The Insurance market is expected to grow at CAGR over 38% during 2018-2024.The global Artificial Intelligence in market is expected to grow by 2018-2024 the CAGR of 40 %. The driving force of Insurtech is product innovation and transforming customer and employee experience. Data play major role in Insurtech industry so that Insurance is adopting new data model and analytics to identify and quantify the risk in better way. The Partnership between Insurtech and Fintech is also propelling AI in Insurtech.
What is Artificial Intelligence in Insurtech?
Insurtech is use of technology and innovations to squeeze out the time and saving from current insurance model. Computer science use to create intelligent machines that function like human brain is called Artificial Intelligence. AI computers perform functions like human such as learning, decision making, planning, and speech recognition. In Insurtech sector Artificial intelligence plays very major role. It reduces time, increases efficiency and also decreases the chances of error.AI is very helpful in generating high volume of reports.
What are the applications of Artificial Intelligence in Insurtech?
AI could help Insurtech to deliver quality services effectively with maximum customer satisfaction. AI’s analytical feature can guide customer while buying policies incorporating their premium preferences. In case of property damage AI’s image processing feature play important role in calculation of claim based on algorithms. AI can detect the fraudulent cases easier and is more reliable.
In auto insurance industry carriers are provided with black box, which record the frequency, times of driving, mileage and driving style. On these basis customer is given discount on their premium.
In Insurtech AI is used as Chatbots, customer care executives and policy manager also.
Market Research and Market Trends of Artificial Intelligence in Insurtech:
- A US based startup “Haven Life” has started an innovative way to sell life insurance online through Facebook chatbot. This chatbot not only educate customer about cost of policy as well as tackle their misconception about insurance industry.
- One of large player in the industry, Liberty Mutual is experimenting an app which allow drivers to click the pictures of damage after accident through their smartphone. App’s AI component could provide the specific damage cost estimates much faster than traditional insurer.
- Lemonade founded in New York, offering insurance to homeowners and renters powered by AI and behavior intelligence. Lemonade offers zero paper work and instant policy generation and policy claim.
- Bancassurance: Insurers have the opportunity to develop highly customer centric plan using payment service directive. By assessing customer’s bank account, insurer can get the real time overview of customer’s buying behavior. With this information it will be easy for insurer to customize the plan. This will not only reward customer it will increase more opportunity for insurance companies too.
Who are the Major Players in Artificial Intelligence in Insurtech Market?
The companies referred in the market research report are Cognizant, Next IT Corp. Kasisto and 10 other companies.
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