Published on January 26, 2022
In AI Features

Council Post: How AI & NLP are driving the digital transformation in insurance

To successfully implement AI, NLP solutions in the insurance segment, companies should adopt a case prioritisation framework based on size, wider applicability, and complexity.

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By Saurabh Khanna

The insurance industry is undergoing a massive, tech-driven shift. The next decade will be crucial in deciding the future of the insurance sector. Industry leaders have a massive role to play, particularly in terms of adopting disruptive technologies throughout the value chain, starting from underwriting to policy servicing and claim settlement. According to Data Bridge Market Research, the AI in the insurance market is expected to touch $6.92 billion by 2028, growing at a CAGR of 24.05 percent for the forecast period of 2021 to 2028. The sector's growth is expected to be fueled by AI technologies, including machine learning, deep learning, natural language processing (NLP) and robotic automation. Below, we discuss how insurance companies are leveraging AI, along with som

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Saurabh Khanna

Saurabh is a Data science consultant with sound delivery & sales experience in Artificial Intelligence. Throughout his professional journey, Saurabh has established large teams from scratch and delivered benefits by endorsing AI, Analytics, or Lean Six Sigma solutions. Currently, he leads the Digital team at EXL.