The insurance sector, traditionally reliant on vast archives of data and risk-averse, is undergoing a major transformation due to the proliferation of Internet of Things (IoT) technology. IoT's expansive data capabilities are revolutionizing insurers' risk assessment, policy management, and
The insurance industry is being revolutionized by IoT technology. Once just offering policies online, like Progressive Insurance in 1997, the sector now leverages a steady flow of data from IoT devices in cars, homes, and on people to transform risk management and pricing models. The traditional
The insurance sector, traditionally perceived as conservative and slow-moving, is undergoing a seismic shift as artificial intelligence (AI) begins to permeate every aspect of its operations. InsurTech, which stands at the confluence of insurance and technology, has been an area ripe for innovation
The insurance sector, once known for its adherence to tradition, is undergoing a significant transformation with the integration of artificial intelligence (AI). A recent study by Conning Insurance Research reveals that a striking 77% of insurers have adopted AI-driven solutions, marking a 16%
Introduction to AI in Insurance The insurance landscape is undergoing a profound transformation, with a staggering 77% of insurance C-suite executives embracing artificial intelligence (AI) within the past year alone. This rapid rise in AI adoption signals a pivotal shift towards technology-driven
The U.S. insurance market is on an impressive growth trajectory, with predictions suggesting it could swell to $2.83 trillion by 2029. This expansion represents a Compound Annual Growth Rate (CAGR) of 6.95%. It's the strength of both the life and non-life insurance sectors that is driving this
