The global market for artificial intelligence (AI) in insurance is predicted to reach nearly $80 billion by 2032, according to Precedence Research. This growth is being driven by the increased adoption of AI within insurance companies, enhancing their operational efficiency, risk management, and customer engagement.
Despite widespread integration of AI in the industry singapore whatsapp number data today, its full potential is in its infancy. While AI has proven its capabilities in automating and excelling at insurance-specific tasks such as assessing risk, expediting claims and performing complex analysis, many insurers have yet to harness these efficiencies despite the challenges they face in workforce shortages and intensifying competition.
In this article, I’ll explore the potential of combining generative AI (GenAI) with traditional AI as a catalyst for achieving more profound and impactful transformations.
Enhancing Efficiency and Effectiveness
Efficiency and effectiveness drive the insurance industry. Efficiency involves achieving more with fewer resources and less time, at a lower expense. Effectiveness entails making better decisions and driving better outcomes. The integration of generative AI and traditional AI enhances both efficiency and effectiveness.