Within the insurance industry, artificial intelligence (AI) platforms are being increasingly deployed to help across the sector value chain. AI adoption is led by larger incumbent companies with technologies such as machine learning, computer vision, and conversational platforms used to enhance customer service, claims processing, and underwriting. As the sector faces disruption from digitally-savvy insurtechs, deploying AI models will help traditional insurers offer customers a more personalized insurance experience while also improving operational efficiency. COVID-19 has accelerated the shift towards digital insurance, and investing in AI will be a key priority for companies within the industry. GlobalData estimates global AI platform revenue in the insurance sector to reach $3.4bn by 2024.
This report provides an in-depth analysis of the AI industry and the different ways AI technology is impacting the insurance value chain. It examines the technology’s impact across different lines of business and highlights the key players in the space utilizing AI technology in their operations.
- AI models are most popular among non-life insurers, as products are less complex and easier to underwrite.
- Insurers prefer to partner with specialist AI technology providers rather than develop solutions in-house.
- Insurers will need to use data and AI models responsibly, and must establish explainable AI frameworks to safeguard consumer trust.
Reasons To Buy
- Identify the impacts AI will have on the insurance value chain.
- Identify key players in the AI industry that are providing insurance solutions.
- Plan for the future to stay ahead of the competition.