Too Long; Didn't Read
The market for Artificial Intelligence (AI) in the insurance industry is expected to reach a valuation of USD 4.5 billion by 2026 with a CAGR of 24%. The insurance sector heavily depends on customer data generated at various touchpoints. Insurance companies have yet to understand the nitty-gritty of the technology involved but are afraid of missing out on the next high-tech wave do not wish to waste any more time. Insurance companies need to convince and inspire others that the use of AI for insurance companies is not an imposed tool but a facilitator to enhance productivity.