Juniper Research: Global AI Insurance Premiums to Exceed $20 Billion by 2024, as Insurers Seek Efficiencies
Premiums to Grow by 1,500% over Next 5 Years
According to the research, Insurtech: Impact Assessments, Insurer Readiness & Market Forecasts 2019-2024, efficiencies in underwriting will be enabled by increased use of telematics and IoT management tools in the motor, home, life and health insurance sectors. Insurers’ increased access to operational and behavioural data will enable enhanced data analysis capabilities; allowing insurers to guard against evolving risks.
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Far East to Drive Telematics Revenue Growth
The research anticipates that global revenues from telematics will grow from
AI Claims Efficiencies Drive Cost Savings
The research forecasts that industry cost savings from AI will grow from
Additionally, the research identifies the healthcare industry as a sector primed for disruption and recommends that health insurers target AI as a way to reduce operating costs and enable competitive pricing. It anticipates that advances in NLP (Natural Language Processing) will enable insurers to leverage the abundance of existing unstructured data, allowing them to manage and create value from more data sources, creating streamlined processes.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190812005393/en/
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