Investments in AI firms disrupting insurance sector reach $2 billion

New Delhi: Investments in AI technology companies aimed at disrupting the insurance sector surged by 18 per cent (year-on-year) in 2023, reaching nearly $2 billion through private equity and venture financing globally, a new report showed on Monday.

Insurance providers have integrated AI models with established methodologies from the actuarial sciences to enhance risk analysis and streamline claim processing workflows.