AI underwritten insurance will surge over next 5 years: report

New data from Juniper Research forecasts that the value of AI underwritten insurance premiums will exceed $20 billion by 2024, up from an estimated $1.3 billion in 2019. This growth will be driven by streamlined underwriting processes, faster customer on-boarding and reductions in operational costs enabled by AI. Insurers’ increased access to operational and behavioural data will enable enhanced data analysis capabilities; allowing insurers to guard against evolving risks. AI Claims Efficiencies Drive Cost SavingsThe research forecasts that industry cost savings from AI will grow from $340 million in 2019 to $2.3 billion by 2024, as insurers exploit efficiencies achieved through the automation of resource-intensive tasks. For more insights, download the free whitepaper: ‘AI in Insurance: Too Costly to Ignore?’.

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