An insurance chatbot is a specialized chatbot created to assist users with inquiries, tasks, and transactions related to insurance. These chatbots are designed to enhance operational efficiency, improve customer satisfaction, and facilitate seamless interactions between insurance providers and policyholders.
The primary types of insurance chatbots comprise customer service chatbots, sales chatbots, claims processing chatbots, underwriting chatbots, and others. Customer service chatbots are automated systems specifically crafted to engage with customers, handle inquiries, deliver information, and provide real-time assistance. These chatbots utilize various user interfaces, including text-based and voice-based interfaces, and are deployed across various platforms such as web-based and mobile-based applications.
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The insurance chatbot market size has grown exponentially in recent years. It will grow from $0.77 billion in 2024 to $0.97 billion in 2025 at a compound annual growth rate (CAGR) of 26.2%. 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 $2.45 billion in 2029 at a compound annual growth rate (CAGR) of 26.1%. 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.
The growing demand for automated services is expected to drive the growth of the insurance chatbot market in the future. Automated services involve processes, tasks, or systems that operate with minimal human intervention, using automation technologies, algorithms, and artificial intelligence (AI) to execute predefined actions or workflows. Insurance chatbots, powered by AI, can automate various functions for insurance companies and their customers. Through automation, insurance chatbots can handle routine tasks, provide real-time support, and enhance the overall customer experience. For example, in May 2023, Formstack, a US-based software company, reported that around 76% of organizations use automation to optimize their daily workflows, 58% leverage automation for data and reporting to aid in planning, and 36% adopt automation to ensure regulatory compliance. Additionally, in September 2023, the International Federation of Robotics, a Germany-based non-profit organization, revealed that there were 553,052 industrial robot installations worldwide, marking a 5% year-on-year growth rate in 2022. Therefore, the increasing demand for automated services is fueling the growth of the insurance chatbot market.
Major players in the insurance chatbot market are actively developing new products, particularly focusing on chatbots for customer service, to gain a competitive edge. Customer service encompasses a range of activities and support provided by businesses or organizations to assist and satisfy customers throughout their purchasing journey. For instance, INZMO, a Germany-based financial services company, launched NIMO, a ChatGPT-powered chatbot, in June 2023, to enhance customer service on its consumer website. NIMO, leveraging OpenAI's ChatGPT technology, provides 24/7 personalized assistance to INZMO customers, streamlining interactions on queries related to insurance policies, claims procedures, coverage options, pricing structures, and more. INZMO plans to further enhance NIMO's capabilities, exploring features such as self-service functionality, sales guidance, personalized recommendations, and support in the claims and settlements process.
In June 2022, Glia Technologies Inc., a US-based customer service technology company, acquired Finn AI for an undisclosed amount. This acquisition enriched Glia's Digital Customer Service (DCS) platform by integrating Finn AI's proven conversational AI solutions. The integration allows Glia to offer a comprehensive and industry-leading chatbot solution for financial institutions, streamlining customer interactions and driving operational efficiencies at scale. Finn AI, a Canada-based AI-powered chatbot platform, brings valuable expertise to Glia, reinforcing its position in the dynamic landscape of digital customer service. This strategic acquisition underscores the commitment to advancing technology solutions in the insurance chatbot market.
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
North America was the largest region in the insurance chatbot market in 2024. The regions covered in the insurance chatbot market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the insurance chatbot market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
The insurance chatbot market includes revenues earned by entities by providing services such as customer service, lead generation, claims processing, underwriting, and policy recommendations. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included. The insurance chatbot market consists of sales of computers, mobile devices and smart speakers. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Insurance Chatbot Global Market Report 2025 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on insurance chatbot market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
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Where is the largest and fastest growing market for insurance chatbot ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The insurance chatbot market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The market characteristics section of the report defines and explains the market.
The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
The forecasts are made after considering the major factors currently impacting the market. These include:
The forecasts are made after considering the major factors currently impacting the market. These include the Russia-Ukraine war, rising inflation, higher interest rates, and the legacy of the COVID-19 pandemic.
Market segmentations break down the market into sub markets.
The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.
Scope
Markets Covered: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
Subsegments:
1) By Customer Service Chatbots: FAQs and General Inquiries; Policy Information And Updates; Appointment Scheduling
2) By Sales Chatbots: Lead Generation; Policy Comparison; Quote Generation
3) By Claims Processing Chatbots: Claim Submission Assistance; Status Updates; Documentation Support
4) By Underwriting Chatbots: Risk Assessment Assistance; Data Collection For Underwriting; Policy Recommendations
5) By Other Types: Feedback And Survey Chatbots; Marketing And Promotion Chatbots; Compliance And Regulatory Chatbots
Companies Mentioned: Amazon.com Inc.; International Business Machines Corporation; Allstate Corporation; Oracle Corporation; Geico
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Delivery format: PDF, Word and Excel Data Dashboard.
Table of Contents
1. Executive Summary
2. Insurance Chatbot Market Characteristics
3. Insurance Chatbot Market Trends And Strategies
4. Insurance Chatbot Market - Macro Economic Scenario Including The Impact Of Interest Rates, Inflation, Geopolitics, Covid And Recovery On The Market
5. Global Insurance Chatbot Growth Analysis And Strategic Analysis Framework
5.1. Global Insurance Chatbot PESTEL Analysis (Political, Social, Technological, Environmental and Legal Factors, Drivers and Restraints)
5.2. Analysis Of End Use Industries
5.3. Global Insurance Chatbot Market Growth Rate Analysis
5.4. Global Insurance Chatbot Historic Market Size and Growth, 2019 - 2024, Value ($ Billion)
5.5. Global Insurance Chatbot Forecast Market Size and Growth, 2024 - 2029, 2034F, Value ($ Billion)
5.6. Global Insurance Chatbot Total Addressable Market (TAM)
6. Insurance Chatbot Market Segmentation
6.1. Global Insurance Chatbot Market, Segmentation By Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
Customer Service Chatbots
Sales Chatbots
Claims Processing Chatbots
Underwriting Chatbots
Other Types
6.2. Global Insurance Chatbot Market, Segmentation By User Interface, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
Text-Based Interface
Voice-Based Interface
6.3. Global Insurance Chatbot Market, Segmentation By Platform, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
Web-Based
Mobile-Based
6.4. Global Insurance Chatbot Market, Sub-Segmentation Of Customer Service Chatbots, By Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
FAQs and General Inquiries
Policy Information And Updates
Appointment Scheduling
6.5. Global Insurance Chatbot Market, Sub-Segmentation Of Sales Chatbots, By Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
Lead Generation
Policy Comparison
Quote Generation
6.6. Global Insurance Chatbot Market, Sub-Segmentation Of Claims Processing Chatbots, By Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
Claim Submission Assistance
Status Updates
Documentation Support
6.7. Global Insurance Chatbot Market, Sub-Segmentation Of Underwriting Chatbots, By Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
Risk Assessment Assistance
Data Collection For Underwriting
Policy Recommendations
6.8. Global Insurance Chatbot Market, Sub-Segmentation Of Other Types, By Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
Feedback And Survey Chatbots
Marketing And Promotion Chatbots
Compliance And Regulatory Chatbots
7. Insurance Chatbot Market Regional And Country Analysis
7.1. Global Insurance Chatbot Market, Split By Region, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
7.2. Global Insurance Chatbot Market, Split By Country, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion