Huge Demand for Artificial Intelligence in Insurance

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The artificial intelligence in insurance is disrupting every step across the insurance value chain. AI technologies such as deep learning and machine learning, machine vision, natural language processing (NLP), and robotic automation have the capability to reimagine the entire insurance lifecycle from customer acquisition to claims processing. The adoption of artificial intelligence in insurance helps insurance companies to drive operational excellence, remain competitive in the market, and boost growth.

The rising necessity to provide personalized insurance services and the increasing need to automate the operational process are some of the significant factors driving the growth of artificial intelligence in insurance market. However, the lack of technical expertise related to complex AI algorithms is one of the major factors which may restrain the growth of artificial intelligence in insurance market. Nevertheless, advancements in machine learning and deep learning algorithms are anticipated to bring new opportunities for artificial intelligence in insurance market.

The global artificial intelligence in insurance market is segmented on the basis of component, technology, deployment, application, end users. On the basis of component, the market is segmented as software, services. On the basis of technology, the market is segmented as machine learning and deep learning, natural language processing (NLP), machine vision, robotic automation. On the basis of deployment, the market is segmented as on-cloud, on-premise. On the basis of application, the market is segmented as claims management, risk management and compliance, chatbots, others. On the basis of end users, the market is segmented as life insurance, health insurance, title insurance, auto insurance, others.

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