Artificial Intelligence
Insurance Chatbot Market to Reach $4.5 Billion , Globally, by 2032 at 25.6% CAGR: Allied Market Research
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.
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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:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size in 2022 | $467.39 million |
| Market Size in 2032 | $4.5 billion |
| CAGR | 25.6% |
| 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 |
Covid-19 Scenario
- 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.
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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.
- IBM
- Oracle
- Verint Systems, Inc.
- AlphaChat
- Chatfuel
- LivePerson
- Botsify
- 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
By Type
- Customer Service Chatbots
- Sales Chatbots
- Claims Processing Chatbots
- Underwriting Chatbots
- Others
By User Interface
- Text-based Interface
- Voice-based Interface
By Region
- 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
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Artificial Intelligence
Xinhua Silk Road: E China’s Changzhou City unveils investment opportunities in sectors of new productive forces for global investors
BEIJING, Sept. 29, 2024 /PRNewswire/ — Changzhou City, an leading international smart manufacturing base located in east China’s Jiangsu Province, has released a bunch of investment investment opportunities to global investors in various sectors of new productive forces at the the 2024 New Energy Industry Development Conference & Invest in Changzhou Conference held in the city on September 19.
The investment opportunities covers nine areas including synthetic biology, low-altitude economy, intelligent connected new energy vehicles, solid-state batteries, hydrogen energy, third-generation semiconductors, and artificial intelligence, manifesting the confidence of Changzhou in further opening development.
Changzhou, seated in the axis of the Yangtze River Delta, has become an important base for advanced manufacturing in China.
In recent years, thanks to intensified efforts in developing new energy industry and fostering new quality productive forces, Changzhou has expanded the added value of its industrial sector to more than two trillion yuan, with manufacturing added value accounting for about 43 percent, both ranking among the top three in Jiangsu Province.
In the Hurun China New Energy Cities 2024, a list released by the Hurun Research Institute at the conference, Changzhou ranked first among other cities in the country for three consecutive years in terms of investment attractiveness and concentration.
Changzhou has accumulated a total of 10.59 billion US dollars (nearly 74.25 billion yuan) in terms of actually utilized foreign capital since 2020. Major projects such as soft magnetism of ArcelorMittal and medical device of BIOS, a Hong Kong-based company, have been launched during the conference.
In addition, Changzhou has released a multilingual guide for foreign nationals in Changzhou at the conference, which includes practical service items in stay and residence, work, convenient payment options, among others, turning the city into a more open and international place.
Original link: https://en.imsilkroad.com/p/342380.html
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Artificial Intelligence
CGTN: China honors individuals with highest awards in celebration of 75th National Day
BEIJING, Sept. 29, 2024 /PRNewswire/ — Huang Zongde enlisted in the Chinese People’s Liberation Army at the age of 17, beginning a nearly four-decade-long military career where his bravery, valor and devotion earned him countless awards and honors.
The heavily decorated 93-year-old received the highest state honor on Sunday when Chinese President Xi Jinping conferred him with the Medal of the Republic at a ceremony in the Great Hall of the People in Beijing.
China awarded national medals and national honorary titles to 15 individuals, including Huang, in recognition of their contribution and achievement as it celebrates the 75th anniversary of the founding of the People’s Republic of China, which falls on October 1.
Chinese heroes and role models
In addition to Huang, three others were awarded the Medal of the Republic. Wang Yongzhi, a missile and rocket expert and a pioneer of China’s manned space program, was honored posthumously. Wang Zhenyi, a medical scientist known for breakthroughs in leukemia treatment, and Li Zhensheng, an expert in wheat breeding, are also among the honorees.
The national honorary titles went to 10 people, including scientists, a border patrolman, an artist, a craftsman, educators, a health worker, an economist and an athlete.
Addressing Sunday’s awarding ceremony, President Xi, also general secretary of the Communist Party of China Central Committee and chairman of the Central Military Commission, called on the Chinese people to learn from heroes and role models to form a mighty force to build a strong China.
China is in a crucial period for building a great modern socialist country in all respects and achieving national rejuvenation through Chinese modernization, he said.
Encouraging the Chinese people to strive for extraordinary achievements at ordinary job posts, Xi urged them to contribute to resolving challenges to development and reform and safeguarding social harmony and stability.
China’s old friends and good friends
As its highest state honor for foreigners, China awarded the Friendship Medal to Dilma Rousseff, president of the New Development Bank and former Brazilian president, for her commitment to the friendship between China and Brazil, and development of relationship between China and the Community of Latin American and Caribbean States, and cooperation among BRICS countries, a group of major emerging economies.
Accepting the honor at the ceremony, Rousseff said the medal symbolizes the strong bonds between Brazil and China and pledged to continue her unremitting efforts to promote the friendship.
China’s achievements over the decades, including economic transformation, technological innovation and remarkable social development, have made it a beacon and a source of inspiration for the world, she said.
Xi lauded Rousseff as an outstanding representative of China’s old friends and good friends who have shared the same aspirations and stood together with the Chinese people over the past 75 years and vowed that China will never forget such international friends.
The Chinese people are ready to join hands with people from all over the world to safeguard world peace, promote common development and advance the building of a community with a shared future for mankind to create a better future for humanity, he said.
https://news.cgtn.com/news/2024-09-29/China-honors-individuals-with-highest-awards-ahead-of-National-Day-1xhS1SaZeZa/p.html
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HANGZHOU, China, Sept. 29, 2024 /PRNewswire/ — On September 26, a delegation from the Ministry of Digital Development, Innovations and Aerospace Industry of the Republic of Kazakhstan, led by Minister Madiyev Zhaslan, visited SUPCON. SUPCON’s Chairman and President, Mr.Cui Shan, warmly welcomed the delegation.
The Kazakhstan government representatives expressed their appreciation and recognition of SUPCON’s expertise and innovation in intelligent manufacturing, digital transformation, and industrial AI.
Madiyev Zhaslan expressed a strong interest in industrial AI technologies of SUPCON, particularly their applications in intelligent and low-carbon facilities. He looks forward to exploring extensive collaboration with SUPCON across various sectors in Kazakhstan.
Cui Shan emphasized that as a leading industrial AI company with a global presence, SUPCON will leverage its technological advantages to meet Kazakhstan’s industry development requirements and trends, injecting new momentum into the country’s industrial digitalization.
In 2023, SUPCON established a subsidiary in Kazakhstan as its Central Asia regional headquarters and set up a localized operational system. SUPCON will continue to invest in the long-term development of the Central Asia region, contributing further wisdom and strength to the industrial digital transformation in Kazakhstan and beyond.
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View original content:https://www.prnewswire.co.uk/news-releases/kazakhstan-government-delegation-visited-supcon-302261857.html
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