Generative AI in Insurance Market to Reach $14.4 Billion, Globally, by 2032 at 34.4% CAGR: Allied Market Research
Faster claims processing through generative AI, responsive and efficient customer service, and better risk assessment and premium determination drive the growth of the generative AI in insurance market.
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- 129 - Tables
- 63 - Charts
- 274 – Pages
Prime determinants of growth
The generative AI in insurance market is expected to witness notable growth owing to faster claims processing through generative AI, responsive and efficient customer service, and better risk assessment and premium determination. Moreover, risk modeling and underwriting advancements and adoption of explainable
Report coverage & details:
Report Coverage |
Details |
Forecast Period |
2022–2032 |
Base Year |
2022 |
Market Size in 2022 |
$ 761.4 million |
Market Size in 2032 |
|
CAGR |
34.4 % |
No. of Pages in Report |
274 |
Segments Covered |
Component, Technology, Application, and Region. |
Drivers |
Faster claims processing through generative AI Responsive and efficient customer service Better risk assessment and premium determination |
Opportunities |
Risk modeling and underwriting advancements Adoption of explainable |
Restraints |
Data quality and regulatory challenges High implementation cost |
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The solution segment to maintain its leadership status throughout the forecast period
Based on component, the solution segment held the highest market share in 2022, accounting for more than two-thirds of the global generative AI in insurance market revenue, and is estimated to maintain its leadership status throughout the forecast period. This is attributed to the increase in the need to handle large volumes of data and to provide personalized services to customers. However, the service segment is projected to attain the highest CAGR of 36.5% from 2023 to 2032, owing to the fact that generative AI enhances risk assessment, helping insurance companies make more accurate decisions. In addition, the demand for personalized policy recommendations and insights is encouraging the use of generative AI services.
The generative adversarial networks (GANs) segment to maintain its leadership status throughout the forecast period
Based on technology, the generative adversarial networks (GANs) segment held the highest market share in 2022, accounting for around one-third of the global generative AI in insurance market revenue, and is estimated to maintain its leadership status throughout the forecast period. This is attributed to its ability to create realistic and diverse synthetic data, which is crucial for tasks such as risk assessment, fraud detection, and personalized underwriting. However, the diffusion networks segment is projected to attain the highest CAGR of 38.6% from 2023 to 2032, owing to their ability to handle sequential data and model complex dependencies over time. In insurance, where events and claims evolve over periods, diffusion networks can predict and simulate future scenarios with precision, aiding in risk assessment and pricing.
The automated underwriting segment to maintain its leadership status throughout the forecast period
Based on application, the automated underwriting segment held the highest market share in 2022, accounting for nearly one-third of the global generative AI in insurance market revenue, and is estimated to maintain its leadership status throughout the forecast period. This is attributed to the fact that generative AI streamlines the underwriting process by automating risk assessment and decision-making. AI models can analyze historical data, identify patterns, and predict risks, enabling insurers to make more accurate and efficient underwriting decisions. However, the virtual assistants and customer support segment is projected to attain the highest CAGR of 41.7% from 2023 to 2032, owing to the fact that generative AI-powered virtual assistants provide real-time support to customers, addressing policy inquiries, claims status updates, and general insurance-related questions.
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Based on region,
Leading Market Players: -
DataRobot, Inc. - Microsoft Corporation
Amazon Web Services, Inc. - Avaamo
- IBM Corporation
- LeewayHertz
Persado, Inc. - Aisera
- Shift Technology
- AlphaChat
The report provides a detailed analysis of these key players of the global generative AI in insurance market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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Key Benefits for Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the generative AI in insurance market analysis from 2022 to 2032 to identify the prevailing generative AI in insurance market opportunity.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- The Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the generative AI in insurance market segmentation assists to determine the prevailing generative AI in insurance market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the generative AI in insurance market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as generative AI in insurance market trends, key players, market segments, application areas, and market growth strategies.
Generative AI in Insurance Market Report Highlights
By Component:
- Solution
- Service
By Technology:
- Generative Adversarial Networks (GANs)
- Transformers
- Variational Auto-encoders
- Diffusion Networks
- Others
By Application:
- Personalized Insurance Policies
- Automated Underwriting
- Claims Processing Automation
- Fraud Detection and Prevention
- Virtual Assistants and Customer Support
- Others
By Region:
North America (U.S. ,Canada )Europe (UK ,Germany ,France ,Italy ,Spain , Rest ofEurope )Asia-Pacific (China ,Japan ,India ,Australia ,South Korea , Rest ofAsia-Pacific )- LAMEA (
Latin America ,Middle East ,Africa )
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