AI, Blockchain, and IoT take the wheel: 25% of the insurance industry set to be automated

In today’s rapidly evolving digital landscape, industries across the board are embracing technology to enhance their offerings and streamline operations. The insurance sector is no exception, as it undergoes a transformative shift towards a digital-first approach. Enabled by advancements in artificial intelligence (AI), blockchain, and the Internet of Things (IoT), insurers are revolutionizing the way they interact with customers, provide personalized experiences, and manage risk. According to a report by McKinsey, 25% of the insurance industry will be automated by 2025 with the help of AI, machine learning and similar technologies. Let’s explore how these cutting-edge technologies are reshaping the insurance industry and driving the rise of digital-first insurance.

AI has emerged as a game-changer in the insurance landscape:

The growth of the AI market in the insurance industry has been substantial.