look news india
New Delhi: Insurance companies are spending heavily on technology. Companies are spending more on artificial intelligence (AI) in particular so they can move toward modern cloud architectures. Through which better online experience can be provided to customers, employees and distributors.
According to a rough estimate from the insurance industry, information technology (IT) related costs now account for about 10 percent of companies' expenses. Insurance companies have significantly increased their IT spending over the last five years. Companies will be able to meet the changing demands of customers thanks to the digital transformation initiative, which focuses on modernizing various platforms and improving the online experience for customers.
According to industry experts, there has been increased spending on AI and machine learning in underwriting, claims processes and automated customer service. Currently, spending on technology is 10 to 15 percent of total spending, whereas five or six years ago it was five to six percent.
Many companies have adopted AI and, like us, are trying their hand at Generative AI. According to industry insiders, the integration of telematics and Internet of Things technology in health care has increased insurers' spending on technology to better assess risks and provide better services.