Portland, OR, June 08, 2023 (GLOBE NEWSWIRE) — Allied Market Research published a report, titled, “Insurance Chatbot Market by Type (Customer Service Chatbots, Sales Chatbots, Claims Processing Chatbots, Underwriting Chatbots, and Others) User Interface (Text-based Interface and Voice-based Interface): Global Opportunity Analysis and Industry Forecast, 2022-2032”. According to the report, the global insurance chatbot industry generated $467.4 million in 2022, and is anticipated to generate $4.5 billion by 2032, witnessing a CAGR of 25.6% from 2023 to 2032.
Request PDF Brochure: https://www.alliedmarketresearch.com/request-sample/78181
Prime determinants of growth
The global insurance chatbot market is driven by the growing demand for automated services and increasing adoption of AI and NLP technologies. In addition, growing need for cost savings and operational efficiency fosters the growth of the market. However, high implementation and maintenance costs hampers the market growth. On the contrary, technological advancements and rising adoption of chatbots by insurance companies is anticipated to provide lucrative opportunities for the growth of the market.
Report coverage & details:
|Market Size in 2022||$467.39 million|
|Market Size in 2032||$4.5 billion|
|No. of Pages in Report||300|
|Segments covered||Type, User Interface, and Region.|
|Drivers||Growth in demand for automated services Increase in adoption of AI and NLP technologies Rise in adoption of chatbots by insurance companies|
|Opportunities||Technological advancements Rise in adoption of chatbots by insurance companies|
|Restraints||High implementation and maintenance costs|
- The COVID-19 pandemic had brought about significant changes in consumer trends for the insurance chatbot market. The pandemic disrupted traditional claims processing methods, with many insurance companies were experiencing delays and challenges due to remote working conditions and increased claim volumes. Insurance chatbots equipped with artificial intelligence (AI) capabilities can assist in automating claims processing, reducing manual efforts, improving accuracy, and expediting the overall claims settlement process.
- Despite the challenges posed by the COVID-19 pandemic, the pandemic highlighted the importance of telemedicine and health insurance. Insurance chatbots integrated with telemedicine platforms to provide virtual health consultations and assistance, reducing the burden on healthcare systems.
- Overall, the COVID-19 pandemic accelerated the adoption of insurance chatbots, driven by the need for remote interactions, enhanced customer service, and automation of processes. Insurance companies that implemented chatbot solutions were able to navigate the challenges posed by the pandemic while improving operational efficiency and customer satisfaction.
The customer service chatbots segment to maintain its leadership status throughout the forecast period
Based on type, the customer service chatbots segment held the highest market share in 2022, accounting for more than two-fifths of the global insurance chatbot market revenue, and is estimated to maintain its leadership status throughout the forecast period. This is because chatbots provide a more engaging experience for customers compared to traditional communication channels, leading to increased customer satisfaction and loyalty. Further, chatbots can automate many customer service tasks, freeing up human resources to focus on more complex customer issues. This leads to improved operational efficiency and cost savings for insurance companies. However, the underwriting chatbots segment is projected to manifest the highest CAGR of 30.6% from 2023 to 2032, as underwriting chatbots can provide customers with clear and concise explanations of the underwriting process and the factors that are used to determine their premiums, enhance transparency, and improve customer satisfaction.
The text-based interface segment to maintain its leadership status throughout the forecast period
Based on user interface, the text-based interface segment held the highest market share in 2022, accounting for more than three-fourths of the global insurance chatbot market revenue, text-based interfaces are being integrated with popular messaging apps such as WhatsApp, Facebook Messenger, and WeChat, allowing customers to interact with them on their preferred platform. Further, text-based interfaces are being designed to support multiple languages, allowing insurance companies to serve a global customer base. However, the voice-based interface segment is projected to manifest the highest CAGR of 28.8% from 2022 to 2032, because voice-based interfaces are being designed with multimodal capabilities, allowing customers to switch between voice and text-based interactions seamlessly.
Procure Complete Report (300 Pages PDF with Insights, Charts, Tables, and Figures) @ https://bit.ly/3WQx0gh
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-fifth of the global insurance chatbot market revenue, the rising need for enhanced customer experience in the insurance sector of the region owing to greater awareness of customers about digital banking is fueling the growth of the market. Moreover, the increasing focus on providing advanced technological financial services to customers by the BFSI industry is propelling the growth of the market in the region. However,Asia-Pacific region is expected to witness the fastest CAGR of 30.2% from 2023 to 2032, and is likely to dominate the market during the forecast period.
Leading Market Players: –
- Amazon.com, Inc.
- Verint Systems, Inc.
- Nuance Communications, Inc.
- Inbenta Holdings Inc.
The report provides a detailed analysis of these key players of the global insurance chatbot market. These players have adopted different strategies such as partnership, product launch, and expansion 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.
Key benefits for stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the insurance chatbot market forecast from 2022 to 2032 to identify the prevailing insurance chatbot market opportunity.
- Market research is offered along with information related to key drivers, restraints, and opportunities of insurance chatbot market overview.
- 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 insurance chatbot market segmentation assists in determining the prevailing insurance chatbot market opportunity.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes an analysis of the regional as well as global insurance chatbot market trends, key players, market segments, application areas, and market growth strategies.
Insurance Chatbot Market Report Highlights
- Customer Service Chatbots
- Sales Chatbots
- Claims Processing Chatbots
- Underwriting Chatbots
By User Interface
- Text-based Interface
- Voice-based Interface
- 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)
Key Market Players: Amazon.com, Inc., Inbenta Holdings Inc., Oracle, Verint Systems, Inc., LivePerson, Botsify, Nuance Communications, Inc., Chatfuel, AlphaChat, IBM
Want to Access the Statistical Data & Graphs, and Key Players’ Strategies: https://www.alliedmarketresearch.com/insurance-chatbot-market/purchase-options
Trending Reports in BFSI Industry (Book Now with 10% Discount + COVID-19 Scenario):
U.S. Surplus Lines Insurance Market by Coverage (General Business Liability Insurance, Allied Lines Insurance, Fire Insurance, Inland Marine Insurance, Commercial Multi-Peril Insurance, Commercial Auto Insurance, and Others), Distribution Model (Retail Agents, Wholesalers, and Others), and Application (Commercial and Personal): Country Opportunity Analysis and Industry Forecast, 2020-2027
On-Demand Insurance Market by Coverage (Travel Insurance, Event Insurance, Renter’s Insurance, Electronic Equipment Insurance, Others), by End User (Individuals, Businesses): Global Opportunity Analysis and Industry Forecast, 2023-2032
IoT Insurance Market by Component (Solution and Service), Insurance Type (Life & Health Insurance, Property and Casualty (P&C) Insurance, and Others) and Application (Automotive, Transportation & Logistics, Life & Health, Commercial & Residential Buildings, Business & Enterprise, Agriculture and Others): Global Opportunity Analysis and Industry Forecast, 2020-2027
Reinsurance Market by Type (Facultative Reinsurance, Treaty Reinsurance), by Application (Property & Casualty Reinsurance, Life & Health Reinsurance), by Distribution Channel (Direct Writing, Broker), by Mode (Online, Offline): Global Opportunity Analysis and Industry Forecast, 2021-2031
Online Insurance Market by Enterprise Size (Large Enterprises, SMEs), by Insurance type (Life Insurance, Motor Insurance, Health Insurance, Others), by End User (Insurance Companies, Aggregators, Third Party Administrators and Brokers): Global Opportunity Analysis and Industry Forecast, 2021-2031
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” 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.
5933 NE Win Sivers Drive
#205, Portland, OR 97220
USA/Canada (Toll Free):
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Allied Market Research Blog: https://blog.alliedmarketresearch.com
Follow Us on | Facebook | LinkedIn | YouTube |
Disclaimer: The above press release comes to you under an arrangement with GlobeNewswire. Business Upturn takes no editorial responsibility for the same.