AI in Insurance Market Estimated To Reach $16.5 Billion By 2023
Artificial intelligence is disrupting every phase in the value chain of insurance including virtual agent and chatbots that provide customized product recommendations and manage customer service inquiries. It also makes automated claims processing and claims estimates more quickly and accurately.
InsurTech is using AI capabilities to create a new range of innovative products, such as instantly customizable life insurance and on-demand property coverage. While some key insurance companies are investing aggressively in AI, most insurers are moving slowly, as they are not sure about how to deploy these technologies in the best possible way. In 2018, only 51% of insurance executives claimed AI technologies to be extremely or very important to their companies’ success. But as compared to other industries, this number was very small.
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According to AllTheResearch, the global AI in Insurance market will see substantial growth by USD 16.5 billion in 2023. AI Insurance is expanding at a faster rate to a wider range of countries. Insurance companies like Insurify, Ccc, Lemonade, Zest finance, Clear cover, and Fly reel have already started using AI technology in Insurance claim, payments, and recommendations. AI can change the outlook of the business model of an insurer by enhancing the speed at which tasks can be carried out with the help of Robotic Process Automation (RPA). RPA helps in reducing repeatable tasks from operational teams and in performing more complex actions It also helps in optimizing the services insurers can provide to customers, brokers, and other external third parties, based on their relationships, preferences, and past interactions.
Global AI in Insurance
At the regional level, EMEA recorded moderate growth in the Property and Casualty Insurance (P&C) and health insurance segments. Growth in the American region has been characterized by strong progress in the health insurance segment and moderate growth in the P&C segment. Life insurance is expected to be a bit unpredictable, owing to changes in US regulations. On the other hand, in APAC, the insurance industry grew in all three segments in 2019, with the health insurance segment generating a double-digit growth.
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In the life insurance segment, most regions, except the Americas and Western Europe, noticed growth in 2019, but the extent of the growth, as well as the factors responsible for it, varied by region. It is observed that since 2018, Asian countries such as China, Hong Kong, and India have achieved the strongest gains in life insurance segment. Property & casualty insurance has remained stable over the past five years, growing at a rate of 4-5%. It is also expected to grow at 4.2% for the year 2020. At the regional level, the APAC region accounts for only 23%. The P&C insurance market has been the key driver of growth, growing at an average rate of 9% per annum (p.a.) and is estimated to grow even faster in the future.
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