The research forecasts that industry cost savings from AI will grow from $340 million in 2019 to $2.3 billion by 2024. (Photo: Shutterstock) The research forecasts that industry cost savings from AI will grow from $340 million in 2019 to $2.3 billion by 2024. (Photo: Shutterstock)

New data from Juniper Research forecasts that the value of AI underwritten insurance premiums will exceed $20 billion by 2024, up from an estimated $1.3 billion in 2019. This growth will be driven by streamlined underwriting processes, faster customer onboarding, and reductions in operational costs enabled by AI.

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Victoria Spears

Victoria Prussen Spears is senior vice president of Meyerowitz Communications Inc., a law firm marketing communications consulting company. A graduate of Sarah Lawrence College and Brooklyn Law School, Ms. Spears was an attorney at a leading New York City law firm before joining Meyerowitz Communications. She may be contacted at [email protected].

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