The North America Insurance Chatbot Market would witness market growth of 24.1% CAGR during the forecast period (2023-2030).
Customers may communicate with insurance firms in an easy-to-use, interactive way. Stronger brand loyalty results from a more pleasurable experience. Through prompt assistance and personalized recommendations, intelligent chatbots help to forge deeper connections between customers and insurance companies. Additionally, the data collected by chatbots can offer insightful information about customers' preferences, behavior, and problems. Insurance providers can use this knowledge to enhance their offerings to customers and to enhance their marketing tactics.
For instance, Capacity is a support automation platform powered by AI that is intended to automate customer service and business processes across various sectors, including insurance. Capacity quickly resolves inquiries, automates tedious operations, and addresses a variety of business difficulties by integrating with a company's current tech stack. The platform has a low-code interface that makes it possible for easy information access, seamless human handoffs, and intuitive task management. With Capacity's low-code workflows, all-in-one helpdesk, and user-friendly knowledge base, insurers can increase productivity and customer satisfaction.
The US has a significant market for health and medical insurance. This expansion can be attributed to increased medical inflation, employment, and some spillover benefits from previous governments’ healthcare policies. The US government has also enacted several health care laws to guarantee that most Americans have access to health insurance. The monthly payment for these insurance plans is often lower, and they have higher deductibles than standard insurance policies. Users can also pay for some medical expenses with money that isn’t subject to federal taxes by using a high-deductible health plan (HDHP) and a health savings account (HSA).
Public health insurance must be applied for by all Canadian citizens and authorized permanent residents. Some firms offer private supplemental health insurance as a benefit to recruit top talent, even though Medicare covers all necessary healthcare costs for all Americans. Since they provide a single plan that covers death, illness, disability, accidents, death, and dismemberment, packaged insurance plans are becoming more and more well-liked in Canada.
The US market dominated the North America Insurance Chatbot Market by Country in 2022 and would continue to be a dominant market till 2030; thereby, achieving a market value of $544.7 million by 2030. The Canada market is estimated to grow at a CAGR of 26.9% during (2023 - 2030). Additionally, The Mexico market would witness a CAGR of 25.8% 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 U.S., Mexico, Canada, and Rest of North America.
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
- US
- Canada
- Mexico
- Rest of North America
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 North America Insurance Chatbot Market, by Type
1.4.2 North America Insurance Chatbot Market, by User Interface
1.4.3 North America 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. North America Insurance Chatbot Market by Type
5.1 North America Customer Service Chatbots Market by Country
5.2 North America Sales Chatbots Market by Country
5.3 North America Claims Processing Chatbots Market by Country
5.4 North America Underwriting Chatbots Market by Country
5.5 North America Others Market by Country
Chapter 6. North America Insurance Chatbot Market by User Interface
6.1 North America Text-based Interface Market by Country
6.2 North America Voice-based Interface Market by Country
Chapter 7. North America Insurance Chatbot Market by Country
7.1 US Insurance Chatbot Market
7.1.1 US Insurance Chatbot Market by Type
7.1.2 US Insurance Chatbot Market by User Interface
7.2 Canada Insurance Chatbot Market
7.2.1 Canada Insurance Chatbot Market by Type
7.2.2 Canada Insurance Chatbot Market by User Interface
7.3 Mexico Insurance Chatbot Market
7.3.1 Mexico Insurance Chatbot Market by Type
7.3.2 Mexico Insurance Chatbot Market by User Interface
7.4 Rest of North America Insurance Chatbot Market
7.4.1 Rest of North America Insurance Chatbot Market by Type
7.4.2 Rest of North America 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 North America Insurance Chatbot Market, 2019 - 2022, USD Million
TABLE 2 North America Insurance Chatbot Market, 2023 - 2030, USD Million
TABLE 3 North America Insurance Chatbot Market by Type, 2019 - 2022, USD Million
TABLE 4 North America Insurance Chatbot Market by Type, 2023 - 2030, USD Million
TABLE 5 North America Customer Service Chatbots Market by Country, 2019 - 2022, USD Million
TABLE 6 North America Customer Service Chatbots Market by Country, 2023 - 2030, USD Million
TABLE 7 North America Sales Chatbots Market by Country, 2019 - 2022, USD Million
TABLE 8 North America Sales Chatbots Market by Country, 2023 - 2030, USD Million
TABLE 9 North America Claims Processing Chatbots Market by Country, 2019 - 2022, USD Million
TABLE 10 North America Claims Processing Chatbots Market by Country, 2023 - 2030, USD Million
TABLE 11 North America Underwriting Chatbots Market by Country, 2019 - 2022, USD Million
TABLE 12 North America Underwriting Chatbots Market by Country, 2023 - 2030, USD Million
TABLE 13 North America Others Market by Country, 2019 - 2022, USD Million
TABLE 14 North America Others Market by Country, 2023 - 2030, USD Million
TABLE 15 North America Insurance Chatbot Market by User Interface, 2019 - 2022, USD Million
TABLE 16 North America Insurance Chatbot Market by User Interface, 2023 - 2030, USD Million
TABLE 17 North America Text-based Interface Market by Country, 2019 - 2022, USD Million
TABLE 18 North America Text-based Interface Market by Country, 2023 - 2030, USD Million
TABLE 19 North America Voice-based Interface Market by Country, 2019 - 2022, USD Million
TABLE 20 North America Voice-based Interface Market by Country, 2023 - 2030, USD Million
TABLE 21 North America Insurance Chatbot Market by Country, 2019 - 2022, USD Million
TABLE 22 North America Insurance Chatbot Market by Country, 2023 - 2030, USD Million
TABLE 23 US Insurance Chatbot Market, 2019 - 2022, USD Million
TABLE 24 US Insurance Chatbot Market, 2023 - 2030, USD Million
TABLE 25 US Insurance Chatbot Market by Type, 2019 - 2022, USD Million
TABLE 26 US Insurance Chatbot Market by Type, 2023 - 2030, USD Million
TABLE 27 US Insurance Chatbot Market by User Interface, 2019 - 2022, USD Million
TABLE 28 US Insurance Chatbot Market by User Interface, 2023 - 2030, USD Million
TABLE 29 Canada Insurance Chatbot Market, 2019 - 2022, USD Million
TABLE 30 Canada Insurance Chatbot Market, 2023 - 2030, USD Million
TABLE 31 Canada Insurance Chatbot Market by Type, 2019 - 2022, USD Million
TABLE 32 Canada Insurance Chatbot Market by Type, 2023 - 2030, USD Million
TABLE 33 Canada Insurance Chatbot Market by User Interface, 2019 - 2022, USD Million
TABLE 34 Canada Insurance Chatbot Market by User Interface, 2023 - 2030, USD Million
TABLE 35 Mexico Insurance Chatbot Market, 2019 - 2022, USD Million
TABLE 36 Mexico Insurance Chatbot Market, 2023 - 2030, USD Million
TABLE 37 Mexico Insurance Chatbot Market by Type, 2019 - 2022, USD Million
TABLE 38 Mexico Insurance Chatbot Market by Type, 2023 - 2030, USD Million
TABLE 39 Mexico Insurance Chatbot Market by User Interface, 2019 - 2022, USD Million
TABLE 40 Mexico Insurance Chatbot Market by User Interface, 2023 - 2030, USD Million
TABLE 41 Rest of North America Insurance Chatbot Market, 2019 - 2022, USD Million
TABLE 42 Rest of North America Insurance Chatbot Market, 2023 - 2030, USD Million
TABLE 43 Rest of North America Insurance Chatbot Market by Type, 2019 - 2022, USD Million
TABLE 44 Rest of North America Insurance Chatbot Market by Type, 2023 - 2030, USD Million
TABLE 45 Rest of North America Insurance Chatbot Market by User Interface, 2019 - 2022, USD Million
TABLE 46 Rest of North America Insurance Chatbot Market by User Interface, 2023 - 2030, USD Million
TABLE 47 Key information – IBM Corporation
TABLE 48 Key Information – Amazon Web Services, Inc.
TABLE 49 Key Information – Oracle Corporation
TABLE 50 Key Information – Nuance Communications, Inc.
TABLE 51 Key information –Verint Systems, Inc.
TABLE 52 Key information – LivePerson, Inc.
TABLE 53 Key Information – Inbenta Technologies, Inc.
TABLE 54 Key Information – AlphaChat
TABLE 55 Key Information – Botsify
TABLE 56 Key Information – 200 Labs, Inc.
List of Figures
FIG 1 Methodology for the research
FIG 2 North America Insurance Chatbot Market, 2019 - 2030, USD Million
FIG 3 Key Factors Impacting Insurance Chatbot Market
FIG 4 Porter’s Five Force Analysis: Insurance Chatbot Market
FIG 5 North America Insurance Chatbot Market share by Type, 2022
FIG 6 North America Insurance Chatbot Market share by Type, 2030
FIG 7 North America Insurance Chatbot Market by Type, 2019 - 2030, USD Million
FIG 8 North America Insurance Chatbot Market SHARE by User Interface, 2022
FIG 9 North America Insurance Chatbot Market SHARE by User Interface, 2030
FIG 10 North America Insurance Chatbot Market by User Interface, 2019 - 2030, USD Million
FIG 11 North America Insurance Chatbot Market SHARE by Country, 2022
FIG 12 North America Insurance Chatbot Market SHARE by Country, 2030
FIG 13 North America 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