In 2015, the European Insurance market (Non-Life (P&C) & Health) amounted €470 Billion with a CAGR of 1.5%. Inefficiencies due to manual operations within the Insurances segment were estimated at €25 billion in Europe in 2015 (€75 billion globally). We estimate that the Insurances market in 2018 has potential for AI and robotics-based optimisation technology services valued at €300 million in Europe, and €2.5 billion worldwide, with strong growth potential in both cases.
Within the insurance sector, claim settlements consist of multiple, semi-structured documents with arbitrary layouts. To ensure proper reimbursements and to prevent fraud, these documents need to be checked for completeness and formal requirements. Preparatory data extraction is time-intensive and currently requires a lot of manual work. To remain competitive, enterprises need reliable, fast and efficient automated document processing.