2. Insurance is a trillion dollar market
with plenty of growth opportunities
Global Market
Forecast
by 2028
US$ 9.91
Trillion
Global Gross Written
Premiums
Source:
• Statista Market Insights
• Market Research Report: Global Insurance IT Spending Market
IT Spending
Forecast by 2028
US$ 668.1
Billion
Non-Life
US$ 5.99
Trillion
Life
US$ 3.92
Trillion
3. The most valuable area in which insurers
can innovate is the use of artificial intelligence (AI)
Source: www.precendenceresearch.com
● Current Market Size: Estimated at USD
4.59 billion in 2022.
● Projected Market Size: Expected to reach
USD 79.86 billion by 2032.
● Growth Rate: Anticipated CAGR of
33.06% from 2023 to 2032.
Key Points:
● Significant Market Expansion: From 2022
to 2032, the AI in insurance market is
poised to experience substantial growth,
reflecting its increasing importance within
the industry.
● Rapid Growth Rate: With a projected
CAGR of 33.06%, the market is set for
rapid expansion over the next decade,
presenting considerable opportunities for
stakeholders.
● Implications for Innovation: This growth
trajectory underscores the pivotal role of
AI in shaping the future of insurance,
driving innovation, efficiency, and
customer experience enhancements.
Artificial Intelligence (AI) in Insurance Market Size,
2022 - 2032 (USD Billion)
4. The Impact of AI Implementation in the Front Office (Customer-facing)
Source: Autonomous NEXT Report
Experts estimate AI can save insurers a total
of US$390 billion across front, middle, and
back offices by 2030.
Front office identified as the most profitable
area, with a potential savings of US$168
billion by 2030.
By prioritising AI initiatives in the front office,
insurers can maximise savings and operational
efficiencies, leading to enhanced profitability
and customer satisfaction.
AI Usage in Insurance:
Size of Cost Savings Opportunity
5. The State Of Customer Service Market
of insurance customers
seek personalised offers,
messages, pricing, and
recommendations from
their providers
(Accenture)
of insurance companies
have already adopted or
are testing AI solutions
(Moody)
of customers don’t fully
trust their insurer (IBM
Institute of Business
Value)
of customers state that
they decide to make a
purchase based on the
quality of a company’s
customer service
(Salesforce)
of customers across all
age groups typically use
the phone to reach out to
a service team(Zendesk)
of CX leaders see AI as a
strategic necessity
(Zendesk)
6. Bridging The Gap:
The Role of Finology in AI CX Innovation
is an AI-powered conversational bot that
handles monotonous parts of
telemarketing/call centres, freeing human
agents to focus on complex issues such as
decision-making and sales closing.
AI-based ID
Validation & Facial
Recognition
INTELLIGENT
PROCESSIN
G
10. The Uniqueness of Voicebot by Finology
Finology Others
Ready to engage in Manglish & Bahasa Malaysia, and
to understand abbreviations and local accents
Able to manage English engagement, but not Bahasa
Malaysia nor Manglish
Able to ask questions and provide options when the
intent of engagement is unclear - programmable fall
back based on your business requirements
Escalates to human agent when intent of engagement
is unclear
Supported by local solution and dialogue engineers
who understands local market requirements and
customers engagement expectations
Supported by System Integrators and non-native bot
trainers
Solution that are ready for both On-Premise & Cloud
deployments, with ready integration with CRM and
Customer Engagement Solution
Offered as a service on Cloud only
11. The Impact: A Win-Win Scenario for Insurers and Customers
Insurers Customers
Enhanced Customer
Service
Improved response times, 24/7 availability
through AI-driven solutions
Convenient access to information and
support anytime, anywhere
Cost Savings
Reduction in operational costs through
automation and efficiency gains
Potentially lower premiums, as cost
savings may be passed on to
customers
Competitive Advantage
Differentiation in the market by offering
superior customer service and efficiency
Increased satisfaction and loyalty,
potentially leading to retention and
acquisition
Personalised Experience
Tailored responses based on individual
preferences and history
Customised recommendations and
solutions based on unique needs
Faster Service
Expedited claims processing and resolution
of queries
Reduced wait times and faster
resolution of issues
12. Thank You
Any questions? Find us at:
Thank You
Nisya Aziz
nisya.aziz@finology-group.com
+6017 306 0337
Senior Manager, Marketing & Communications
Vincent Xu
vincent.xu@finology-group.com
+6016 358 2486
Group Chief Operating Officer