AI insurance market growth projected globally until 2029.

TLDR:

Key Points:

• Global generative AI in insurance market projected to grow at a CAGR of 33.1% from 2024 to 2029
• Key market trends include personalized customer experiences, operational efficiency, and ethical/regulatory considerations

The global generative AI in insurance market is seeing significant growth, driven by the demand for personalized experiences and operational efficiency. Insurers are leveraging generative AI for tasks such as underwriting automation, risk assessment, fraud detection, and customer service. There is a focus on ethical and regulatory considerations to address biases, discrimination, and data privacy concerns.

The market is expected to see the largest growth in Asia Pacific, with North America holding the largest share. Key players in the market include LeewayHertz, Markovate, Azati Software, Solulab, Tensorway, Chisel AI, Avaamo, Accubits, InData Labs, and Gradient AI.

Overall, the use of generative AI in insurance is transforming the industry by delivering personalized solutions, improving operational efficiency, and addressing ethical and regulatory challenges.