Artificial Intelligence (AI) is reshaping the insurance industry, enabling companies to operate with greater speed and precision, according to a new research report from Policybazaar.
The report revealed that AI has increased claim accuracy by 14 times, significantly transforming the way insurance claims are managed today.
It also highlighted that claims processing is a critical component of any insurance policy, with AI playing a key role in early detection of potential fraud.
In term insurance plans, approximately 11% of cases are flagged by AI for suspected fraud.
In savings plans, the figure is even higher, with AI flagging 16% of cases for potential fraud.
Early detection allows companies to accelerate the processing of legitimate claims and build greater trust with their customers.
The report states that AI currently handles approximately 45% of specific insurance tasks, minimising the need for manual intervention and significantly reducing errors.