AI in Insurance Market to Reach $45.74 Billion, Globally, by 2031 at 32.5% CAGR: Allied Market Research

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AI in Insurance Market
During the COVID-19 epidemic, the AI in
insurance industry was positively impacted due to
the sudden lockdown in 2020. Moreover, with the
rise in COVID-19 pandemic various companies are
implementing AI into their processes, it can save
time, reduce costs, improve customer experience,
and increase profitability. Indeed, AI can
transform typically tedious and time-consuming
processes, underwriting, claims management, fraud
detection, and customer service.
Beesetty Yogendra, Pramod Borasi ,Vineet
KumarLead Analyst, IT in BFSI at Allied Market
Research
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Financial Consulting Software Market
Increase in investment by insurance companies in
AI machine learning and rise in preference for
personalized insurance services boost the growth
of the global AI in insurance market. In
addition, increase in collaboration between
insurance companies and AI machine learning
solution company positively impact growth of the
AI in insurance market. However, higher
deployment cost of AI, advanced machine learning,
and lack of skilled labour hamper the AI in
insurance market growth. On the contrary,
increase in government initiatives and rise in
investments to leverage the AI technology are
expected to offer remunerative opportunities for
expansion of the AI in insurance market during
the forecast period. According to a new report
published by Allied Market Research, titled, AI
in Insurance Market," The ai in insurance market
was valued at 2.74 billion in 2021, and is
estimated to reach 45.74 billion by 2031,
growing at a CAGR of 32.56 from 2022 to
2031.
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Financial Consulting Software Market

• KEY FINDINGS OF THE STUDY
• By component, the software segment accounted for
  the largest AI in insurance market share in 2020.
• Region wise, North America generated highest
  revenue in 2020.
• Depending on application, the lead
  management generated the highest revenue in 2020.

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Financial Consulting Software Market

• Key Benefits For Stakeholders
• This report provides a quantitative analysis of
  the market segments, current trends, estimations,
  and dynamics of the ai in insurance market
  analysis from 2021 to 2031 to identify the
  prevailing ai in insurance market opportunities.
• The market research is offered along with
  information related to key drivers, restraints,
  and opportunities.
• Porter's five forces analysis highlights the
  potency of buyers and suppliers to enable
  stakeholders make profit-oriented business
  decisions and strengthen their supplier-buyer
  network.
• The report includes the analysis of the regional
  as well as global ai in insurance market trends,
  key players, market segments, application areas,
  and ai in insurance market forecast strategies.

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Financial Consulting Software Market
Major Companies The key players profiled in
the AI in insurance market analysis are Clearbit,
Demandbase, Inc., Dun Bradstreet Corporation,
Data Axle, HG Insights, InsideView, LinkedIn
Corporation, Oracle Corporation, ZoomInfo
Technologies LLC, and Zoho Corporation. These
players have adopted various strategies to
increase their market penetration and strengthen
their position in the AI in insurance industry.
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Financial Consulting Software Market
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