Why AI Matters in Insurance
Insurers face relentless pressure to stay profitable in a highly competitive market while balancing compliance, claims efficiency, and customer trust. Yet, fragmented policy data, legacy systems, and manual validation keep decisions slow and reactive. Modern insurers must use AI to unify information, automate decisions, and ensure every process—from underwriting to settlement—is explainable, auditable, and cost-efficient. Further, insurers can leverage on the domain model to predict risk, detect fraud with greater accuracy.
• 60 % of insurers lack a single view of customer & policy data
• AI reduces claims cycle times by up to 70 %
• Fraud detection even more difficult with deepfake
• 1 in 3 customers switch providers due to poor digital experience
• Compliance costs consume 20 % of operating budget
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