The insurance industry is riddled with time-consuming paperwork and red tape. This explains why the industry has been slow to adapt to technological change.
In 2021, the global AI market was estimated to be worth $328.34 billion. According to a report published in Fortune Business Intelligence, the market will be worth $1394.30 billion by 2029, growing at a CAGR of 20.1%.
Artificial intelligence is sweeping the globe. It is already used to power self-driving cars, locate ideal retail store locations, and detect cancer cells at an early stage.