The insurance industry refers to the sector of the economy that provides risk management in the form of insurance policies. Companies within this industry underwrite and sell contracts to individuals or businesses, offering financial protection against potential future losses or damages in exchange for regular premium payments. These policies can cover a wide range of risks, including life, health, property, and liability. The industry plays a critical role in helping clients manage uncertainty, facilitating recovery from unforeseen events, and providing peace of mind. It encompasses various types of insurers, brokers, agents, and intermediaries who operate under regulatory frameworks to ensure financial stability and consumer protection.
Artificial intelligence is transforming the insurance sector with its innovative capabilities. Instead of focusing on Copilot, insurers are embracing AI technologies in various aspects of their operations. AI is streamlining…