artificial intelligence (AI) in the insurance market is segmented into cloud and on-premise. The cloud segment held a larger market share in 2023.
- By application, the market is segmented into claims management, risk management, compliance, chatbots, and others. The chatbot segment is projected to grow during the forecast period.
- based on end-users, the market is divided into life insurance, health insurance, title insurance, auto insurance, and others. The life insurance segment is anticipated to expand at a significant pace during the forecast period.
Artificial Intelligence (AI) in Insurance Market Share Analysis by Geography
The geographic scope of artificial intelligence (AI) in the insurance market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
- The market in Asia Pacific is projected to expand during the forecast period, due to technological advancements and the presence of key market players.
- IBM Corp, Microsoft Corp, and OpenText Corporation, among others, are engaged in developing, upgrading, and advancing their portfolio to meet their customers' dynamic needs is driving the market.
Artificial Intelligence (AI) in Insurance Market Report Scope
Artificial Intelligence (AI) in Insurance Market News and Recent Developments
Artificial intelligence (AI) in insurance market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in artificial intelligence (AI) in the insurance market are listed below:
- Swiss Re launches an augmented version of its Life & Health underwriting manual Life Guide. The new version comes equipped with Swiss Re Life Guide Scout, a Generative AI-powered underwriting assistant developed by Swiss Re, that integrates Microsoft Azure OpenAI Service. Life & Health insurance underwriting is a complex process that requires accurate and up-to-date information to assess an insurance applicant's risk. Swiss Re Life Guide Scout aims to help increase the efficiency and quality of underwriting by generating swift answers compiled from curated expert knowledge in response to questions asked by the underwriter in natural language. (Source: Swiss Re, Company Website, May 2024)
Artificial Intelligence (AI) in Insurance Market Report Coverage and Deliverables
The “Artificial Intelligence (AI) in Insurance Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Artificial intelligence (AI) in insurance market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Artificial intelligence (AI) in insurance market trends as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Artificial intelligence (AI) in insurance market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for artificial intelligence (AI) in the insurance market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
This text is related
to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
Frequently Asked Questions
The global artificial intelligence (AI) in the insurance market is estimated to register a CAGR of 32.7% during the forecast period 2023–2031.
The key players holding majority shares in the global artificial intelligence (AI) in the insurance market are Amazon Web Services, Inc., Avaamo, Cape Analytics, LLC, IBM Corp, Microsoft Corp, Shift Technology, Wipro Limited, Avenga International GmbH, SAS Institute Inc., and OpenText Corporation.
The growing demand for predictive analytics and automation to play a significant role in the global artificial intelligence (AI) in the insurance market in the coming years.
North America dominated the artificial intelligence (AI) in the insurance market in 2023.
The rising need for personalized experience among consumers is the major factors that propel global artificial intelligence (AI) in the insurance market.
TABLE OF CONTENTS
1. INTRODUCTION
1.1. SCOPE OF THE STUDY
1.2. THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3. MARKET SEGMENTATION
1.3.1 Artificial Intelligence In Insurance Market - By Component
1.3.2 Artificial Intelligence In Insurance Market - By Technology
1.3.3 Artificial Intelligence In Insurance Market - By Deployment
1.3.4 Artificial Intelligence In Insurance Market - By Application
1.3.5 Artificial Intelligence In Insurance Market - By End users
1.3.6 Artificial Intelligence In Insurance Market - By Region
1.3.6.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. ARTIFICIAL INTELLIGENCE IN INSURANCE MARKET LANDSCAPE
4.1. OVERVIEW
4.2. PEST ANALYSIS
4.2.1 North America - Pest Analysis
4.2.2 Europe - Pest Analysis
4.2.3 Asia-Pacific - Pest Analysis
4.2.4 Middle East and Africa - Pest Analysis
4.2.5 South and Central America - Pest Analysis
4.3. ECOSYSTEM ANALYSIS
4.4. EXPERT OPINIONS
5. ARTIFICIAL INTELLIGENCE IN INSURANCE MARKET - KEY MARKET DYNAMICS
5.1. KEY MARKET DRIVERS
5.2. KEY MARKET RESTRAINTS
5.3. KEY MARKET OPPORTUNITIES
5.4. FUTURE TRENDS
5.5. IMPACT ANALYSIS OF DRIVERS AND RESTRAINTS
6. ARTIFICIAL INTELLIGENCE IN INSURANCE MARKET - GLOBAL MARKET ANALYSIS
6.1. ARTIFICIAL INTELLIGENCE IN INSURANCE - GLOBAL MARKET OVERVIEW
6.2. ARTIFICIAL INTELLIGENCE IN INSURANCE - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/MARKET SHARE
7. ARTIFICIAL INTELLIGENCE IN INSURANCE MARKET - REVENUE AND FORECASTS TO 2028 - COMPONENT
7.1. OVERVIEW
7.2. COMPONENT MARKET FORECASTS AND ANALYSIS
7.3. SOFTWARE
7.3.1. Overview
7.3.2. Software Market Forecast and Analysis
7.4. SERVICE
7.4.1. Overview
7.4.2. Service Market Forecast and Analysis
8. ARTIFICIAL INTELLIGENCE IN INSURANCE MARKET - REVENUE AND FORECASTS TO 2028 - TECHNOLOGY
8.1. OVERVIEW
8.2. TECHNOLOGY MARKET FORECASTS AND ANALYSIS
8.3. MACHINE LEARNING AND DEEP LEARNING
8.3.1. Overview
8.3.2. Machine Learning and Deep Learning Market Forecast and Analysis
8.4. NATURAL LANGUAGE PROCESSING (NLP)
8.4.1. Overview
8.4.2. Natural Language Processing (NLP) Market Forecast and Analysis
8.5. MACHINE VISION
8.5.1. Overview
8.5.2. Machine Vision Market Forecast and Analysis
8.6. ROBOTIC AUTOMATION
8.6.1. Overview
8.6.2. Robotic Automation Market Forecast and Analysis
9. ARTIFICIAL INTELLIGENCE IN INSURANCE MARKET - REVENUE AND FORECASTS TO 2028 - DEPLOYMENT
9.1. OVERVIEW
9.2. DEPLOYMENT MARKET FORECASTS AND ANALYSIS
9.3. ON-CLOUD
9.3.1. Overview
9.3.2. On-Cloud Market Forecast and Analysis
9.4. ON-PREMISE
9.4.1. Overview
9.4.2. On-Premise Market Forecast and Analysis
10. ARTIFICIAL INTELLIGENCE IN INSURANCE MARKET - REVENUE AND FORECASTS TO 2028 - APPLICATION
10.1. OVERVIEW
10.2. APPLICATION MARKET FORECASTS AND ANALYSIS
10.3. CLAIMS MANAGEMENT
10.3.1. Overview
10.3.2. Claims Management Market Forecast and Analysis
10.4. RISK MANAGEMENT AND COMPLIANCE
10.4.1. Overview
10.4.2. Risk Management and Compliance Market Forecast and Analysis
10.5. CHATBOTS
10.5.1. Overview
10.5.2. Chatbots Market Forecast and Analysis
10.6. OTHERS
10.6.1. Overview
10.6.2. Others Market Forecast and Analysis
11. ARTIFICIAL INTELLIGENCE IN INSURANCE MARKET - REVENUE AND FORECASTS TO 2028 - END USERS
11.1. OVERVIEW
11.2. END USERS MARKET FORECASTS AND ANALYSIS
11.3. LIFE INSURANCE
11.3.1. Overview
11.3.2. Life Insurance Market Forecast and Analysis
11.4. HEALTH INSURANCE
11.4.1. Overview
11.4.2. Health Insurance Market Forecast and Analysis
11.5. TITLE INSURANCE
11.5.1. Overview
11.5.2. Title Insurance Market Forecast and Analysis
11.6. AUTO INSURANCE
11.6.1. Overview
11.6.2. Auto Insurance Market Forecast and Analysis
11.7. OTHERS
11.7.1. Overview
11.7.2. Others Market Forecast and Analysis
12. ARTIFICIAL INTELLIGENCE IN INSURANCE MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
12.1. NORTH AMERICA
12.1.1 North America Artificial Intelligence In Insurance Market Overview
12.1.2 North America Artificial Intelligence In Insurance Market Forecasts and Analysis
12.1.3 North America Artificial Intelligence In Insurance Market Forecasts and Analysis - By Component
12.1.4 North America Artificial Intelligence In Insurance Market Forecasts and Analysis - By Technology
12.1.5 North America Artificial Intelligence In Insurance Market Forecasts and Analysis - By Deployment
12.1.6 North America Artificial Intelligence In Insurance Market Forecasts and Analysis - By Application
12.1.7 North America Artificial Intelligence In Insurance Market Forecasts and Analysis - By End users
12.1.8 North America Artificial Intelligence In Insurance Market Forecasts and Analysis - By Countries
12.1.8.1 United States Artificial Intelligence In Insurance Market
12.1.8.1.1 United States Artificial Intelligence In Insurance Market by Component
12.1.8.1.2 United States Artificial Intelligence In Insurance Market by Technology
12.1.8.1.3 United States Artificial Intelligence In Insurance Market by Deployment
12.1.8.1.4 United States Artificial Intelligence In Insurance Market by Application
12.1.8.1.5 United States Artificial Intelligence In Insurance Market by End users
12.1.8.2 Canada Artificial Intelligence In Insurance Market
12.1.8.2.1 Canada Artificial Intelligence In Insurance Market by Component
12.1.8.2.2 Canada Artificial Intelligence In Insurance Market by Technology
12.1.8.2.3 Canada Artificial Intelligence In Insurance Market by Deployment
12.1.8.2.4 Canada Artificial Intelligence In Insurance Market by Application
12.1.8.2.5 Canada Artificial Intelligence In Insurance Market by End users
12.1.8.3 Mexico Artificial Intelligence In Insurance Market
12.1.8.3.1 Mexico Artificial Intelligence In Insurance Market by Component
12.1.8.3.2 Mexico Artificial Intelligence In Insurance Market by Technology
12.1.8.3.3 Mexico Artificial Intelligence In Insurance Market by Deployment
12.1.8.3.4 Mexico Artificial Intelligence In Insurance Market by Application
12.1.8.3.5 Mexico Artificial Intelligence In Insurance Market by End users
12.2. EUROPE
12.2.1 Europe Artificial Intelligence In Insurance Market Overview
12.2.2 Europe Artificial Intelligence In Insurance Market Forecasts and Analysis
12.2.3 Europe Artificial Intelligence In Insurance Market Forecasts and Analysis - By Component
12.2.4 Europe Artificial Intelligence In Insurance Market Forecasts and Analysis - By Technology
12.2.5 Europe Artificial Intelligence In Insurance Market Forecasts and Analysis - By Deployment
12.2.6 Europe Artificial Intelligence In Insurance Market Forecasts and Analysis - By Application
12.2.7 Europe Artificial Intelligence In Insurance Market Forecasts and Analysis - By End users
12.2.8 Europe Artificial Intelligence In Insurance Market Forecasts and Analysis - By Countries
12.2.8.1 Germany Artificial Intelligence In Insurance Market
12.2.8.1.1 Germany Artificial Intelligence In Insurance Market by Component
12.2.8.1.2 Germany Artificial Intelligence In Insurance Market by Technology
12.2.8.1.3 Germany Artificial Intelligence In Insurance Market by Deployment
12.2.8.1.4 Germany Artificial Intelligence In Insurance Market by Application
12.2.8.1.5 Germany Artificial Intelligence In Insurance Market by End users
12.2.8.2 France Artificial Intelligence In Insurance Market
12.2.8.2.1 France Artificial Intelligence In Insurance Market by Component
12.2.8.2.2 France Artificial Intelligence In Insurance Market by Technology
12.2.8.2.3 France Artificial Intelligence In Insurance Market by Deployment
12.2.8.2.4 France Artificial Intelligence In Insurance Market by Application
12.2.8.2.5 France Artificial Intelligence In Insurance Market by End users
12.2.8.3 Italy Artificial Intelligence In Insurance Market
12.2.8.3.1 Italy Artificial Intelligence In Insurance Market by Component
12.2.8.3.2 Italy Artificial Intelligence In Insurance Market by Technology
12.2.8.3.3 Italy Artificial Intelligence In Insurance Market by Deployment
12.2.8.3.4 Italy Artificial Intelligence In Insurance Market by Application
12.2.8.3.5 Italy Artificial Intelligence In Insurance Market by End users
12.2.8.4 United Kingdom Artificial Intelligence In Insurance Market
12.2.8.4.1 United Kingdom Artificial Intelligence In Insurance Market by Component
12.2.8.4.2 United Kingdom Artificial Intelligence In Insurance Market by Technology
12.2.8.4.3 United Kingdom Artificial Intelligence In Insurance Market by Deployment
12.2.8.4.4 United Kingdom Artificial Intelligence In Insurance Market by Application
12.2.8.4.5 United Kingdom Artificial Intelligence In Insurance Market by End users
12.2.8.5 Russia Artificial Intelligence In Insurance Market
12.2.8.5.1 Russia Artificial Intelligence In Insurance Market by Component
12.2.8.5.2 Russia Artificial Intelligence In Insurance Market by Technology
12.2.8.5.3 Russia Artificial Intelligence In Insurance Market by Deployment
12.2.8.5.4 Russia Artificial Intelligence In Insurance Market by Application
12.2.8.5.5 Russia Artificial Intelligence In Insurance Market by End users
12.2.8.6 Rest of Europe Artificial Intelligence In Insurance Market
12.2.8.6.1 Rest of Europe Artificial Intelligence In Insurance Market by Component
12.2.8.6.2 Rest of Europe Artificial Intelligence In Insurance Market by Technology
12.2.8.6.3 Rest of Europe Artificial Intelligence In Insurance Market by Deployment
12.2.8.6.4 Rest of Europe Artificial Intelligence In Insurance Market by Application
12.2.8.6.5 Rest of Europe Artificial Intelligence In Insurance Market by End users
12.3. ASIA-PACIFIC
12.3.1 Asia-Pacific Artificial Intelligence In Insurance Market Overview
12.3.2 Asia-Pacific Artificial Intelligence In Insurance Market Forecasts and Analysis
12.3.3 Asia-Pacific Artificial Intelligence In Insurance Market Forecasts and Analysis - By Component
12.3.4 Asia-Pacific Artificial Intelligence In Insurance Market Forecasts and Analysis - By Technology
12.3.5 Asia-Pacific Artificial Intelligence In Insurance Market Forecasts and Analysis - By Deployment
12.3.6 Asia-Pacific Artificial Intelligence In Insurance Market Forecasts and Analysis - By Application
12.3.7 Asia-Pacific Artificial Intelligence In Insurance Market Forecasts and Analysis - By End users
12.3.8 Asia-Pacific Artificial Intelligence In Insurance Market Forecasts and Analysis - By Countries
12.3.8.1 Australia Artificial Intelligence In Insurance Market
12.3.8.1.1 Australia Artificial Intelligence In Insurance Market by Component
12.3.8.1.2 Australia Artificial Intelligence In Insurance Market by Technology
12.3.8.1.3 Australia Artificial Intelligence In Insurance Market by Deployment
12.3.8.1.4 Australia Artificial Intelligence In Insurance Market by Application
12.3.8.1.5 Australia Artificial Intelligence In Insurance Market by End users
12.3.8.2 China Artificial Intelligence In Insurance Market
12.3.8.2.1 China Artificial Intelligence In Insurance Market by Component
12.3.8.2.2 China Artificial Intelligence In Insurance Market by Technology
12.3.8.2.3 China Artificial Intelligence In Insurance Market by Deployment
12.3.8.2.4 China Artificial Intelligence In Insurance Market by Application
12.3.8.2.5 China Artificial Intelligence In Insurance Market by End users
12.3.8.3 India Artificial Intelligence In Insurance Market
12.3.8.3.1 India Artificial Intelligence In Insurance Market by Component
12.3.8.3.2 India Artificial Intelligence In Insurance Market by Technology
12.3.8.3.3 India Artificial Intelligence In Insurance Market by Deployment
12.3.8.3.4 India Artificial Intelligence In Insurance Market by Application
12.3.8.3.5 India Artificial Intelligence In Insurance Market by End users
12.3.8.4 Japan Artificial Intelligence In Insurance Market
12.3.8.4.1 Japan Artificial Intelligence In Insurance Market by Component
12.3.8.4.2 Japan Artificial Intelligence In Insurance Market by Technology
12.3.8.4.3 Japan Artificial Intelligence In Insurance Market by Deployment
12.3.8.4.4 Japan Artificial Intelligence In Insurance Market by Application
12.3.8.4.5 Japan Artificial Intelligence In Insurance Market by End users
12.3.8.5 South Korea Artificial Intelligence In Insurance Market
12.3.8.5.1 South Korea Artificial Intelligence In Insurance Market by Component
12.3.8.5.2 South Korea Artificial Intelligence In Insurance Market by Technology
12.3.8.5.3 South Korea Artificial Intelligence In Insurance Market by Deployment
12.3.8.5.4 South Korea Artificial Intelligence In Insurance Market by Application
12.3.8.5.5 South Korea Artificial Intelligence In Insurance Market by End users
12.3.8.6 Rest of Asia-Pacific Artificial Intelligence In Insurance Market
12.3.8.6.1 Rest of Asia-Pacific Artificial Intelligence In Insurance Market by Component
12.3.8.6.2 Rest of Asia-Pacific Artificial Intelligence In Insurance Market by Technology
12.3.8.6.3 Rest of Asia-Pacific Artificial Intelligence In Insurance Market by Deployment
12.3.8.6.4 Rest of Asia-Pacific Artificial Intelligence In Insurance Market by Application
12.3.8.6.5 Rest of Asia-Pacific Artificial Intelligence In Insurance Market by End users
12.4. MIDDLE EAST AND AFRICA
12.4.1 Middle East and Africa Artificial Intelligence In Insurance Market Overview
12.4.2 Middle East and Africa Artificial Intelligence In Insurance Market Forecasts and Analysis
12.4.3 Middle East and Africa Artificial Intelligence In Insurance Market Forecasts and Analysis - By Component
12.4.4 Middle East and Africa Artificial Intelligence In Insurance Market Forecasts and Analysis - By Technology
12.4.5 Middle East and Africa Artificial Intelligence In Insurance Market Forecasts and Analysis - By Deployment
12.4.6 Middle East and Africa Artificial Intelligence In Insurance Market Forecasts and Analysis - By Application
12.4.7 Middle East and Africa Artificial Intelligence In Insurance Market Forecasts and Analysis - By End users
12.4.8 Middle East and Africa Artificial Intelligence In Insurance Market Forecasts and Analysis - By Countries
12.4.8.1 South Africa Artificial Intelligence In Insurance Market
12.4.8.1.1 South Africa Artificial Intelligence In Insurance Market by Component
12.4.8.1.2 South Africa Artificial Intelligence In Insurance Market by Technology
12.4.8.1.3 South Africa Artificial Intelligence In Insurance Market by Deployment
12.4.8.1.4 South Africa Artificial Intelligence In Insurance Market by Application
12.4.8.1.5 South Africa Artificial Intelligence In Insurance Market by End users
12.4.8.2 Saudi Arabia Artificial Intelligence In Insurance Market
12.4.8.2.1 Saudi Arabia Artificial Intelligence In Insurance Market by Component
12.4.8.2.2 Saudi Arabia Artificial Intelligence In Insurance Market by Technology
12.4.8.2.3 Saudi Arabia Artificial Intelligence In Insurance Market by Deployment
12.4.8.2.4 Saudi Arabia Artificial Intelligence In Insurance Market by Application
12.4.8.2.5 Saudi Arabia Artificial Intelligence In Insurance Market by End users
12.4.8.3 U.A.E Artificial Intelligence In Insurance Market
12.4.8.3.1 U.A.E Artificial Intelligence In Insurance Market by Component
12.4.8.3.2 U.A.E Artificial Intelligence In Insurance Market by Technology
12.4.8.3.3 U.A.E Artificial Intelligence In Insurance Market by Deployment
12.4.8.3.4 U.A.E Artificial Intelligence In Insurance Market by Application
12.4.8.3.5 U.A.E Artificial Intelligence In Insurance Market by End users
12.4.8.4 Rest of Middle East and Africa Artificial Intelligence In Insurance Market
12.4.8.4.1 Rest of Middle East and Africa Artificial Intelligence In Insurance Market by Component
12.4.8.4.2 Rest of Middle East and Africa Artificial Intelligence In Insurance Market by Technology
12.4.8.4.3 Rest of Middle East and Africa Artificial Intelligence In Insurance Market by Deployment
12.4.8.4.4 Rest of Middle East and Africa Artificial Intelligence In Insurance Market by Application
12.4.8.4.5 Rest of Middle East and Africa Artificial Intelligence In Insurance Market by End users
12.5. SOUTH AND CENTRAL AMERICA
12.5.1 South and Central America Artificial Intelligence In Insurance Market Overview
12.5.2 South and Central America Artificial Intelligence In Insurance Market Forecasts and Analysis
12.5.3 South and Central America Artificial Intelligence In Insurance Market Forecasts and Analysis - By Component
12.5.4 South and Central America Artificial Intelligence In Insurance Market Forecasts and Analysis - By Technology
12.5.5 South and Central America Artificial Intelligence In Insurance Market Forecasts and Analysis - By Deployment
12.5.6 South and Central America Artificial Intelligence In Insurance Market Forecasts and Analysis - By Application
12.5.7 South and Central America Artificial Intelligence In Insurance Market Forecasts and Analysis - By End users
12.5.8 South and Central America Artificial Intelligence In Insurance Market Forecasts and Analysis - By Countries
12.5.8.1 Brazil Artificial Intelligence In Insurance Market
12.5.8.1.1 Brazil Artificial Intelligence In Insurance Market by Component
12.5.8.1.2 Brazil Artificial Intelligence In Insurance Market by Technology
12.5.8.1.3 Brazil Artificial Intelligence In Insurance Market by Deployment
12.5.8.1.4 Brazil Artificial Intelligence In Insurance Market by Application
12.5.8.1.5 Brazil Artificial Intelligence In Insurance Market by End users
12.5.8.2 Argentina Artificial Intelligence In Insurance Market
12.5.8.2.1 Argentina Artificial Intelligence In Insurance Market by Component
12.5.8.2.2 Argentina Artificial Intelligence In Insurance Market by Technology
12.5.8.2.3 Argentina Artificial Intelligence In Insurance Market by Deployment
12.5.8.2.4 Argentina Artificial Intelligence In Insurance Market by Application
12.5.8.2.5 Argentina Artificial Intelligence In Insurance Market by End users
12.5.8.3 Rest of South and Central America Artificial Intelligence In Insurance Market
12.5.8.3.1 Rest of South and Central America Artificial Intelligence In Insurance Market by Component
12.5.8.3.2 Rest of South and Central America Artificial Intelligence In Insurance Market by Technology
12.5.8.3.3 Rest of South and Central America Artificial Intelligence In Insurance Market by Deployment
12.5.8.3.4 Rest of South and Central America Artificial Intelligence In Insurance Market by Application
12.5.8.3.5 Rest of South and Central America Artificial Intelligence In Insurance Market by End users
13. INDUSTRY LANDSCAPE
13.1. MERGERS AND ACQUISITIONS
13.2. AGREEMENTS, COLLABORATIONS AND JOIN VENTURES
13.3. NEW PRODUCT LAUNCHES
13.4. EXPANSIONS AND OTHER STRATEGIC DEVELOPMENTS
14. ARTIFICIAL INTELLIGENCE IN INSURANCE MARKET, KEY COMPANY PROFILES
14.1. AMAZON WEB SERVICES, INC.
14.1.1. Key Facts
14.1.2. Business Description
14.1.3. Products and Services
14.1.4. Financial Overview
14.1.5. SWOT Analysis
14.1.6. Key Developments
14.2. AVAAMO
14.2.1. Key Facts
14.2.2. Business Description
14.2.3. Products and Services
14.2.4. Financial Overview
14.2.5. SWOT Analysis
14.2.6. Key Developments
14.3. CAPE ANALYTICS,LLC
14.3.1. Key Facts
14.3.2. Business Description
14.3.3. Products and Services
14.3.4. Financial Overview
14.3.5. SWOT Analysis
14.3.6. Key Developments
14.4. IBM
14.4.1. Key Facts
14.4.2. Business Description
14.4.3. Products and Services
14.4.4. Financial Overview
14.4.5. SWOT Analysis
14.4.6. Key Developments
14.5. LEMONADE, INC.
14.5.1. Key Facts
14.5.2. Business Description
14.5.3. Products and Services
14.5.4. Financial Overview
14.5.5. SWOT Analysis
14.5.6. Key Developments
14.6. MICROSOFT
14.6.1. Key Facts
14.6.2. Business Description
14.6.3. Products and Services
14.6.4. Financial Overview
14.6.5. SWOT Analysis
14.6.6. Key Developments
14.7. OSP LABS PVT LTD
14.7.1. Key Facts
14.7.2. Business Description
14.7.3. Products and Services
14.7.4. Financial Overview
14.7.5. SWOT Analysis
14.7.6. Key Developments
14.8. SHIFT TECHNOLOGY
14.8.1. Key Facts
14.8.2. Business Description
14.8.3. Products and Services
14.8.4. Financial Overview
14.8.5. SWOT Analysis
14.8.6. Key Developments
14.9. TROV INSURANCE SOLUTIONS, LLC
14.9.1. Key Facts
14.9.2. Business Description
14.9.3. Products and Services
14.9.4. Financial Overview
14.9.5. SWOT Analysis
14.9.6. Key Developments
14.10. WIPRO LIMITED
14.10.1. Key Facts
14.10.2. Business Description
14.10.3. Products and Services
14.10.4. Financial Overview
14.10.5. SWOT Analysis
14.10.6. Key Developments
15. APPENDIX
15.1. ABOUT THE INSIGHT PARTNERS
15.2. GLOSSARY OF TERMS
The List of Companies
1. Amazon Web Services, Inc.
2. Avaamo
3. Cape Analytics, LLC
4. IBM
5. Lemonade, Inc.
6. Microsoft
7. Osp Labs Pvt Ltd
8. Shift Technology
9. Trov Insurance Solutions, LLC
10. Wipro Limited
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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