Robotics in Insurance – Thematic Research

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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.

Report Pages 66
Regions Covered Global
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)

Robotics in Insurance

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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

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

Life Insurance Sector Scorecard – Thematic Screen

For more insights on the robotics in insurance score card, download a free report sample

Leading Robotics Adopters in Insurance

Some of the leading insurance companies making their mark within the robotics theme:

  • AIG
  • Allianz
  • Allstate
  • Chubb
  • MetLife
  • Swiss Re

Leading Robotics Vendors

Some of the leading companies within the robotics theme:

  • Cognex
  • Estun Automation
  • FANUC
  • HollySys
  • Honda
  • iRobot
  • Keyence

Leading Robotics Vendors in Insurance

Some of the specialist robotics vendors in the insurance sector:

  • Aloft
  • Cyberdyne
  • Droneflight
  • Loveland Innovations
  • Sproutel

To know more about leading companies making their mark within the robotics in insurance theme, download a free report sample

Scope

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.

6 River Systems

ABB

Abundant Robots

Admiral

Aerialtronics

Aflac

Agrobot

AIA

AIG

Airware

Alibaba

Allianz

Allstate

Aloft

Amazon

Ambarella

American Robotics

Aon

AppHarvest

Atlas Copco

Autel Robotics

AXA

Baker Hughes

Bangladesh Shipping Corporation

Bear Robotics

Betterview

Boeing

Boston Dynamics

Boston Dynamics

Broadcom

Brooks Automation

Bupa

C2RO

Cambridge Medical Robotics

Cape Analytics

Cazana

Chubb

Cisco

Clearpath

Cognex

Cyberdyne

CyPhy

Delair

DHL

Direct Line

DJI

Droneflight

Dronotec

Dyson

EagleView Technologies

EcoRobotix

Ekso Bionics

Electrolux

Elephant Robotics

Estun

Everest Re

ExRobotics

FANUC

Farmers Insurance

Festo

Flock

FlyIcarus

Flytrex

FM Global

Focal Meditech

Ford

Franka Emika

FreeFly

Fujifilm

Generali

Hahn Group

Haier

Harmonic Drive

Heritage

Hippo Analytics

HollySys

Honda

Honda Robotics

Honeywell

Huawei

Huntington Ingalls Industries

Hyundai Motor

Infineon

Inset

Intel

Intuitive Surgical

Iprosurv

iRobot

John Deere

Johnson & Johnson

Kawasaki

Keyence

KOKS

KUKA

LG Electronics

Lockheed Martin

Lockheed Martin

Loveland Innovations

Maiden Re

Maxon

Medrobotics

Medtronic

MetLife

MHP

Mic AG

Midea

Mitsubishi Motors

Munich Re

Nabtesco

Nachi-Fujikoshi

Neos

Nippon Ceramic

Northrop Grumman

NXP

Ocado

Omron

Parker Hannifin

Parrot

Perceptual Robotics

Ping An

PrecisionHawk

Preferred Networks

Qualcomm

Rabbit Tractors

Reha Technology

ReWalk Robotics

Robert Bosch

Robotiq

Rockwell Automation

Samsung Electronics

Seegrid

Siasun

Softbank

Sony

Sovcomflot

Sproutel

Stellantis

Stryker

Swiss Re

TE Connectivity

Teradyne

Textron

Thales Group

Toyota

Travelers

TropoGo

Ubtech

United Robotics Group

Vecna

Wingcopter

Yaskawa

Yuneec

Zego

Zesty.ai

Zetta Insurance

Zhong An

Zilveren Kruis

Zimmer Biomet

Zipline

Zora Robotics

Zurich Insurance

Table of Contents

Executive Summary

Robotics Value Chain

Insurance Challenges

The Impact of Robotics on Insurance

Case Studies

Data Analysis

Companies

Sector Scorecard

Glossary

Further Reading

Our Thematic Research Methodology

About GlobalData

Contact Us

Frequently asked questions

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