Artificial Intelligence Market in Insurtech: Forecast (2017 – 2022)

LONDON, Nov. 20, 2017 /PRNewswire/ -- Artificial Intelligence (AI) is described as the science of creating intelligent machines capable of performing real time tasks at a level of human expert emphasizing nearly every business operation across various business sectors. Traditional review methods in insurance sector posed several threats related to policy making, premium rates fixing and risk of grouping policy holders.

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The evolution of AI as an insurance technology is mitigating these risks and also supporting the insurers in decision making. The increased level of personalization and better outcomes to the customers offered by AI are the major driving factors for the rise of AI in insurance sector.

This report on Artificial Intelligence in Insurtech segmented the market by type and application. The market is further segmented by type as products and services that are specific in providing AI to insurance sector. AI is used in various applications such as fraud detection, claim management, robo advisory services and underwriting and loss prevention.

The market is segmented by geography as Americas, Europe, Asia Pacific and Rest of the World. Americas region holds major share on the market owing to the rapid growth in insurance technologies such as connected data and analytics in automotive industry associated with AI. However, APAC is projected to grow at a faster rate driven by the growing insurance sector coupled with the mass population in countries like China and India.

Sample Companies Profiled in this report are:
Cognizant (U.S.),
Next IT Corp. (U.S.),
Kasisto (U.S.),
Cape Analytics, Inc. (U.S.),
10+.

The parallel growth in connected devices and analytics along with AI enhancing the risk mitigation capability of the insurers is one of the major drivers for the growth of AI market in insurance sector. Moreover, the increasing popularity of smartphones and new lifestyle management apps is also aiding the penetration of AI technology at larger rate.

The methodology followed in estimating the Artificial Intelligence market in Insurtech involved demand in various applications. The segmentations have been cross-mapped extensively to understand various market dynamics.

Simultaneously, the companies involved at integration and distribution level were also studied from the perspective of their services, geographical presence, annual turnover and few other parameters to substantiate the estimations. All these estimations were further validated through primary research and industry experts.

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