Robotics in Insurance – Thematic Research
All the vital news, analysis, and commentary curated by our industry experts.
Robotics is a fast-growing industry that is helping insurers inspect post-catastrophe areas that are hazardous for human adjusters. Insurers are increasingly using a key segment of the robotics value chain, drones, to streamline claims and risk assessment processes. Drones help insurers gather vast amounts of data, including images of large or hard-to-reach assets, whether for risk assessment or during the claims process. Maintenance robots monitor the condition of an asset and alert customers when a repair is needed, reducing the likelihood of future claims. Although in its nascent stage, the insurance industry is using inspection robots to safely inspect post-disaster zones, which can gather more information about an environment than a drone. Furthermore, medical robots and exoskeletons are areas of interest for life insurers who offer policyholders access at no additional cost.
Many insurers also use drones to conduct risk and damage assessments for crop fields or hard-to-access areas. Like robots, drones can inspect dangerous terrains and assets, saving on the need for additional agents and infrastructure for human inspections. In addition, drones allow inspections to be carried out more quickly, improving customer service.
Robotics in insurance thematic intelligence report gives an overview of the robotics value chain, case studies of robotics deployment in the insurance sector, market size, growth forecasts, and the specialist robotics vendors in the market.
|Market Value (2020)||$45.3 billion|
|CAGR (2020 – 2030)||>28%|
|Value Chains||Hardware Components, Software Components, Robot Manufacturing, and Robotics as a Service|
|Leading Robotics Adopters||AIG, Allianz, Allstate, Chubb, MetLife and Swiss Re|
|Leading Robotics Vendors||Cognex, Estun Automation, FANUC, HollySys, Honda, iRobot and Keyence|
|Specialist Robotics Vendors||Aloft, Cyberdyne, Droneflight, Loveland Innovations and Sproutel|
Robotics in Insurance – Industry Analysis
The robotics industry was worth $45.3 billion in 2020 and is estimated to grow at a CAGR of more than 28% during 2020-2030. The robotics industry can be split into two main areas: industrial robots and service robots. The service robots segment accounted for a significant share of the total robotics market in 2020. However, the industrial robots market is expected to grow faster over the rest of the decade.
The Robotics in Insurance thematic research report also covers:
- Mergers and acquisitions
- Patent trends
- Company filings trends
- Hiring trends
- Robotics timeline
Service and Industrial Robots Revenue, 2020-2030 ($ Billion)
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Robotics - Value Chain Analysis
GlobalData’s robotics value chain comprises four main segments: hardware components, software components, robot manufacturing, and robotics as a service. Most robots have several hardware components, primarily precision mechanical parts and semiconductors.
Robotics Value Chain
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Robotics in Insurance Sector Scorecard
GlobalData uses a scorecard approach to predict tomorrow’s leading companies within each sector. The sector scorecards help to determine which companies are best positioned for a future filled with disruptive threats. Each sector scorecard has three screens:
- The thematic screen ranks companies based on overall leadership in the 10 themes that matter most to their industry, generating a leading indicator of future performance.
- The valuation screen ranks our universe of companies within a sector based on selected valuation metrics.
- The risk screen ranks companies within a particular sector based on overall investment risk.
Life Insurance Sector Scorecard – Thematic Screen
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Leading Robotics Adopters in Insurance
Some of the leading insurance companies making their mark within the robotics theme:
- Swiss Re
Leading Robotics Vendors
Some of the leading companies within the robotics theme:
- Estun Automation
Leading Robotics Vendors in Insurance
Some of the specialist robotics vendors in the insurance sector:
- Loveland Innovations
To know more about leading companies making their mark within the robotics in insurance theme, download a free report sample
Depending on the application, level of sophistication, and reliability requirements, robotics generally involves several levels of control and processing, including onboard hardware and software, and increasingly, cloud processing and the pooling of knowledge from multiple robots.
Reasons to Buy
- Position yourself for success by understanding the ways in which robotics should be deployed within the insurance sector to mitigate the challenges of COVID-19, ESG, and falling profitability.
- Source the leading and specialist vendors of robotics technologies for the insurance sector. Discover what each vendor offers, and who some of their existing clients are.
- Quickly identify attractive investment targets in the insurance industry by understanding which companies are most likely to be winners in the future based on our thematic scorecard.
- Gain a competitive advantage in the insurance industry by understanding the value of robotics solutions for each segment of the insurance value chain.
Bangladesh Shipping Corporation
Cambridge Medical Robotics
Huntington Ingalls Industries
Johnson & Johnson
United Robotics Group
Table of Contents
Robotics Value Chain
The Impact of Robotics on Insurance
Our Thematic Research Methodology
Frequently asked questions
What was the robotics market value in 2020?
The robotics industry was valued at $45.3 billion in 2020.
What is the robotics market growth rate during the forecast period (2020 – 2030)?
The global robotics market is expected to grow at a CAGR of more than 28% during the forecast period.
What are the components of the robotics value chain?
The robotics value chain is split into four segments: hardware components, software components, robot manufacturing, and robotics as a service.
Which are the leading robotics adopters in insurance?
Some of the leading robotics adopters in insurance are AIG, Allianz, Allstate, Chubb, MetLife and Swiss Re among others.
Which are the leading companies associated with robotics?
Some of the leading companies associated with robotics are Cognex, Estun Automation, FANUC, HollySys, Honda, iRobot and Keyence among others.
Which are specialist robotics vendors in insurance?
Some of the leading robotics vendors making their mark in insurance sector are Aloft, Cyberdyne, Droneflight, Loveland Innovations and Sproutel among others.
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