Impact of Artificial Intelligence on The Insurance Industry

InsurTech companies are leveraging Artificial Intelligence (AI) to conquer more ground in today's digital world. AI has evolved over the years and has had far-reaching consequences on most tech-driven operations, including the insurance industry. AI is enabling insurers to apply machine learning, data modeling, and predictive analysis to the entire insurance value chain, and the results have been favorable in the form of an increased bottom line and enhanced customer satisfaction. Read ahead to know the impact AI has and will have on the now digitally-oriented insurance industry. It is an umbrella term given to a bundle of technological advancements that have helped humans to program machines to perform certain activities.