Gen AI in insurance to skyrocket 29% through 2030

Early adopters are seeing 20% to 40% reduction in the cost of onboarding customers.

Generative artificial intelligence (AI) in insurance is slated to reach $1.4b in 2025, according to the Business Research Company.

The market is likely to pencil a compound annual growth rate of 28.5%, bagging $4.8b by 2030.

This specialised technology is currently being used by insurance companies to automate high-volume tasks such as processing claims, identifying fraudulent documents, and generating personalised policy quotes.

By using machine learning to analyse large datasets, insurers are able to assess risk more accurately and speed up service for both individual and commercial policyholders.

Recent industry data shows that early adopters are seeing significant operational gains, including a 20% to 40% reduction in the cost of onboarding new customers and a 15% improvement in premium growth through better customer targeting.