Insurance providers have integrated AI models with established methodologies from actuarial science to enhance risk analysis and streamline clay processing workflows.
Recent advancements in AI, supported by large language models (LLM) and generative AI, mark a new phase of disruption within the insurance sector, reports leading data and analytics company GlobalData.
“Analyzing the startup landscape reveals a wide range of AI-powered applications within the insurance sector. Within the personal and health insurance sector, a diverse range of solutions are offered,” said Practice Head of Innovation Products at GlobalData , said Sai Saurabh Nyalkalkar. ,
Tailored solutions are being developed to specifically target different challenges within the industry.
For example, automated damage assessment uses computer vision and sensor data analysis to rapidly evaluate vehicle and property damage.
"Similarly, treatment expense prediction AI uses natural language processing (NLP) to extract valuable insights from diagnoses and reports to facilitate the evaluation of health insurance claims," the report said.
“The emerging landscape of the insurance industry shows that more than a hundred startups are actively developing AI-based solutions,” Nyalkalkar said.
Recent advancements in AI, supported by large language models (LLM) and generative AI, mark a new phase of disruption within the insurance sector, reports leading data and analytics company GlobalData.
“Analyzing the startup landscape reveals a wide range of AI-powered applications within the insurance sector. Within the personal and health insurance sector, a diverse range of solutions are offered,” said Practice Head of Innovation Products at GlobalData , said Sai Saurabh Nyalkalkar. ,
Tailored solutions are being developed to specifically target different challenges within the industry.
For example, automated damage assessment uses computer vision and sensor data analysis to rapidly evaluate vehicle and property damage.
"Similarly, treatment expense prediction AI uses natural language processing (NLP) to extract valuable insights from diagnoses and reports to facilitate the evaluation of health insurance claims," the report said.
“The emerging landscape of the insurance industry shows that more than a hundred startups are actively developing AI-based solutions,” Nyalkalkar said.
