Allied Market Research published a report, titled, “Generative AI in Insurance Market by Component (Solution and Service), Technology (Generative Adversarial Networks (GANs), Transformers, Variational Auto-encoders, Diffusion Networks, and Others), and Application (Personalized Insurance Policies, Automated Underwriting, Claims Processing Automation, Fraud Detection and Prevention, Virtual Assistants and Customer Support, and Others): Global Opportunity Analysis and Industry Forecast, 2022-2032″. According to the report, the global generative AI in insurance industry generated $ 761.4 million in 2022, and is anticipated to generate $14.4 billion by 2032, witnessing a CAGR of 34.4% from 2023 to 2032.
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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 AI (XAI) for transparency are expected to provide lucrative opportunities for the growth of the market during the forecast period.
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2022–2032 |
| Base Year | 2022 |
| Market Size in 2022 | $ 761.4 million |
| Market Size in 2032 | $14.4 billion |
| 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 serviceBetter risk assessment and premium determination |
| Opportunities | Risk modeling and underwriting advancementsAdoption of explainable AI (XAI) for transparency |
| Restraints | Data quality and regulatory challengesHigh 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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North America to maintain its dominance by 2032
Based on region, North America held the highest market share in terms of revenue in 2022, accounting for nearly two-fifths of the global generative AI in insurance market revenue, and is estimated to maintain its leadership status throughout the forecast period, owing to the need to analyze vast amounts of data for better risk assessment, fraud detection, and pricing optimization. With an increase in volume of data available, generative AI helps insurers make data-driven decisions to improve their services and stay competitive. However, Asia-Pacific is expected to witness the fastest CAGR of 38.1% from 2023 to 2032. This is attributed to the region’s expanding middle class, urbanization, and increased awareness of insurance products. As the demand for insurance services grows, generative AI enables insurers to automate tasks, enhance customer service, and improve risk assessment.
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.
