“ During the COVID-19 epidemic , the AI in insurance industry was positively impacted due to the sudden lockdown in 2020 . Moreover , with the rise in COVID-19 pandemic various companies are implementing AI into their processes , it can save time , reduce costs , improve customer experience , and increase profitability . Indeed , AI can transform typically tedious and timeconsuming processes , underwriting , claims management , fraud detection , and customer service .”
Beesetty Yogendra , Pramod Borasi , Vineet Kumar Lead Analyst , IT in BFSI at Allied Market Research