Abstract
Digitalization has tremendous innovation and transformation in insurance sector. The raising trend of process automation and lean compliance in insurance industry has emerged in using Artificial Intelligence. The theory and development of computer system enables to perform tasks with human intelligence is required. In order to function Artificial Intelligence with machine and systems in easy, smart, quick delivery service and necessitate new skills and access. The break through to deal with challenges in distribution network and technology across spheres like customer service, claims and processing data. There is a lot of requirement in digital infrastructure and rise in to reach out to offer solutions and integrate all the data to predict the trends in market is difficult task. Artificial Intelligence provides new ways to measure, control price risk, reduce cost and improve efficiency. This gives competition increasingly well-funded and quick thinking software base components. The task including measuring, managing risks, handling claims, selling policies and recognizing changing consumer demand requires lot of up gradation in technology to sustain in current business environment and developing economy. The objective of this paper is to know about technology which transmutes the insurance sector prospects to potential challenges and blending the technology to increase capacity to collect and analyses data and draw towards valuable arrangement in the process.
Keywords: Artificial Intelligence, Technologies, Insurance, Challenges and data
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