AN EMPIRICAL STUDY ON RISK AND OPPORTUNITIES OF USE OF ARTIFICIAL INTELLIGENCE IN THE INDIAN INSURANCE SECTOR
DOI:
https://doi.org/10.61841/95j0k180Keywords:
insurance, AI, Artificial Intelligence in insuranceAbstract
Studies have been done to understand the use cases of AI or Artificial intelligence, in the
insurance sector. Specifically, they aim to explore the scope and market penetration of
Artificial Intelligence in the insurance sector to overcome ongoing issues for better consumer
satisfaction. Based on the concept of Artificial Intelligence, the conceptual model has been
developed. This conceptual model mainly aims at measuring the relation between Artificial
Intelligence and its use case in the insurance sector. These studies conclude specific practical
insights that are considered helpful for the insurance companies while responding to the
dissatisfied consumers and the other operational issues
Previously, the party to the insurance contract, the insurer and insured, used to have
different information. It is crucial for understanding the insurance economies as asymmetry
causes strategic behavior. The insurer tries to get maximum data so that the behavior of the
insured may be inferred.
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