Press release
Insurance Chatbot Global Market Report 2024 - By Size, Demand, Report, Drivers, Forecast To 2033
Insurance Chatbot Market
Insurance Chatbot Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $1.94 billion In 2028 At A CAGR Of 26.0% :
The insurance chatbot market size has grown exponentially in recent years. It will grow from $0.61 billion in 2023 to $0.77 billion in 2024 at a compound annual growth rate (CAGR) of 26.3%. The growth in the historic period can be attributed to focus on personalization, expansion of multichannel capabilities, increased use in claims processing, use of predictive analytics, integration with voice assistants.
The insurance chatbot market size is expected to see exponential growth in the next few years. It will grow to $1.94 billion in 2028 at a compound annual growth rate (CAGR) of 26.0%. The growth in the forecast period can be attributed to increasing customer expectations, cost efficiency and automation, rise of digital channels, enhanced customer engagement, rapid growth in insurtech. Major trends in the forecast period include continuous ai advancements, explainable ai (xai), dynamic scripting and adaptive conversations, ai-powered fraud detection, human augmentation in customer support.
Request A Sample Of This Report -
https://www.thebusinessresearchcompany.com/sample.aspx?id=13682&type=smp
Insurance Chatbot Market Major Segments
The insurance chatbot market covered in this report is segmented -
1) By Type: Customer Service Chatbots, Sales Chatbots, Claims Processing Chatbots, Underwriting Chatbots, Other Types
2) By User Interface: Text-based Interface, Voice-based Interface
3) By Platform: Web-based, Mobile-based
Key Driver - Increasing Demand For Automated Services Fuels Growth In The Insurance Chatbot Market
The rising demand for automated services is expected to propel the growth of the insurance chatbot market going forward. Automated services refer to processes, tasks, or systems that operate and perform functions with minimal human intervention, relying on automation technologies, algorithms, and artificial intelligence to execute predefined actions or workflows. Insurance chatbots are virtual assistants powered by artificial intelligence (AI) that can automate various tasks and services for insurance companies and their customers. Automation allows insurance chatbots to handle routine tasks, provide real-time support, and contribute to a more seamless and responsive customer experience. For instance, in May 2023, according to Formstack, a US-based software company, around 76% of organizations employ automation to optimize their daily workflows, 58% utilize automation for data and reporting to facilitate planning, and 36% integrate automation to ensure compliance with regulations. Therefore, the rising demand for automated services is driving the growth of the insurance chatbot market.
Customise This Report As Per Your Requirements -
https://www.thebusinessresearchcompany.com/Customise?id=13682&type=smp
Prominent Trend - Customer Service Chatbots Transforming The Insurance Chatbot Market
Major companies operating in the insurance chatbot market are developing new products, such as chatbots for customer service, to gain a competitive edge in the market. Customer service refers to the range of activities and support a business or organization provides to assist and satisfy customers before, during, and after purchasing a product or service. For instance, in June 2023, INZMO, a Germany-based financial services company, launched NIMO, a ChatGPT-powered chatbot, to bolster customer service on its consumer website. NIMO, short for Neo-Insurance Multitasking Opal, leverages OpenAI's ChatGPT technology to offer 24/7 personalized assistance to INZMO customers. The chatbot aims to streamline customer interactions, providing instant support on queries related to insurance policies, claims procedures, coverage options, pricing structures, and more. INZMO plans to enhance NIMO's capabilities further, exploring features such as self-service functionality, sales guidance, personalized recommendations, and support in the claims and settlements process.
Insurance Chatbot Market Players
Major companies operating in the insurance chatbot market report are Amazon.com Inc., International Business Machines Corporation, Allstate Corporation, Oracle Corporation, Geico, Nuance Communications, Verint Systems Inc., Userlike, Shift Technologies, LivePerson Inc., Lemonade , Yellow.ai, Boostlingo, Conversica, Ada Support Inc., ShareChat, Snapsheet, Insurify, Lexalytics Inc., Spixii, Chatfuel, Livegenic, Violet, Alphachat.ai, Sense360, Botsify, ManyChat, Engati, Inbenta Technologies Inc., SANA Benefits
View The Full Report Here -
https://www.thebusinessresearchcompany.com/report/insurance-chatbot-global-market-report
Largest And Fastest Growing Region In The Market
North America was the largest region in the insurance chatbot market in 2023. The regions covered in the insurance chatbot market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Insurance Chatbot Market Report Structure
3. Insurance Chatbot Market Trends And Strategies
4. Insurance Chatbot Market - Macro Economic Scenario
5. Insurance Chatbot Market Size And Growth
…..
27. Insurance Chatbot Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info
Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ"
Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
This release was published on openPR.
Permanent link to this press release:
Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.
You can edit or delete your press release Insurance Chatbot Global Market Report 2024 - By Size, Demand, Report, Drivers, Forecast To 2033 here
News-ID: 3509273 • Views: …
More Releases from The Business research company
Emerging Trends to Reshape the Surgical Energy Instruments Market: Innovative Te …
Use code ONLINE30 to get 30% off on global market reports and stay ahead of tariff changes, macro trends, and global economic shifts.
Surgical Energy Instruments Market Size Valuation Forecast: What Will the Market Be Worth by 2025?
In the past few years, the market size of surgical energy instruments has seen substantial growth. The market which is projected to be worth $4.68 billion in 2024, is expected to inflate to $5.2…
2025-2034 Spatial omics Market Evolution: Disruptions, Innovations, and Untapped …
Use code ONLINE30 to get 30% off on global market reports and stay ahead of tariff changes, macro trends, and global economic shifts.
What Is the Expected CAGR for the Spatial omics Market Through 2025?
In recent years, the size of the spatial omics market has seen rapid expansion. The estimations show an increase to $0.33 billion in 2025 from $0.3 billion in 2024, marking a compound annual growth rate (CAGR) of…
Global Sigmoidoscope Market Projected to Grow at 6.1% CAGR, Reaching $3.38 Billi …
Use code ONLINE30 to get 30% off on global market reports and stay ahead of tariff changes, macro trends, and global economic shifts.
What Will the Sigmoidoscope Industry Market Size Be by 2025?
In recent years, there has been a significant increase in the size of the sigmoidoscope market. The market is projected to expand from $2.53 billion in 2024 to $2.67 billion in 2025, demonstrating a compound annual growth rate (CAGR)…
2025-2034 Refurbished MRI Systems Market Roadmap: Insights for Competitive Advan …
Use code ONLINE30 to get 30% off on global market reports and stay ahead of tariff changes, macro trends, and global economic shifts.
How Large Will the Refurbished MRI Systems Market Size By 2025?
The market size for refurbished MRI systems has experienced robust growth in the past few years. It is expected to rise from $0.77 billion in 2024 to $0.85 billion in 2025, showcasing a compound annual growth rate (CAGR)…
More Releases for Chatbot
Evolving Market Trends In The Chatbot Industry: Innovative Technological Advance …
The Chatbot Market Report by The Business Research Company delivers a detailed market assessment, covering size projections from 2025 to 2034. This report explores crucial market trends, major drivers and market segmentation by [key segment categories].
What Is the Expected Chatbot Market Size During the Forecast Period?
In the past few years, the size of the chatbot market has experienced a considerable expansion. It is projected to increase from a market size…
Global Chatbot Market Size by Application, Type, and Geography: Forecast to Chat …
USA, New Jersey- According to Market Research Intellect, the global Chatbot market in the Internet, Communication and Technology category is projected to witness significant growth from 2025 to 2032. Market dynamics, technological advancements, and evolving consumer demand are expected to drive expansion during this period.
The market for chatbots is growing quickly due to its growing use in various industries for cost-cutting, automation, and consumer interaction. To improve user experience…
Chatbot Market: A Deep Dive
Introduction
Chatbots, powered by artificial intelligence (AI), have become an essential part of modern business interactions. These automated programs simulate human conversation and help businesses provide customer support, answer queries, and even facilitate sales. Initially seen as a novelty, chatbots are now widespread across various industries like retail, healthcare, banking, and e-commerce. Their ability to enhance customer engagement and reduce operational costs has made them invaluable. With continuous advancements in natural…
Global Chatbot Market Size & Trends
According to a new market research report published by Global Market Estimates, the Global Chatbot Market is expected to grow at a CAGR of 25.2% from 2023 to 2028.
The key players covered in the global chatbot market are Google, Microsoft, Amazon, Acuvate, Aivo, Artificial Solutions, Botsify Inc., Creative Virtual Ltd., eGain Corporation, IBM Corporation, Inbenta Technologies Inc., Next IT Corp., Nuance Communications, Inc., Slack Technologies Inc., and OpenAI among others.…
Bookbotby.ai launches Hotel specific Chatbot
bookbotby.ai announces general availability of its multi-tenant hotel chatbot. Since February this year the hotel focussed chatbot was available in beta and during this period more than 50 hotels and banquet halls deployed the bot on their websites.
James Prince, product lead at Bookbotby says “during the beta program the bot answered 1000+ guest interactions a day and generated 3000 ++ transactions for the 50 early hotels who deployed the…
Global Chatbot Market - Large Enterprises Making Smart Headway Using Chatbot Adv …
Latest Research Report titled " Chatbot Market (Platform - Web-based, Mobile, and Standalone; Enterprise Size - Small and Medium Enterprises and Large Enterprises) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024 " features Key Market Players, Segments, Applications. Report Presents Global Market Survey, Growth, Challenges and Forecast.
Chatbot refers to a computer program, which stimulates the conversation between human and the machine. Generally, a chatbot acts…
