What Are the Key Milestones in the Artificial Intelligence (AI) For Insurance Market’s Growth Trajectory From 2025 To 2034?
The market size of artificial intelligence (AI) for insurance has seen exponential growth recently. The market, which is projected to be valued at $7.71 billion in 2024, is expected to grow to a whopping $10.27 billion in 2025, with a compound annual growth rate (CAGR) of 33.3%. Several factors contributed to growth during the historic period, including the surge in data within the insurance sector, improvements in risk assessment and underwriting, enhanced fraud detection and prevention measures, an upgrade in customer experience, as well as increased operational efficiency and reduction in costs.

The size of the artificial intelligence (AI) in the insurance market is predicted to experience tremendous growth in the upcoming years, and it is anticipated to reach $35.76 billion in 2029, with a composite annual growth rate (CAGR) of 36.6%. This growth during the forecasted period can be attributed to the development in AI algorithms, expansion of the insurtech sector, an increasing focus on customization, integration with Internet of Things (IoT) devices, and modifications in the cyber insurance domain. Some major trends to look out for during this forecast period include partnerships with ecosystem allies, ethical and clearly defined AI, automation in claims processing, improvements in the customer experience, and dynamic pricing tactics.

Download a free sample to assess the report’s scope and structure:
https://www.thebusinessresearchcompany.com/sample.aspx?id=13577&type=smp

What Are the Primary Drivers Supporting the Market Growth of the Artificial Intelligence (AI) For Insurance Market?
The growth of the artificial intelligence (AI) insurance market is predicted to be driven by escalating investments in the insurance industry. The term investments indicate the allotment of capital or resources to diverse projects or assets in the anticipation of generating income or profit over time. The scope of AI in insurance extends to research and development, data infrastructure, technological advancement and acquiring skilled workforce, thus ensuring an all-inclusive and creative approach for their clientele. Such investments are anticipated to accelerate the growth and application of AI-powered solutions, with insurers progressively identifying the potential transformation AI can bring. For instance, as per a report in July 2023 by Swiss Re, a Switzerland-based insurance company, there was a surge in the investment rates from 6.2% in 2022 to 8.1% in 2023. Consequently, the escalating investments in the insurance industry are fuelling growth in the artificial intelligence (AI) for insurance market.

Which Primary Segments of the Artificial Intelligence (AI) For Insurance Market Are Driving Growth and Industry Transformations?
The artificial intelligence (AI) for insurance market covered in this report is segmented –

1) By Offering: Hardware, Software, Services
2) By Technology: Machine Learning, Natural Language Processing, Computer Vision, Other Technologies
3) By Application: Fraud Detection And Credit Analysis, Customer Profiling And Segmentation, Product And Policy Design, Underwriting And Claims Assessment
4) By End User: Life And Health Insurance, Property And Casualty Insurance

Subsegments:
1) By Hardware: AI Chips, Edge Devices
2) By Software: Machine Learning Platforms, Fraud Detection Software, Customer Service Automation Software, Risk Assessment Tools
3) By Services: Consulting Services, Integration Services, Managed Services, Support And Maintenance Services


Request customized data on this market:
https://www.thebusinessresearchcompany.com/customise?id=13577&type=smp

Which Regions Are Key Players in the Growth of the Artificial Intelligence (AI) For Insurance Market?
North America was the largest region in the artificial intelligence (AI) for insurance market in 2024. The regions covered in the artificial intelligence (AI) for insurance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

What Are the Most Significant Market Trends in the Artificial Intelligence (AI) For Insurance Market?
Leading firms in the AI for insurance market are prioritizing the creation of innovative technological solutions, such as InsuranceGPT, to navigate the intricacies of the insurance industry. The InsuranceGPT tool is a unique generative pre-trained transformer (GPT) specifically tailored for the insurance sector to optimize automated claims management decisions while ensuring data privacy and security. To illustrate, Simplifai AS, an artificial intelligence corporation based in Norway, launched its distinct InsuranceGPT tool for the insurance industry in June 2023. This tool improves decision-making in automated claims management, emphasizing data security and privacy. Further benefits include effortless integration into current systems, a no-code-required model for enhanced security, training supported by insurance data-set for increased accuracy, and facilitating better communication between insurers and their clientele.

View the full report here:
https://www.thebusinessresearchcompany.com/report/artificial-intelligence-ai-for-insurance-global-market-report

What Parameters Are Used to Define the Artificial Intelligence (AI) For Insurance Market?
Artificial intelligence (AI) for insurance refers to the use of AI techniques and algorithms, to enhance various aspects of the insurance industry. The application of AI in insurance aims to streamline processes, improve efficiency, enhance customer experience and make better data-driven decisions.

Purchase the full report and get a swift delivery:
https://www.thebusinessresearchcompany.com/purchaseoptions.aspx?id=13577

About The Business Research Company:
With over 15000+ reports from 27 industries covering 60+ geographies, The Business Research Company has built a reputation for offering comprehensive, data-rich research and insights. Armed with 1,500,000 datasets, the optimistic contribution of in-depth secondary research, and unique insights from industry leaders, you can get the information you need to stay ahead in the game.

Get in touch with us:
The Business Research Company:https://www.thebusinessresearchcompany.com/
Americas +1 3156230293
Asia +44 2071930708
Europe +44 2071930708
Email us at [email protected]

Follow us on:

LinkedIn:https://in.linkedin.com/company/the-business-research-company
YouTube:https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Global Market Model:https://www.thebusinessresearchcompany.com/global-market-model