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What Is the Forecast for the Artificial Intelligence (AI) For Insurance Market from 2024 to 2025?

The market size of artificial intelligence (AI) for insurance has seen considerable expansion in the past few years. It is projected to escalate from $7.71 billion in 2024 to $10.27 billion in 2025, with a compound annual growth rate (CAGR) of 33.3%. The remarkable growth during the historic period can be credited to the surge in data in insurance, evaluation and underwriting of risk, the detection and prevention of fraud, improvement in customer experiences, and the increase in operational efficiency and cost cutdown.

What Is the Projected Market Size of the Artificial Intelligence (AI) For Insurance Market?

The insurance market for artificial intelligence (AI) is projected to witness dramatic expansion in the upcoming years, rising to a worth of $35.76 billion by 2029, with a compound annual growth rate (CAGR) of 36.6%. This predicted surge over the forecast period is largely due to improved AI algorithms, the growth of insurtech ecologies, an augmented focus on personalisation, integration with IoT devices, and the changing cyber insurance framework. Significant trends in the forecast duration include partnerships within the ecosystem, clear and understandable AI, the automation of claim processing, enhancing customer experiences, and flexible pricing plans.

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Who are the Major Competitors in the Artificial Intelligence (AI) For Insurance Market Outlook?

Major companies operating in the artificial intelligence (AI) for insurance market report are Amazon.com Inc., Google LLC, Microsoft Corporation, IBM Corporation, Oracle Corporation, SAP SE, Salesforce Inc., Baidu Inc., Infosys Limited, Wipro Products Limited, OpenText Corporation, SAS Institute Inc., Pegasystems Inc., Shift Technology, Vertafore, Inc., Applied Systems, Zego Inc., Acko General Insurance, Tractable Ltd., SimpleFinance, Insurify, Inc., Avaamo Inc., Slice Insurance Technologies, Quantemplate, Cape Analytics LLC

What Is Fueling Growth in the Artificial Intelligence (AI) For Insurance Market?

The growth of the artificial intelligence (AI) insurance market is forecasted to be driven by the increasing investments in the insurance sector. Such investments primarily involve the distribution of financial resources or funds into various assets or projects with the anticipation of earning income or profit over time. Allocating funds into research and development of AI in insurance, infrastructural development for data, technology advancement, and talent hiring will ensure holistic progress and creation of novel solutions for their clientele. These investments are projected to stimulate the growth and utilization of AI-centred solutions due to the increasing awareness of insurers about the revolutionary potential of AI. As an example, a report issued by Swiss Re, a Switzerland-based insurance institution, in July 2023 revealed that investment percentages escalated from 6.2% in 2022 to 8.1% in 2023. Hence, the escalating investments in the insurance field are fueling the growth of the artificial intelligence (AI) for insurance market.

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Which Artificial Intelligence (AI) For Insurance Market Segments Are Growing the Fastest?

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

Which Industry Trends Are Shaping the Future of the Artificial Intelligence (AI) For Insurance Market?

Leading enterprises in the AI for insurance market are investing in the creation of state-of-the-art software like InsuranceGPT to meet the challenging needs of the insurance landscape. Created distinctively for insurance providers, InsuranceGPT is a specialized generative pre-trained transformer (GPT) tool that improves automated claims management decision-making processes while valuing data protection and privacy. For example, in June 2023, the Norwegian-based AI enterprise, Simplifai AS, launched Simplifai InsuranceGPT, a dedicated GPT instrument for the insurance sector. This tool provides enhanced decision-making for automatic claims management with a central focus on data security and privacy. Key attributes comprise of effortless compatibility with pre-existent systems, a non-requirement of coding for security, training for precision on insurance data, and facilitating better communication between insurers and policyholders.

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Which Countries Are Leading 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.

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This Report Delivers Insight On:

1. How big is the artificial intelligence (ai) for insurance market, and how is it changing globally?

2. Who are the major companies in the artificial intelligence (ai) for insurance market, and how are they performing?

3. What are the key opportunities and risks in the artificial intelligence (ai) for insurance market right now?

4. Which products or customer segments are growing the most in the artificial intelligence (ai) for insurance market?

5. What factors are helping or slowing down the growth of the artificial intelligence (ai) for insurance market?

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