GITNUX MARKETDATA REPORT 2024

Ai In Insurance Industry Statistics

AI in the insurance industry plays a crucial role in improving efficiency, enhancing customer experience, and reducing risks through the analysis of large amounts of data.

Statistic 1

"Over 60% of insurance executives believe AI will disrupt the industry."

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Statistic 2

"75% of insurance executives believe AI may replace human workers in the insurance industry within 5 years."

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Statistic 3

"In 2019, 85% of InsureTech businesses deployed some form of AI."

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Statistic 4

"As of 2021, 32% of insurance companies apply AI in claims processing."

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Statistic 5

"90% of auto insurance companies are expected to use AI for claims processing by 2025."

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Statistic 6

"AI can reduce the costs of claim processing by as much as 30%."

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Statistic 7

"80% of the home insurance sector in the UK sees AI as a way to discover fraud."

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Statistic 8

"By implementing AI, insurers can increase customer satisfaction by 10-15%."

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Statistic 9

"In 2018, 67% of US insurance customers are open for AI or robo-advisors."

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Statistic 10

"In 2019, 63% of insurers believe that AI has potential for data mining."

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Statistic 11

"The use of AI can potentially decrease policy administration costs by 40%."

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Statistic 12

"AI can help reduce the underwriting costs by up to 50% in commercial insurance."

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Statistic 13

"By 2027, AI in the insurance industry market is predicted to reach $28 billion."

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Statistic 14

"Nearly 44% of life insurers currently use AI technologies for personalized promotions."

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Statistic 15

"As of 2019, 86% of insurers believe that AI will have a significant impact on meeting customer needs in the next five years."

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Statistic 16

"Approximately 75% of insurance claims handlers believe AI will have a significant impact on their roles in the next 3 years."

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Statistic 17

"79% of insurance executives identify AI as having a substantial impact on loss ratios."

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Statistic 18

"AI applications can boost productivity in insurance marketing and sales by 10-15%."

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Statistic 19

"More than 80% of IT decision-makers in insurance believe that AI has a place within their business."

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