* This chart and data were pulled from The AI in Insurance Report by Insider Intelligence. Purchase the report here to get immediate access to the full analysis. |
The insurance sector has been overtaken by the pace of innovation in other financial services sectors. For example, 41% of banks believe they have the digital capabilities required to transform the customer experience, while only 30% of insurers say the same. Insurers are facing mounting pressure to digitally transform their businesses as customer demands rise alongside competitive pressure.
AI has become one of the most hyped and promising technologies when it comes to changing how the insurance industry works, and can benefit insurers in several ways: |
| Cost savings. Cost savings. Adopting AI can cut costs for insurers by over $390 billion by 2030, according to a report by Autonomous NEXT seen by Business Insider Intelligence. |
| Competitive pressure. Insurtech investment doesn't appear to be slowing, allowing these startups to build out their businesses — and insurers need to act now if they want to stay relevant. |
| Consumer demands. Across property and casualty insurers, life insurers, and health insurers, 86% stated that evolving customer preferences are... |
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Other report highlights you don’t want to miss… |
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| This is just a preview of the information and insights you'll find in The AI in Insurance Report by Insider Intelligence. Purchase the report today for $495 to access the full analysis. |
