The Generative AI in Insurance market is projected to grow from $731.7 million in 2023 to $13.9 billion by 2033, reflecting a Compound Annual Growth Rate (CAGR) of 34.2% from 2024 to 2033.
North America leads this market, holding over 43.75% of the share in 2023, driven by advanced technology adoption and significant investments in AI capabilities within the insurance sector.
Generative AI enhances business processes in insurance by automating tasks, improving fraud detection, risk assessment, and personalizing customer service. The technology allows insurers to provide tailored services and respond more quickly to client needs.
Cloud-based solutions dominate the market with a 72.8% share, indicating a shift towards scalable computing solutions. Large enterprises capture 70.3% of the market, leveraging generative AI for complex data analysis and strategic decision-making.
As insurers increasingly focus on predictive risk assessments and underwriting enhancements, the demand for generative AI is expected to rise, promising improved operational efficiency and customer experience.
Overall, the generative AI market in insurance is poised for substantial growth, driven by the need for customized insurance solutions and ongoing technological advancements.