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Generative AI in Insurance Market to Reach $14.4 Billion, Globally, by 2032 at 34.4% CAGR: Allied Market Research
Faster claims processing through generative AI, responsive and efficient customer service, and better risk assessment and premium determination drive the growth of the generative AI in insurance market.
PORTLAND, Ore., Dec. 7, 2023 /PRNewswire/ — Allied Market Research published a report, titled, “Generative AI in Insurance Market by Component (Solution and Service), Technology (Generative Adversarial Networks (GANs), Transformers, Variational Auto-encoders, Diffusion Networks, and Others), and Application (Personalized Insurance Policies, Automated Underwriting, Claims Processing Automation, Fraud Detection and Prevention, Virtual Assistants and Customer Support, and Others): Global Opportunity Analysis and Industry Forecast, 2022-2032″. According to the report, the global generative AI in insurance industry generated $ 761.4 million in 2022, and is anticipated to generate $14.4 billion by 2032, witnessing a CAGR of 34.4% from 2023 to 2032.
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- 129 – Tables
- 63 – Charts
- 274 – Pages
Prime determinants of growth
The generative AI in insurance market is expected to witness notable growth owing to faster claims processing through generative AI, responsive and efficient customer service, and better risk assessment and premium determination. Moreover, risk modeling and underwriting advancements and adoption of explainable AI (XAI) for transparency are expected to provide lucrative opportunities for the growth of the market during the forecast period.
Report coverage & details:
|
Report Coverage |
Details |
|
Forecast Period |
2022–2032  |
|
Base Year |
2022 |
|
Market Size in 2022 |
$ 761.4 million |
|
Market Size in 2032 |
$14.4 billion |
|
CAGR |
34.4 % |
|
No. of Pages in Report |
274 |
|
Segments Covered |
Component, Technology, Application, and Region. |
|
Drivers |
Faster claims processing through generative AI Responsive and efficient customer service Better risk assessment and premium determination |
|
Opportunities |
Risk modeling and underwriting advancements Adoption of explainable AI (XAI) for transparency |
|
Restraints |
Data quality and regulatory challenges High implementation cost |
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The solution segment to maintain its leadership status throughout the forecast period
Based on component, the solution segment held the highest market share in 2022, accounting for more than two-thirds of the global generative AI in insurance market revenue, and is estimated to maintain its leadership status throughout the forecast period. This is attributed to the increase in the need to handle large volumes of data and to provide personalized services to customers. However, the service segment is projected to attain the highest CAGR of 36.5% from 2023 to 2032, owing to the fact that generative AI enhances risk assessment, helping insurance companies make more accurate decisions. In addition, the demand for personalized policy recommendations and insights is encouraging the use of generative AI services.
The generative adversarial networks (GANs) segment to maintain its leadership status throughout the forecast period
Based on technology, the generative adversarial networks (GANs) segment held the highest market share in 2022, accounting for around one-third of the global generative AI in insurance market revenue, and is estimated to maintain its leadership status throughout the forecast period. This is attributed to its ability to create realistic and diverse synthetic data, which is crucial for tasks such as risk assessment, fraud detection, and personalized underwriting. However, the diffusion networks segment is projected to attain the highest CAGR of 38.6% from 2023 to 2032, owing to their ability to handle sequential data and model complex dependencies over time. In insurance, where events and claims evolve over periods, diffusion networks can predict and simulate future scenarios with precision, aiding in risk assessment and pricing.
The automated underwriting segment to maintain its leadership status throughout the forecast period
Based on application, the automated underwriting segment held the highest market share in 2022, accounting for nearly one-third of the global generative AI in insurance market revenue, and is estimated to maintain its leadership status throughout the forecast period. This is attributed to the fact that generative AI streamlines the underwriting process by automating risk assessment and decision-making. AI models can analyze historical data, identify patterns, and predict risks, enabling insurers to make more accurate and efficient underwriting decisions. However, the virtual assistants and customer support segment is projected to attain the highest CAGR of 41.7% from 2023 to 2032, owing to the fact that generative AI-powered virtual assistants provide real-time support to customers, addressing policy inquiries, claims status updates, and general insurance-related questions.
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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-fifths of the global generative AI in insurance market revenue, and is estimated to maintain its leadership status throughout the forecast period, owing to the need to analyze vast amounts of data for better risk assessment, fraud detection, and pricing optimization. With an increase in volume of data available, generative AI helps insurers make data-driven decisions to improve their services and stay competitive. However, Asia-Pacific is expected to witness the fastest CAGR of 38.1% from 2023 to 2032. This is attributed to the region’s expanding middle class, urbanization, and increased awareness of insurance products. As the demand for insurance services grows, generative AI enables insurers to automate tasks, enhance customer service, and improve risk assessment.
Leading Market Players: –
- DataRobot, Inc.
- Microsoft Corporation
- Amazon Web Services, Inc.
- Avaamo
- IBM Corporation
- LeewayHertz
- Persado, Inc.
- Aisera
- Shift Technology
- AlphaChat
The report provides a detailed analysis of these key players of the global generative AI in insurance market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others 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.
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Key Benefits for Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the generative AI in insurance market analysis from 2022 to 2032 to identify the prevailing generative AI in insurance market opportunity.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- The 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 generative AI in insurance market segmentation assists to determine the prevailing generative AI in insurance market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the generative AI in insurance market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as generative AI in insurance market trends, key players, market segments, application areas, and market growth strategies.
Generative AI in Insurance Market Report Highlights
By Component:
- Solution
- Service
By Technology:
- Generative Adversarial Networks (GANs)
- Transformers
- Variational Auto-encoders
- Diffusion Networks
- Others
By Application:
- Personalized Insurance Policies
- Automated Underwriting
- Claims Processing Automation
- Fraud Detection and Prevention
- Virtual Assistants and Customer Support
- Others
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)
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About Us:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports Insights” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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CGTN: Hainan’s Message to the World: CGTN’s Exclusive Interview with Governor Liu Xiaoming
BEIJING, March 11, 2025 /PRNewswire/ — A Historic Milestone for Hainan
The Hainan Free Trade Port (Hainan FTP) is approaching a historic milestone with the implementation of independent customs operations, a key objective outlined in the Master Plan for Building the Hainan Free Trade Port. This achievement marks a fundamental and symbolic step in Hainan’s ongoing development, as the initiative has been written into the provincial government work report for seven consecutive years. Chinese President Xi Jinping has emphasized the importance of this initiative, stressing the need for a smooth, orderly, and risk-free transition.
In an exclusive interview with CGTN’s Liu Xin, Mr. Liu Xiaoming, Governor of the Hainan Province, confirmed that preparations are well underway to ensure a smooth and successful transition before the end of the year.
Contrary to misconceptions about isolation, the customs framework follows a “front line open, second line controlled, and free movement within” model. This structure facilitates international trade while maintaining necessary regulatory oversight between Hainan and the mainland.
“Progress has been smooth, with five major systems – policy, infrastructure, risk control, industry, and organizational support – gradually taking shape,” said Mr. Liu. “We are ready.”
A Business Environment Open to the World
Beyond customs operations, Hainan is committed to enhancing its business environment, recognizing it as a “golden ticket” to success. Efforts have been made to develop a market-oriented, law-based, and globalized business environment. Hainan has taken a national lead in streamlining government services, introducing a one-stop enterprise service platform with smart policy matching, credit repair, and regulatory support. Foreign enterprises registered in Hainan enjoy equal access to these services.
Addressing concerns about foreign investors’ experiences in Hainan, Liu Xiaoming emphasized the importance of improving internet access and payment convenience. Policies have been implemented to facilitate smoother transactions and daily life for foreign businesses and residents.
Strategic Industries Driving Growth
The province has focused on four key industries: tourism, modern services, high-tech industries, and tropical agriculture. The combined share of these sectors in Hainan’s economy has increased from 52.4% in 2018 to 67% in 2023. Additionally, Hainan has embraced five strategic directions: agriculture, maritime, aerospace, green development, and the digital economy.
Maritime development, in particular, stands out as a priority. “Harnessing the power of the ocean” is a key initiative for Hainan, which oversees about 2 million square kilometers of ocean, mostly deep sea. With nearly 1,000 enterprises and research institutions already engaged in deep-sea technology and marine industries, Hainan’s maritime economy has maintained double-digit growth, contributing to over one-third of the province’s GDP. Plans are underway to further expand deep-sea energy, high-end equipment manufacturing, offshore aquaculture, marine biomedicine, and maritime tourism. “Our goal is to create a ‘new Hainan on the sea’ within the next decade,” Liu Xiaoming stated.
Leading the Way in Green Development
In addition to economic development, environmental sustainability remains a top priority. Hainan is recognized as having the best ecological environment in China.
A prime example of Hainan’s green initiatives is the Bo’ao near-zero carbon demonstration zone. Through energy-efficient building renovations, renewable energy replacements, and agro-photovoltaic systems, carbon emissions on Dongyu Island, a permanent site for the Bo’ao Forum for Asia, have been reduced by 96.2%. The German Energy Agency has certified this as China’s first regional near-zero carbon demonstration zone.
With independent customs operations on the horizon, ever-improving business environment, strategic industrial development, and firm ecological commitments, Hainan is poised to become a global leader in trade, innovation, and sustainability. The Free Trade Port’s future promises dynamic growth and increased international engagement, ensuring that its development aligns with both national goals and global economic trends.
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NICOSIA, Cyprus, March 11, 2025 /PRNewswire/ — Global iGaming platform BC.GAME has announced plans to expand upon its first esports team led by a quintet of world-class players. The BC.GAME ESPORTS team will compete on the global stage in 2025 against the world’s best CS2 players and be complemented by the formation of new BC.GAME teams.
The creation of BC.GAME ESPORTS in 2024 has expanded the BC.GAME brand and spotlighted the platform’s innovative iGaming offerings. In the process, it’s raising the profile of the five acclaimed CS2 players who will compete for top prizes in major tournaments in 2025 and beyond.
Tactical FPS game Counter-Strike 2 (CS2) is one of the world’s most popular esports games, attracting international teams that compete for millions of dollars in prize money. The BC.GAME ESPORTS team is composed of CS2 pros jkaem (Norway), nawwk (Sweden), Cypher (UK), pr1metapz (Germany), and Nexa (Serbia). Their combined skill and experience have equipped the team to challenge for prizes on the CS2 circuit.
Since forming in 2024, BC.GAME ESPORTS has already secured the Euproleague S17 Championship, United21 S23 Championship, and qualified for IEM Dallas 2025, making a bold statement on the international stage. At the IEM Dallas 2025 Europe Closed Qualifier, BC.GAME ESPORTS’ jkaem ranked second in player ratings (1.43), showcasing the team’s exceptional form.
30-year-old jkaem, who serves as team Rifler, boasts over 190,000 followers and a CS2 K/D (kill/death) ratio of 1.23. Four team members have a positive K/D ratio, with their credentials burnished by their coronation as Euproleague Season 17 Champions.
The early success of the BC.GAME ESPORTS team lays a strong foundation for further tournaments in 2025 while supporting BC.GAME’s broader goals of integrating crypto and esports. Through mainstreaming decentralized gaming economies, BC.GAME aims to unlock new experiences for players and fans alike.
While supporting its core CS2 team as the year progresses, BC.GAME ESPORTS plans to expand into more esports titles and collaborate with global teams and tournament organizers. In doing so, it aims to establish itself as the most influential esports brand in the Web3 era.
About BC.GAME ESPORTS
Founded in 2024, BC.GAME ESPORTS is an esports organization committed to global brand development and building authentic connections with the gaming community. Its CS2 team, formed of five of the world’s best Counter-Strike 2 players, has already enjoyed early tournament success. As BC.GAME ESPORTS expands into other esports, its founding team will be complemented by additional players that will challenge for top prizes while inspiring a new generation of gamers.
Learn more: BC.GAME ESPORTS
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Alibaba’s Accio Hits 1 Million Users, Unveiling New AI Features to Empower SMEs in Global Trade
Leveraging Reasoning models to Simplify Market Entry and Global Sourcing for SMEs
HANGZHOU, China, March 11, 2025 /PRNewswire/ — Alibaba International Digital Commerce Group (“Alibaba International”) announced today that its artificial intelligence (AI)-driven business-to-business (B2B) search engine, Accio, has surpassed 1 million users within five months of launch. To further empower small and medium-sized enterprises (SMEs), two new features—Business Research and Deep Search—are now available, offering AI-driven solutions for market entry and global sourcing.
Recent AI Momentum at Alibaba
Accio is an AI-native application designed to simplify global trade for SMEs. Built on Alibaba’s foundational technologies—including the Qwen large language model available as open-source—Accio leverages reasoning models fine-tuned with real industry data across the internet. These models power Accio’s multilingual capabilities and ability to generate precise market insights and actionable sourcing strategies.
“Reaching 1 million users is just the beginning. Our goal is to consistently refine our toolkit, enabling SMEs to seamlessly integrate AI functionalities into their workflows,” said Kuo Zhang, President of Alibaba.com, a leading platform for global B2B e-commerce and a business unit of Alibaba International. “With the enhanced Accio, anyone can now turn vague product ideas into actionable plans in minutes, not months. Everyone can get a shot at becoming an entrepreneur.”
Business Research: From Insights to Execution
Accio’s Business Research streamlines market analysis by automating labor-intensive tasks like data collection and trend tracking. Instead of juggling scattered reports, users input broad goals—such as launching a product in a new region—and receive structured, real-time reports on consumer demand, pricing trends and competitive landscapes. The tool identifies high-potential niches, and even generates ready-to-use business plans with cost estimates and supplier recommendations. This allows SMEs to act swiftly on opportunities without months of groundwork.
Deep Search: Precision Sourcing, Simplified
Deep Search tackles the complexities of global sourcing by adapting to intricate requirements—whether technical specs, certifications or budget constraints. If a query yields few results, it will intelligently refine searches using synonyms or industry terms, mimicking procurement experts. The feature also vets suppliers for compliance and reliability, delivering AI-curated shortlists in minutes. By translating decades of Alibaba’s trade data into an intuitive interface, it empowers newcomers to source like seasoned professionals.
Revamping Global Trade with AI
A recent Alibaba.com survey of over 4,000 sourcing decision-makers across the US, UK, Germany and France revealed that nearly 64% plan to integrate AI into their sourcing strategies by 2025. Their top motivations include long-term business growth, efficiency improvements and cost reductions.
With global trade projected to exceed $33 trillion in 2024[1], businesses are increasingly adopting advanced technologies to stay competitive. Tools like Accio address this need by simplifying AI adoption.
Alibaba.com is also undergoing a comprehensive upgrade to incorporate Accio’s capabilities, empowering its 50 million SME buyers and sellers to identify business opportunities and connect with trustworthy suppliers.
To try the new product, please visit: Accio.ai or Accio.com
# # #
About Alibaba International
Alibaba International Digital Commerce Group (Alibaba International) is dedicated to supporting the development of global digital trade with AI-powered technology. It operates various platforms with distinctive business models, covering multiple countries and regions around the world.
Media Contact
Lingnan Cui
Alibaba International
[email protected]
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