The insurance industry is quite prone to uncertainties as it’s highly dependent on global trends, ever-changing rules and regulations, and dynamic demographics of customers. Leading businesses are leveraging artificial intelligence in insurance for redefining the playing field. AI has undergone a massive transformation in the past few years, to the point that insurers can now capitalize on their AI investments with new applications. Let’s have a look at the market size of artificial intelligence in insurance and its prominent use cases in the industry.
The Global Market
The market size of artificial intelligence in insurance is expected to reach the value of USD 6.92 billion by the year 2028. It is estimated to grow at a CAGR of 24.05% in the forecast period of 2021 to 2028.