REVOLUTIONIZING RISK

Artificial intelligence is reshaping the insurance industry in India

India is slated to become the sixth-largest insurance market by 2032, with total insurance premiums growing on average by 9% annually over the next decade. A large part of this growth can be attributed to technological innovations, popularly known as 'Insurtech' - a blend of 'insurance' and 'technology.'

In the rapidly evolving landscape of the Indian insurance sector, the integration of Artificial Intelligence (Al) has emerged as a transformative force. As the digital age continues to redefine industries, Al is playing a pivotal role in reshaping the way insurers operate, interact with customers, and assess risk.

This article explores the multifaceted ways by which Al is revolutionizing the insurance sector in India, driving efficiency, personalization, and a heightened customer experience.

According to McKinsey, applied Al, distributed infrastructure, future of connectivity, next-level automation, and trust architecture are poised to reshape the insurance sector, impacting products and processes alike.

While technology is rapidly revolutionizing the sector, helping insurers with far greater risk management strategies and potential for new business opportunities, the ultimate winner is the customer whose entire experience stands to get redefined and re-energized.

Tech companies bring expertise in areas such as artificial intelligence, data analytics, blockchain, and cloud computing, enabling insurers to leverage these technologies for improved risk assessment, underwriting processes, claims management, and customer experiences.