Artificial intelligence (AI) finds application in a plethora of end-use sectors ranging from information technology, aerospace, and automotive to virtual and augmented reality. The insurance sector is fast catching up with this trend. Similar to other industries, the insurance industry also finds the need to upgrade its technological capabilities, which would enable insurance companies to improve their business. With strong digital competence, these businesses are adopting technologies like AI to provide a more individualized insurance experience. COVID-19 has accelerated the transition to digital insurance, and companies with the best online services have attracted more clients.
The global market size of AI in insurance was valued at $4.7 billion in 2019, which increased to $5.8 billion in 2021. The global market for AI in insurance grew at a CAGR of 11.0% between 2019 and 2021. AI can be adopted across the entire insurance value chain. Its customer service and claims management applications help improve customer interactions and benefit internal efficiency. Depending on the insurance line, risk profiling and underwriting represent more complex use cases, where data science and context-aware computing can assess risk and aid in policy underwriting. Usage of AI in the product development of insurance solutions is currently minimal. Insurance companies' attempts to enhance online capabilities rather than in-person services are expected to include the adoption of AI.
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