Businesses are realizing the importance of leveraging AI and why this is not just market hype — but reality. From process efficiency to cost savings, these are some of the few reasons why the insurance industry has joined others in the insurtech arena. Photo: Elnur/Adobe Stock
A staggering 85% of insurance organizations see digitization as their top strategic priority, and a majority of their investments are going towards improving the technology stack. As a result of this surge in investments, a report by Drake Star found that the global insurtech industry is expected to reach a market value of $158.9 billion by 2030.
The insurance industry is set to be one of the biggest investors in the AI boom. This trend is rising because of the sheer efficiency that technologies like AI, machine learning (ML), and deep learning (DL) bring to the table. These innovations are spearheading insurtech's growth — proving that even highly regulated industries are playing an important role in the mass adoption of AI.
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