Insuring The Future Of Insurance With AI

The insurance industry in India is on the verge of a seismic, tech-driven shift. AI has been gaining significant traction in the insurance industry worldwide, including in India. With the adaptation of new digital possibilities, customers now expect better risk advice and support, with regulators demanding these services be provided equitably, securely and responsibly. Insurers in India are increasingly adopting AI technologies to enhance their operations, improve customer experiences, and streamline processes. Various AI applications are currently being used in the insurance industry, ranging from CX initiatives throughout the customer journey, underwriting, claims processing to Insurers using AI-based pricing models that deliver significant reductions in the time required to introduce new pricing frameworks. Given the change in consumer buying behaviour, adoption of these emerging technologies is only poised to grow from here on. AI will continue to take a lead and take an increasingly dominant position as a transformational tool, driving disruption in the insurance business for sure. However, insurance being a customer-centric business, the adoption and the process of transition has to be seamless. When, where and how remain the pertinent questions for the CXOs dealing with this transition. This CXO meet-up intends to discuss the use cases of AI in insurance, address the prominent challenges & blockers faced by the CXOs and pave the way forward for the next level of adoption of AI based technologies in India’s insurance sector.