Worldwide, the use of AI technology is transforming various industries and sectors, and the Insurance sector is one of them. With the rise of the digital economy, insurtech companies aren’t the only ones relying heavily on AI tools and Big Data. Research by Genpact points to around 87% of traditional insurance companies investing over $5 million per year on AI.
Moreover, approximately 82% of the companies were planning to shift their business processes to AI within the next three years. Among the reasons why insurers use AI are for optimizing efficiencies, whether it’s to improve positive customer experience, detect fraud, manage risk or make better underwriting decisions.