Projected to Reach US$ 14.4

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.

➡️𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 & 𝐓𝐎𝐂:

https://www.alliedmarketresearch.com/request-sample/283841

Generative AI empowers insurers to harness the power of advanced ML models, facilitating the creation of personalized recommendations and customized products for customers as well as the precise determination of individualized pricing while maintaining high levels of customer satisfaction. This data-driven approach enhances insurers’ decision-making capabilities as well as paves the way for a faster and more seamless digital buying experience for policyholders.

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.

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.

➡️𝐁𝐮𝐲 𝐂𝐨𝐦𝐩𝐥𝐞𝐭𝐞 𝐑𝐞𝐩𝐨𝐫𝐭 𝐚𝐭 𝐃𝐢𝐬𝐜𝐨𝐮𝐧𝐭𝐞𝐝 𝐏𝐫𝐢𝐜𝐞 @ 

https://bit.ly/3uGrMtA 

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.

➡️𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐂𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐚𝐭𝐢𝐨𝐧 𝐖𝐞 𝐨𝐟𝐟𝐞𝐫 𝐜𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐞𝐝 𝐫𝐞𝐩𝐨𝐫𝐭 𝐚𝐬 𝐩𝐞𝐫 𝐲𝐨𝐮𝐫 𝐫𝐞𝐪𝐮𝐢𝐫𝐞𝐦𝐞𝐧𝐭:

https://www.alliedmarketresearch.com/request-for-customization/283841

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.  

➡️𝐈𝐧𝐪𝐮𝐢𝐫𝐞 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠:

https://www.alliedmarketresearch.com/purchase-enquiry/283841

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 of Europe)

Asia-Pacific  (China, Japan, India, Australia, South Korea, Rest of Asia-Pacific)

LAMEA  (Latin America, Middle East, Africa)

➡️𝐓𝐫𝐞𝐧𝐝𝐢𝐧𝐠 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 𝐚𝐭 𝐃𝐢𝐬𝐜𝐨𝐮𝐧𝐭𝐞𝐝 𝐏𝐫𝐢𝐜𝐞:

Retail E-commerce Market https://www.alliedmarketresearch.com/retail-e-commerce-market-A06000

Starter Credit Cards Market https://www.alliedmarketresearch.com/starter-credit-cards-market-A315471

B2C Payments Market https://www.alliedmarketresearch.com/b2c-payment-market-A08297

Group Life Insurance Market https://www.alliedmarketresearch.com/group-life-insurance-market-A14963

LAMEA Travel Insurance Market https://www.alliedmarketresearch.com/lamea-travel-insurance-market

Banking Service Market https://www.alliedmarketresearch.com/banking-service-market

David Correa

1209 Orange Street, Corporation Trust Center, Wilmington, New Castle, Delaware 19801 USA.

Int’l: +1-503-894-6022 Toll Free: +1-800-792-5285

UK: +44-845-528-1300

India (Pune): +91-20-66346060 Fax: +1-800-792-5285 help@alliedmarketresearch.com

About Us:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports Insights” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

This release was published on openPR.