Artificial Intelligence (AI) in Insurance – Thematic Research

Incumbent insurers are increasingly under threat from disruptive insurtech startups. These companies are drawing on technologies such as artificial intelligence (AI), cloud computing, and the internet of things (IoT) to offer a more personalized insurance experience. Additionally, technologies such as machine learning (ML), computer vision (CV), and conversational platforms can enhance customer service, claims processing, and underwriting. The emergence of several specialist tech vendors has meant these tools are now more accessible to the ordinary insurer.

The AI in insurance thematic research report highlights the impact of AI in the insurance industry and discusses insurance challenges, case studies, AI timelines, and value chains.

AI in Insurance – Industry Analysis

The AI platform revenue in the insurance industry was worth $1.2 billion in 2019 and is expected to achieve a CAGR of more than 22% during 2019-2024. High APAC spending on AI platforms in the insurance sector will be driven by the Chinese tech giant’s role in the country’s domestic insurance market. Alibaba, Tencent, and Baidu will play an influential role in the marketing and distribution of insurance via their numerous partnerships with Chinese insurers.

The AI in the insurance industry analysis also covers:

• Mergers and acquisitions
• AI Timeline

AI Platform Revenue in the Insurance Industry by Region, 2019-2024

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AI in Insurance - Value Chain Analysis

GlobalData’s AI value chain consists of four segments: data inputs, big data management, AI technology, and AI use cases. It provides an overview of seven main AI technologies such as machine learning (ML), data science, conversational platforms, computer vision, AI chips, smart robots, and context-aware computing.

Machine Learning: Many companies use ML as part of predictive data models or software platforms that analyze behavioral data. Businesses have also taken ML and applied it to specific industry use cases, such as detecting bank fraud, assessing a person’s creditworthiness, preventing cyberattacks, and delivering personalized ads to consumers.

AI Value Chain Analysis

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Leading AI Adopters in the Insurance Industry

Some of the leading insurance companies that are currently deploying AI are Allianz, Aon, AXA, Brit, Chubb, Direct Line Group, and Lemonade.

Leading AI Vendors

Some of the leading vendors associated with the AI theme are Alibaba, Alphabet, Amazon, Apple, Darktrace, Graphcore, Megvii, and Mobvoi.

Specialist AI Vendors in the Insurance Industry

Some of the specialist AI vendors in the insurance industry are Afiniti, Cape Analytics, CCC Information Services, Clara Analytics, Cytora, and Flyreel.

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Insurance Sector Scorecard

At GlobalData, we use a scorecard approach to predict tomorrow’s leading companies within each sector. Our sector scorecards have three screens: a thematic screen, a valuation screen, and a risk screen. The insurance sector scorecard has two screens:

• The thematic screen tells us who are the overall leaders in the 10 themes that matter most, based on our thematic engine.
• The valuation screen ranks our universe of companies within a sector based on selected valuation metrics.

Insurance Sector Scorecard – Thematic Screen

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AI in Insurance Market Overview

Scope

• Growth forecast of the AI platform market in the insurance sector, including a regional breakdown of sector spending on AI technologies.
• Recommendations on which of the seven key AI technologies should be deployed across the insurance value chain (product development, marketing and distribution, underwriting and risk profiling, claims management, and customer service), and where they will offer the most value.
• Several examples of sector-specific AI use cases, in addition to qualitative analysis of the benefits these AI solutions can offer insurance companies.
• Identification of the leading insurance companies adopting AI segmented by business line (motor, property, and life insurance), alongside in-depth coverage of the various specialist tech vendors with insurance-specific AI platforms.
• GlobalData’s Insurance thematic scorecard ranks companies in the sector based on investment in ten key themes disrupting the industry, including AI. This is informed by GlobalData’s comprehensive tracking of AI-related deals, job openings, patents ownership, company news, and financial and marketing statements.

Reasons to Buy

Insurance companies:

• Identify leading AI vendors in insurance and pinpoint potential partners based on our comprehensive analysis of where in the value chain, and in which insurance sectors, vendors can best support.
• Benchmark your AI strategy against competitors in the sector through access to several examples of successful AI investment case studies and insurer-vendor partnerships. This includes Aon’s partnership with leading vendor Zesty.ai and Zurich’s collaboration with Greater Than.
• Improve existing investment in AI technology by learning where in the insurance value chain AI can be used, and the benefits of those use cases. Discussion of specific insurance business lines helps clarify which AI technologies will be most useful to different insurers, and where to prioritize resources.

Vendors:

• Develop marketing messages and value propositions for your AI solutions targeted at potential insurance partners by learning about some of the key insurance sector sentiments towards AI technology and its business benefits.
• Quantify the sales opportunity for AI platforms in your regional market by accessing GlobalData’s market growth forecast segmented by geographic region.