The global AI market in the insurance industry was estimated to be worth $2.74 billion in 2021 and is anticipated to surge to $45.74 billion by 2031, reflecting a robust compound annual growth rate (CAGR) of 32.56%. Further, a McKinsey report predicts that by 2030, claim processing is poised to become the focal point of insurance operations, propelled by AI as the primary catalyst for its digital revolution. Increasing demand for faster claim settlement and personalized customer experiences are some of the key factors responsible for this surge in popularity of AI for insurance claims.
Artificial Intelligence (AI) and Machine Learning (ML) is reshaping the landscape of insurance claims processing, offering a transformative approach that enhances efficiency, accuracy, and customer experience for insurance providers. Automated claims processes are helping insurers with real-time updates on the status of their claims at each stage, offering much-needed clarity and redefining customer experiences.
In an increasingly AI-driven world, business and technology leaders cannot afford to overlook the impact of AI on the enterprise. And for software development teams, the time is now to understand how AI is shaping the industry.
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