REVOLUTIONIZING RISK
Beyond Market|November 2023
Artificial intelligence is reshaping the insurance industry in India
REVOLUTIONIZING RISK

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.

Denne historien er fra November 2023-utgaven av Beyond Market.

Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.

Denne historien er fra November 2023-utgaven av Beyond Market.

Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.

FLERE HISTORIER FRA BEYOND MARKETSe alt
PRUDENT PRACTICES
Beyond Market

PRUDENT PRACTICES

Banks worldwide navigate a complex balancing act, steering economies toward growth while safeguarding financial stability through thoughtful management of interest rates and credit risks

time-read
6 mins  |
August 2024
RETAIN ROULETTE
Beyond Market

RETAIN ROULETTE

Inexperienced investors spin the market wheel, chasing dizzying valuations and risking a bubble burst

time-read
5 mins  |
August 2024
UNRAVELED THREADS
Beyond Market

UNRAVELED THREADS

Bangladesh's crisis disrupts global textiles, offering India a potential opportunity, but production constraints limit its gains

time-read
4 mins  |
August 2024
PASSING THE BATON
Beyond Market

PASSING THE BATON

Succession planning helps ensure uninterrupted leadership

time-read
4 mins  |
August 2024
RISKY BUSINESS?
Beyond Market

RISKY BUSINESS?

SEBI's efforts to protect retail investors from derivatives market risks could inadvertently dampen market volumes

time-read
5 mins  |
August 2024
INFLATION-PROOF YOUR CHILD'S FUTURE
Beyond Market

INFLATION-PROOF YOUR CHILD'S FUTURE

Inflation might be stealing your child's future, but children's mutual funds can be their superhero

time-read
6 mins  |
August 2024
EMBRACE UNCERTAINTY, SAYS MARKS
Beyond Market

EMBRACE UNCERTAINTY, SAYS MARKS

Howard Marks urges investors to embrace uncertainty, long-term thinking, and focus on controllables, shunning in his memo “The Folly of Certainty”

time-read
7 mins  |
August 2024
IMPORTANT JARGON
Beyond Market

IMPORTANT JARGON

70% OF INDIVIDUAL INTRADAY TRADERS IN THE EQUITY CASH SEGMENT MAKE LOSSES, FINDS SEBI STUDY

time-read
4 mins  |
August 2024
AN ASCENT T'O NEW HEIGHTS
Beyond Market

AN ASCENT T'O NEW HEIGHTS

The IMF predicts India's economy to reach 55 trillion by 2047, driven by various economic indicators showing positive growth and government initiatives

time-read
5 mins  |
August 2024
CARRY TRADE CRASH: GLOBAL MARKETS REEL
Beyond Market

CARRY TRADE CRASH: GLOBAL MARKETS REEL

Japan’s Policy Shift Sends Shockwaves Through Global Markets, Including India, as Yen Carry Trade Disintegrates

time-read
4 mins  |
August 2024