Why Now is the Time to Invest in Insurance Software Development Services?
The boom in frontier technologies in insurance continues to grow through 2025 and beyond, with the main focus on IoT, big data, and robotics, contributing to a $3.200 billion market, according to the PWC insurance market research.
The use of AI and machine learning allows to reduce time spent on processing claims to 15 minutes instead of the regular 3-4 hours, resulting in processing costs decreased by 30%.
Field research proved that using big data in the insurance industry increases fraud detection rates by 60%.
50% of insurance customers ranked personalized digital communications as a high priority while insurers still primarily rely on telephone (51%) and traditional mail (50%) with no to limited personalization opportunities to communicate with customers.
Insurance companies using AI and big data report better customer satisfaction (84%) and customer retention improvements (70%).
Explore the applications of AI and machine learning in lead generation and management, price optimization, churn prediction, intelligent underwriting, personalized sales, and others, etc.
