How Artificial Intelligence is Transforming the Insurance Space

When it comes to digitization, the insurance space hasn't particularly been at the forefront of leading in technological innovation. And it's only fair as a colossal amount of regulations combined with thousands of users' sensitive information makes the insurance industry cautious in adopting new technologies. But, things are gradually changing! As per Genpact's AI 360 report, the adoption of artificial intelligence in insurance is rapidly increasing, with 87% of insurance carriers investing more than USD 5 million in AI-related technologies each year. Digital revolution is everywhere, increasingly transforming conventional business models and adopting digital solutions.