AI Insurance Premiums to Exceed $20B by 2024
Juniper Research predicts that the value of artificial intelligence (AI) underwriting will surpass $20 billion by 2024. That would be a sharp increase from the estimated value of $1.3 billion for 2019. Juniper Research says the growth will be the result of simplified underwriting processes, faster customer onboarding, and lower operational costs. The company also noted that efficiencies in underwriting will benefit from increased use of telematics and Internet of Things management tools in the motor, home, life, and health insurance sectors.
Juniper expects the industry will save $2.3 billion by 2024 because of AI, up from $340 million in savings in 2019.