A Study On Artificial Intelligence In Insurance: Trends And Benefits

Abstract

The insurance industry is experiencing a major transformation with the adoption of Artificial Intelligence (AI), which is revolutionizing traditional operations such as underwriting, claims processing, fraud detection and customer engagement. This study explores the current trends and benefits associated with AI integration in the insurance sector. It highlights how AI enhances efficiency, accuracy and personalization while reducing operational costs and fraud. Despite its advantages, many insurers face challenges including high implementation costs, skill gaps and ethical concerns. By analyzing real-world applications and industry insights, the study provides recommendations for effective AI adoption and concludes that strategic use of AI can offer insurers a significant competitive advantage in an evolving digital landscape.