Kathmandu. Insurance companies are increasing the use of artificial intelligence (AI) to create insurance products. <\/p>\n
As technology costs rise, insurance companies are using AI beyond risk and policy assessment. This raises the question of which applications will benefit the most. <\/p>\n
“As AI capabilities improve, insurers are looking beyond improving risk selection to increase customer engagement, accelerate product innovation, and improve operational efficiency,” said Sahil Haider, an insurance analyst at GlobalData, in a July report. \u2019<\/p>\n
According to the GlobalData survey, 34.4 percent of respondents expect AI to benefit the most from underwriting and risk assessment. This is followed by customer service (20.4 percent), claims management (18.3 percent), product development (16.1 percent) and marketing and distribution (10.8 percent). <\/p>\n
Underwriting remained the most prominent application. However, its share decreased by 11.4 percentage points compared to July 2025. The largest increase in product development was seen at 8.9 percent. <\/p>\n
Insurance companies are also using AI to process claims, detect fraud, answer customer inquiries, and create insurance products. The survey was conducted between April 15 and July 22 on the websites of Verdict Media. <\/p>\n
Spending is expected to accelerate. Fortune Business Insights estimates the global AI insurance market at $10.4 billion in 2025. It is projected to reach $13.5 billion this year and $154.4 billion by 2034. That’s an annual increase of 35.7 percent. <\/p>\n
In 2025, the Asia-Pacific market was valued at $2.8 billion. Of this, China contributed $710 million and India contributed $580 million. The report projected a regional growth rate of 42.2 percent. <\/p>\n
Insurance companies across Asia are investing in automation and data analytics as the penetration of digital services and the use of smartphones increases customer insights. <\/p>\n
According to the report, these investments can help insurance companies reach customers in those markets. Where the number of insurance companies is less. \u2013 Agency<\/p>\n","protected":false},"excerpt":{"rendered":"
Kathmandu. Insurance companies are increasing the use of artificial intelligence (AI) to create insurance products. As technology costs rise, insurance companies are using AI beyond risk and policy assessment. This raises the question of which applications will benefit the most. “As AI capabilities improve, insurers are looking beyond improving risk selection to increase customer engagement, […]<\/p>\n","protected":false},"author":16,"featured_media":305451,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[45031,45044,45159],"tags":[],"class_list":["post-319640","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banner-news-en","category-international-news-en","category-news-en"],"acf":[],"_links":{"self":[{"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/319640","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/users\/16"}],"replies":[{"embeddable":true,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/comments?post=319640"}],"version-history":[{"count":1,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/319640\/revisions"}],"predecessor-version":[{"id":319641,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/319640\/revisions\/319641"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/media\/305451"}],"wp:attachment":[{"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/media?parent=319640"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/categories?post=319640"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/tags?post=319640"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}