Supercharging embedded insurance with AI will deliver a wealth of personalized services
Insurers that boost their embedded offerings with AI will be able to surprise and delight customers with on-demand services that constantly match their needs.
Embedded insurance and artificial intelligence (AI) are two of the most powerful forces shaping the insurance industry. When combined, their impact will be enormous.
Already, embedded insurance provides insurers with an extensive range of distribution channels that deliver convenient, relevant and affordable cover. Revenues from embedded insurance are growing about 25% a year, according to Munich Re, and could contribute more than US$500 billion in global gross written premiums by 2030.
And AI is helping insurers boost the efficiency of key operations such as claims processing and fraud control. Furthermore, the arrival of generative AI (GenAI) has substantially enhanced the effectiveness of insurers’ contact centers and document processing systems. AI sales to the insurance industry are growing around 33% a year and could reach US$80 billion by 2032, forecasts Precedence Research. The surge in demand for GenAI is likely to propel AI investment even higher.
So, what happens when embedded insurance is supercharged with AI?
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