Credit: YouraPechkin/Adobe Stock
The global AI in insurance market is experiencing substantial growth and projected to exceed $10 billion in 2025, reshaping the workforce and realigning job duties.
To date, only 46% of insurers say they have extensively implemented AI systems into their underwriting workflows, according to a wipro report. Moving forward, insurers say they expect AI to transform underwriting, with 68% saying it will bring enhanced risk assessment accuracy and cost savings, 65% saying it will enhance compliance with regulatory requirements and 62% anticipating improved customer satisfaction and retention using AI.
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Joe Toppe
Joe Toppe serves as managing editor of PropertyCasualty360.com. Joe is also a father of three, an author, and longtime lover of baseball.
