AI has the potential to affect the insurance industry in multiple ways. It is currently used in claims processing, underwriting, fraud detection and customer service . For example, to improve customer experience, many insurers are investing in virtual assistants like chatbots.
Read moreWhat is future insurance?
Future Insurance is available from your financial adviser. Unlike off-the-shelf products, this one is designed around what you need and want . Your adviser is best placed to help you build your customised cover.
Read moreWhat is the future of life insurance in India?
The life insurance industry is expected to increase at a CAGR of 5.3% between 2019 and 2023 . India’s insurance penetration was pegged at 4.2% in FY21, with life insurance penetration at 3.2% and non-life insurance penetration at 1.0%. In terms of insurance density, India’s overall density stood at US$ 78 in FY21.
Read moreWhat are the emerging trends in insurance?
AI, Automation & Faster Claims Processing AI, ML, and Robotic Process Automation (RPA) will soon take the center stage. These technologies offer better, faster and efficient data capture and processing capabilities.
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