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Strategic Intelligence: Artificial Intelligence in Insurance

Publisher GlobalData
Published Feb 12, 2025
Length 83 Pages
SKU # GBDT19677250

Description

Strategic Intelligence: Artificial Intelligence in Insurance

Summary

This report provides an in-depth analysis of the future of artificial intelligence (AI) in the insurance industry. It explains what AI is and why it will be impactful, including GlobalData market data and forecasts on the size of AI as well as consumer insights from our global surveys. These findings showcase how ready consumers around the world are to interact with AI technology across all parts of the insurance value chain. The report looks into how AI is being used by insurers and insurtechs around the world with a series of case studies that illustrate progress to date, while also offering predictions about the future of the technology.

AI technology is still at a relatively early stage within the insurance industry, and consumers and companies are still getting to grips with it to an extent, especially in insurance. However, our survey data shows that a large proportion of insurance customers around the world are open to trying it across various sections of the insurance value chain (42.5% of global consumers are comfortable with trying an AI tool to receive insurance premiums, for example). Furthermore, it is clear that younger consumers are much more open to trying the technology and need less convincing to do so. This, combined with the expected improvement with AI technology, and importantly how insurers incorporate it, suggests that AI has a very significant role to play in the insurance industry over the next decade.

Scope
  • AI is still an immature market, but it contains a plethora of both big technology companies and disruptors. Technology players with large data sets and advanced AI chip capabilities are leading the pack, with US tech giants dominating each value chain segment and Chinese players rapidly advancing.
  • Despite the recent progress in the use of AI in real-world situations, such as facial recognition, virtual assistants, and (to a certain extent) autonomous vehicles, we are still in the early stages of the AI roadmap
  • M&A investment into AI in the insurance industry stalled slightly after the COVID-19 pandemic. However, there was a strong recovery in 2023 and 2024-with a 20.5% rise in completed deals in 2024 without including December figures.
  • Generative AI is already having an impact on insurance despite being relatively new technology. It rose to prominence in 2023 and has the potential to rapidly improve chatbots by making them more human-like and able to respond to live information and requests.
Reasons to Buy
  • Understand the hottest topic in financial services at present.
  • Learn about the impact the technology is already having and how that will evolve over time.
  • Identify the key players leading the way in AI in insurance.

Table of Contents

83 Pages
Executive Summary
Players
Technology Briefing
What is AI?
The AI roadmap
Advanced AI capabilities
Trends
Technology trends
Macroeconomic trends
Regulatory trends
Industry Analysis
AI global market sizing
Global consumers are ready to embrace AI in insurance
Insurers can reassure some hesitant customers
Privacy concerns are the largest barrier to AI adoption
AI chatbots are well-established in the insurance industry
AI appeal is mainly about the speed of service to consumers
AI in insurance use cases
AXA launches cyber product for risks associated with generative AI
Hiscox released an AI-powered underwriting model
Swiss Re expands GenAI integration for reinsurance and insurance
Agentech automates insurance claims processing with Agentic AI
Alula unveils wellness app
Timeline
Signals
Deal trends
Company filings
Patent trends
Hiring trends
Value Chain
Hardware
Semiconductors
Cameras
Sensors and lasers
Servers
Storage devices
Networking equipment
Edge equipment
Data management
Data integration
Data aggregation
Data processing
Data storage
Data validation
Data governance and security
Foundational AI
Data science
Machine learning
3D modeling
Knowledge representation and reasoning
Visualization engines
Advanced AI capabilities
Human-AI interaction
Decision-making
Motion
Creation
Sentience
Delivery
Hardware appliance
Licensed software
Artificial intelligence as a service
Companies
Sector Scorecards
Non-life insurance sector scorecard
Who’s who
Thematic screen
Valuation screen
Risk screen
Life insurance sector scorecard
Who’s who
Thematic screen
Valuation screen
Risk screen
Glossary
Further Reading
GlobalData reports
Our Thematic Research Methodology
About GlobalData
Contact Us
List of Tables
Table 1: Technology trends
Table 2: Macroeconomic trends
Table 3: Regulatory trends
Table 4: Companies
Table 5: Glossary
Table 6 GlobalData reports:
List of Figures
Figure 1: Who are the leading players in the AI theme, and where do they sit in the value chain?
Figure 2: Limited memory AI keeps track of the world
Figure 3: We are at the early stages of the AI roadmap
Figure 4: There are five categories of advanced AI capabilities
Figure 5: The global market for specialized AI applications will be worth $512 billion by 2030
Figure 6: The global specialized AI applications market will grow at a CAGR of 44%
Figure 7: North America and Asia-Pacific are the leading AI markets
Figure 8: Brazilian and Chinese consumers are the most comfortable with AI deciding their insurance premiums
Figure 9: Global consumers are slightly less comfortable with AI in claims but large proportions are open to it
Figure 10: Global insurance consumers would feel more comfortable knowing a human was involved
Figure 11: Consumers have a range of concerns about AI usage
Figure 12: Over a quarter of global consumers have already used AI chatbots for policy issues
Figure 13: Global insurance customers are pretty satisfied with AI chatbots to date
Figure 14: Responsiveness is the most attractive attribute of AI tools
Figure 15: The AI in insurance story
igure 16: Generative AI has sparked a recovery in the value of completed AI in insurance deals
Figure 17: Insurers are mentioning AI ever so slightly more in 2024 than in 2023
Figure 18: AI in insurance patents peaked in 2023
Figure 19: The insurance industry is continuously looking to hire more AI expertise
Figure 20: UnitedHealth has been looking to hire more AI experts than any other insurance player
Figure 21: The artificial intelligence value chain
Figure 22: The AI value chain - Hardware – semiconductors
Figure 23: The AI value chain - Hardware – cameras
Figure 24: The AI value chain - Hardware – sensors and lasers
Figure 25: The AI value chain - Hardware – servers
Figure 26: The AI value chain - Hardware – storage devices
Figure 27: The AI value chain - Hardware – networking equipment
Figure 28: The AI value chain - Hardware – edge equipment
Figure 29: The AI value chain - Data management – data integration
Figure 30: The AI value chain - Data management – data aggregation
Figure 31: The AI value chain - Data management – data processing
Figure 32: The AI value chain - Data management – data storage
Figure 33: The AI value chain - Data management – data validation
Figure 34: The AI value chain - Data management – data governance and security
Figure 35: The AI value chain - Foundational AI – data science
Figure 36: The AI value chain - Foundational AI – machine learning
Figure 37: The AI value chain - Foundational AI – 3D modeling
Figure 38: The AI value chain - Foundational AI – knowledge representation and reasoning
Figure 39: The AI value chain - Foundational AI – visualization engines
Figure 40: The AI value chain - Advanced AI capabilities – human-AI interaction
Figure 41: The AI value chain - Advanced AI capabilities – decision-making
Figure 42: The AI value chain - Advanced AI capabilities – motion
Figure 43: The AI value chain - Advanced AI capabilities – creation
Figure 44: The AI value chain - Advanced AI capabilities – sentience
Figure 45: The AI value chain - Delivery
Figure 46: Who does what in the non-life insurance space?
Figure 47: Thematic screen - Non-life insurance sector scorecard
Figure 48: Valuation screen - Non-life insurance sector scorecard
Figure 49: Risk screen - Non-life insurance sector scorecard
Figure 50: Who does what in the life insurance space?
Figure 51: Thematic screen - Life insurance sector scorecard
Figure 52: Valuation screen - Life insurance sector scorecard
Figure 53: Risk screen - Life insurance sector scorecard
Figure 54: Our five-step approach for generating a sector scorecard

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