The Asia Pacific Insurance Chatbot Market would witness market growth of 25.9% CAGR during the forecast period (2023-2030).
Chatbots for insurance can do various tasks, such as providing quotations, assisting with claims, addressing client questions, and even selling plans. The process of purchasing insurance is sped up, made simpler, and more effective by the chatbot's ability to comprehend, and interpret the customer's message. Additionally, chatbots can assist insurers in reducing operational expenses, such as labor or training, by automating repetitive operations and consumer interactions. This frees up resources that could be used for other purposes, like improving the product or luring in new clients. Insurance chatbots can also be built to adhere to industry standards and best practices, guaranteeing that client interactions are legal & lowering the possibility of mistakes or misunderstandings. This can assist insurance firms in avoiding exorbitant fines and preserving their reputation for dependability and reliability.
The swift expansion of the market is also attributed to the rising demand from customers for immediate assistance from their insurance providers. Insurance chatbots can offer 24/7 support, eliminating the need for consumers to call or visit a physical branch, and the emergence of machine learning (ML) and natural language processing (NLP) technologies for developing sophisticated chatbots that can offer more individualized and accurate responses. Further, the market is anticipated to expand over the next years as insurance businesses look to use chatbots to enhance their business processes and customer service.
The insurance industry holds one of the top spots amongst all growing industries in total premium volumes, with a projected share of 1.9% in India. The average annual premium rise over the coming years is expected to be 9%. India is predicted to have one of the top insurance sectors with the fastest growth in the next years. India has 67 insurers as of March 2022, 24 being life insurers, 26 general insurers, 5 independent health insurers, and 12 re-insurers.
India’s insurance industry has grown significantly during the past 20 years due to greater private sector participation, improved distribution capacities, and notable advances in operational performance. As a result, the expanding insurance industry will use blockchain technology more frequently as the trend toward digital transformation grows.
The China market dominated the Asia Pacific Insurance Chatbot Market by Country in 2022 and would continue to be a dominant market till 2030; thereby, achieving a market value of $193.5 million by 2030. The Japan market is exhibiting a CAGR of 25.1% during (2023 - 2030). Additionally, The India market would register a CAGR of 26.6% during (2023 - 2030).
Based on Type, the market is segmented into Customer Service Chatbots, Sales Chatbots, Claims Processing Chatbots, Underwriting Chatbots and Others. Based on User Interface, the market is segmented into Text-based Interface and Voice-based Interface. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Insurance Chatbot Market is Projected to reach USD 2.6 Billion by 2030, at a CAGR of 24.9%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include IBM Corporation, Amazon Web Services, Inc. (Amazon.com, Inc.), Oracle Corporation, Nuance Communications, Inc. (Microsoft Corporation), Verint Systems, Inc., LivePerson, Inc., Inbenta Technologies, Inc., AlphaChat, Botsify and 200 Labs, Inc. (Chatfuel).
Scope of the Study
Market Segments Covered in the Report:
By Type
- Customer Service Chatbots
- Sales Chatbots
- Claims Processing Chatbots
- Underwriting Chatbots
- Others
By User Interface
- Text-based Interface
- Voice-based Interface
By Country
- China
- Japan
- India
- South Korea
- Singapore
- Malaysia
- Rest of Asia Pacific
Key Market Players
List of Companies Profiled in the Report:
- IBM Corporation
- Amazon Web Services, Inc. (Amazon.com, Inc.)
- Oracle Corporation
- Nuance Communications, Inc. (Microsoft Corporation)
- Verint Systems, Inc.
- LivePerson, Inc.
- Inbenta Technologies, Inc.
- AlphaChat
- Botsify
- 200 Labs, Inc. (Chatfuel)
Chapter 1. Market Scope & Methodology
1.1 Market Definition
1.2 Objectives
1.3 Market Scope
1.4 Segmentation
1.4.1 Asia Pacific Insurance Chatbot Market, by Type
1.4.2 Asia Pacific Insurance Chatbot Market, by User Interface
1.4.3 Asia Pacific Insurance Chatbot Market, by Country
1.5 Methodology for the research
Chapter 2. Market at a Glance
2.1 Key Highlight
Chapter 3. Market Overview
3.1 Introduction
3.1.1 Overview
3.1.1.1 Market Composition and Scenario
3.2 Key Factors Impacting the Market
3.2.1 Market Drivers
3.2.2 Market Restraints
3.3 Porter’s Five Force Analysis
Chapter 4. Strategies Deployed in Insurance Chatbot Market
Chapter 5. Asia Pacific Insurance Chatbot Market by Type
5.1 Asia Pacific Customer Service Chatbots Market by Country
5.2 Asia Pacific Sales Chatbots Market by Country
5.3 Asia Pacific Claims Processing Chatbots Market by Country
5.4 Asia Pacific Underwriting Chatbots Market by Country
5.5 Asia Pacific Others Market by Country
Chapter 6. Asia Pacific Insurance Chatbot Market by User Interface
6.1 Asia Pacific Text-based Interface Market by Country
6.2 Asia Pacific Voice-based Interface Market by Country
Chapter 7. Asia Pacific Insurance Chatbot Market by Country
7.1 China Insurance Chatbot Market
7.1.1 China Insurance Chatbot Market by Type
7.1.2 China Insurance Chatbot Market by User Interface
7.2 Japan Insurance Chatbot Market
7.2.1 Japan Insurance Chatbot Market by Type
7.2.2 Japan Insurance Chatbot Market by User Interface
7.3 India Insurance Chatbot Market
7.3.1 India Insurance Chatbot Market by Type
7.3.2 India Insurance Chatbot Market by User Interface
7.4 South Korea Insurance Chatbot Market
7.4.1 South Korea Insurance Chatbot Market by Type
7.4.2 South Korea Insurance Chatbot Market by User Interface
7.5 Singapore Insurance Chatbot Market
7.5.1 Singapore Insurance Chatbot Market by Type
7.5.2 Singapore Insurance Chatbot Market by User Interface
7.6 Malaysia Insurance Chatbot Market
7.6.1 Malaysia Insurance Chatbot Market by Type
7.6.2 Malaysia Insurance Chatbot Market by User Interface
7.7 Rest of Asia Pacific Insurance Chatbot Market
7.7.1 Rest of Asia Pacific Insurance Chatbot Market by Type
7.7.2 Rest of Asia Pacific Insurance Chatbot Market by User Interface
Chapter 8. Company Profiles
8.1 IBM Corporation
8.1.1 Company Overview
8.1.2 Financial Analysis
8.1.3 Regional & Segmental Analysis
8.1.4 Research & Development Expenses
8.1.5 Recent strategies and developments:
8.1.5.1 Partnerships, Collaborations, and Agreements:
8.1.5.2 Product Launches and Product Expansions:
8.1.6 SWOT Analysis
8.2 Amazon Web Services, Inc. (Amazon.com, Inc.)
8.2.1 Company Overview
8.2.2 Financial Analysis
8.2.3 Segmental Analysis
8.2.4 Recent Strategies and Developments:
8.2.4.1 Product Launches and Product Expansions:
8.2.5 SWOT Analysis
8.3 Oracle Corporation
8.3.1 Company Overview
8.3.2 Financial Analysis
8.3.3 Segmental and Regional Analysis
8.3.4 Research & Development Expense
8.3.5 Recent strategies and developments:
8.3.5.1 Partnerships, Collaborations, and Agreements:
8.3.6 SWOT Analysis
8.4 Nuance Communications, Inc. (Microsoft Corporation)
8.4.1 Company Overview
8.4.2 Financial Analysis
8.4.3 Segmental and Regional Analysis
8.4.4 Research & Development Expenses
8.4.5 Recent Strategies and Developments:
8.4.5.1 Product Launches and Product Expansions:
8.4.6 SWOT Analysis
8.5 Verint Systems, Inc.
8.5.1 Company Overview
8.5.2 Financial Analysis
8.5.3 Regional Analysis
8.5.4 Research and Development Expense
8.5.5 SWOT Analysis
8.6 LivePerson, Inc.
8.6.1 Company Overview
8.6.2 Financial Analysis
8.6.3 Regional & Segmental Analysis
8.6.4 SWOT Analysis
8.7 Inbenta Technologies, Inc.
8.7.1 Company Overview
8.7.2 SWOT Analysis
8.8 AlphaChat
8.8.1 Company Overview
8.9 Botsify
8.9.1 Company Overview
8.9.2 SWOT Analysis
8.10. 200 Labs, Inc. (Chatfuel)
8.10.1 Company Overview
TABLE 1 Asia Pacific Insurance Chatbot Market, 2019 - 2022, USD Million
TABLE 2 Asia Pacific Insurance Chatbot Market, 2023 - 2030, USD Million
TABLE 3 Asia Pacific Insurance Chatbot Market by Type, 2019 - 2022, USD Million
TABLE 4 Asia Pacific Insurance Chatbot Market by Type, 2023 - 2030, USD Million
TABLE 5 Asia Pacific Customer Service Chatbots Market by Country, 2019 - 2022, USD Million
TABLE 6 Asia Pacific Customer Service Chatbots Market by Country, 2023 - 2030, USD Million
TABLE 7 Asia Pacific Sales Chatbots Market by Country, 2019 - 2022, USD Million
TABLE 8 Asia Pacific Sales Chatbots Market by Country, 2023 - 2030, USD Million
TABLE 9 Asia Pacific Claims Processing Chatbots Market by Country, 2019 - 2022, USD Million
TABLE 10 Asia Pacific Claims Processing Chatbots Market by Country, 2023 - 2030, USD Million
TABLE 11 Asia Pacific Underwriting Chatbots Market by Country, 2019 - 2022, USD Million
TABLE 12 Asia Pacific Underwriting Chatbots Market by Country, 2023 - 2030, USD Million
TABLE 13 Asia Pacific Others Market by Country, 2019 - 2022, USD Million
TABLE 14 Asia Pacific Others Market by Country, 2023 - 2030, USD Million
TABLE 15 Asia Pacific Insurance Chatbot Market by User Interface, 2019 - 2022, USD Million
TABLE 16 Asia Pacific Insurance Chatbot Market by User Interface, 2023 - 2030, USD Million
TABLE 17 Asia Pacific Text-based Interface Market by Country, 2019 - 2022, USD Million
TABLE 18 Asia Pacific Text-based Interface Market by Country, 2023 - 2030, USD Million
TABLE 19 Asia Pacific Voice-based Interface Market by Country, 2019 - 2022, USD Million
TABLE 20 Asia Pacific Voice-based Interface Market by Country, 2023 - 2030, USD Million
TABLE 21 Asia Pacific Insurance Chatbot Market by Country, 2019 - 2022, USD Million
TABLE 22 Asia Pacific Insurance Chatbot Market by Country, 2023 - 2030, USD Million
TABLE 23 China Insurance Chatbot Market, 2019 - 2022, USD Million
TABLE 24 China Insurance Chatbot Market, 2023 - 2030, USD Million
TABLE 25 China Insurance Chatbot Market by Type, 2019 - 2022, USD Million
TABLE 26 China Insurance Chatbot Market by Type, 2023 - 2030, USD Million
TABLE 27 China Insurance Chatbot Market by User Interface, 2019 - 2022, USD Million
TABLE 28 China Insurance Chatbot Market by User Interface, 2023 - 2030, USD Million
TABLE 29 Japan Insurance Chatbot Market, 2019 - 2022, USD Million
TABLE 30 Japan Insurance Chatbot Market, 2023 - 2030, USD Million
TABLE 31 Japan Insurance Chatbot Market by Type, 2019 - 2022, USD Million
TABLE 32 Japan Insurance Chatbot Market by Type, 2023 - 2030, USD Million
TABLE 33 Japan Insurance Chatbot Market by User Interface, 2019 - 2022, USD Million
TABLE 34 Japan Insurance Chatbot Market by User Interface, 2023 - 2030, USD Million
TABLE 35 India Insurance Chatbot Market, 2019 - 2022, USD Million
TABLE 36 India Insurance Chatbot Market, 2023 - 2030, USD Million
TABLE 37 India Insurance Chatbot Market by Type, 2019 - 2022, USD Million
TABLE 38 India Insurance Chatbot Market by Type, 2023 - 2030, USD Million
TABLE 39 India Insurance Chatbot Market by User Interface, 2019 - 2022, USD Million
TABLE 40 India Insurance Chatbot Market by User Interface, 2023 - 2030, USD Million
TABLE 41 South Korea Insurance Chatbot Market, 2019 - 2022, USD Million
TABLE 42 South Korea Insurance Chatbot Market, 2023 - 2030, USD Million
TABLE 43 South Korea Insurance Chatbot Market by Type, 2019 - 2022, USD Million
TABLE 44 South Korea Insurance Chatbot Market by Type, 2023 - 2030, USD Million
TABLE 45 South Korea Insurance Chatbot Market by User Interface, 2019 - 2022, USD Million
TABLE 46 South Korea Insurance Chatbot Market by User Interface, 2023 - 2030, USD Million
TABLE 47 Singapore Insurance Chatbot Market, 2019 - 2022, USD Million
TABLE 48 Singapore Insurance Chatbot Market, 2023 - 2030, USD Million
TABLE 49 Singapore Insurance Chatbot Market by Type, 2019 - 2022, USD Million
TABLE 50 Singapore Insurance Chatbot Market by Type, 2023 - 2030, USD Million
TABLE 51 Singapore Insurance Chatbot Market by User Interface, 2019 - 2022, USD Million
TABLE 52 Singapore Insurance Chatbot Market by User Interface, 2023 - 2030, USD Million
TABLE 53 Malaysia Insurance Chatbot Market, 2019 - 2022, USD Million
TABLE 54 Malaysia Insurance Chatbot Market, 2023 - 2030, USD Million
TABLE 55 Malaysia Insurance Chatbot Market by Type, 2019 - 2022, USD Million
TABLE 56 Malaysia Insurance Chatbot Market by Type, 2023 - 2030, USD Million
TABLE 57 Malaysia Insurance Chatbot Market by User Interface, 2019 - 2022, USD Million
TABLE 58 Malaysia Insurance Chatbot Market by User Interface, 2023 - 2030, USD Million
TABLE 59 Rest of Asia Pacific Insurance Chatbot Market, 2019 - 2022, USD Million
TABLE 60 Rest of Asia Pacific Insurance Chatbot Market, 2023 - 2030, USD Million
TABLE 61 Rest of Asia Pacific Insurance Chatbot Market by Type, 2019 - 2022, USD Million
TABLE 62 Rest of Asia Pacific Insurance Chatbot Market by Type, 2023 - 2030, USD Million
TABLE 63 Rest of Asia Pacific Insurance Chatbot Market by User Interface, 2019 - 2022, USD Million
TABLE 64 Rest of Asia Pacific Insurance Chatbot Market by User Interface, 2023 - 2030, USD Million
TABLE 65 Key information – IBM Corporation
TABLE 66 Key Information – Amazon Web Services, Inc.
TABLE 67 Key Information – Oracle Corporation
TABLE 68 Key Information – Nuance Communications, Inc.
TABLE 69 Key information –Verint Systems, Inc.
TABLE 70 Key information – LivePerson, Inc.
TABLE 71 Key Information – Inbenta Technologies, Inc.
TABLE 72 Key Information – AlphaChat
TABLE 73 Key Information – Botsify
TABLE 74 Key Information – 200 Labs, Inc.
List of Figures
FIG 1 Methodology for the research
FIG 2 Asia Pacific Insurance Chatbot Market, 2019 - 2030, USD Million
FIG 3 Key Factors Impacting the Market
FIG 4 Porter’s Five Force Analysis: Insurance Chatbot Market
FIG 5 Asia Pacific Insurance Chatbot Market share by Type, 2022
FIG 6 Asia Pacific Insurance Chatbot Market share by Type, 2030
FIG 7 Asia Pacific Insurance Chatbot Market share by Type, 2019 - 2030, USD Million
FIG 8 Asia Pacific Insurance Chatbot Market share by User Interface, 2022
FIG 9 Asia Pacific Insurance Chatbot Market share by User Interface, 2030
FIG 10 Asia Pacific Insurance Chatbot Market by User Interface, 2019 - 2030, USD Million
FIG 11 Asia Pacific Insurance Chatbot Market share by Country, 2022
FIG 12 Asia Pacific Insurance Chatbot Market share by Country, 2030
FIG 13 Asia Pacific Insurance Chatbot Market by Country, 2019 - 2030, USD Million
FIG 14 Recent strategies and developments: IBM Corporation
FIG 15 Swot Analysis: IBM Corporation
FIG 16 SWOT analysis: Amazon.com, Inc.
FIG 17 SWOT analysis: Oracle Corporation
FIG 18 SWOT Analysis: Nuance Communications, Inc.
FIG 19 SWOT Analysis: Verint Systems, Inc.
FIG 20 SWOT Analysis: LivePerson, Inc.
FIG 21 SWOT Analysis: INBENTA TECHNOLOGIES, INC.
FIG 22 SWOT Analysis: Botsify