AI in Insurance – Addressing the Industry's Key Challenges

Nonetheless, things are definitely changing, and artificial intelligence in insurance is playing a key role in disrupting the entire industry and improving the insurance customer experience by leaps and bounds. According to PwC's 20th CEO survey conducted in 39 countries, the greatest concerns that loom over the 95 CEOs of the insurance sector today are the subdued premium rate, mild interest rates, shifting consumer behavior, slow economic growth, need for regulations and technological innovations and blazing market competition. Let's delve into the idea of introducing artificial intelligence in insurance, and how it impacts the current legacy processes. This shows how the insurance industry is struggling to comprehend and leverage digital advancements. The survey also illuminated some of the key challenges as faced by these insurance leaders.