Welcome to your weekly source of quick and insightful updates tailored exclusively for insurance industry professionals. In today's fast-paced world, staying informed is key to success, and we understand the value of your time.
?1. Surprising pace of AI growth in Insurance Market
- The global artificial intelligence (AI) in insurance market is booming, with a projected value of USD 38.8 billion by 2029 and a growth rate of 39.47% per year.
- AI is transforming the insurance industry by offering personalized insurance solutions, revamping the insurance claims process, providing data and AI-driven insights, and developing predictive and preventive models.
- Some of the leading players in the AI in insurance market are Lemonade, Prudential, Ping An Insurance, Allianz, State Farm, AXA Group, ZhongAn Online P&C Insurance, Liberty Mutual Group, Japan Post Insurance, Swiss Re Group, Berkshire Hathaway, Generali Group, MetLife, and Munich Re Group.
2. Online Insurance Market - Moving skywards
- According to a market research report by Astute Analytica, the global online insurance market is expected to witness a significant growth of 21.5% annually from 2023 to 2031 and reach a revenue of US$ 58.95 billion by 2031.
- The growth of the online insurance market is driven by factors such as the increasing internet penetration, rising consumer awareness, continuous evolution of digital platforms and supportive government regulations.
3. Taxation changes for High Premium Life Insurance policies
- India has introduced a new tax rule for life insurance policies with annual premiums over INR 500,000, effective from April 1, 2023. The rule states that the proceeds from such policies will be taxed as income from other sources and will not be eligible for exemption under Section 10 (10D) of the Income Tax Act.
- The new tax rule aims to prevent tax evasion and misuse of life insurance policies as a tool for wealth creation and transfer. The rule will not apply to policies issued before April 1, 2023, or to policies where the premium does not exceed INR 500,000 in any year during the policy term.?The rule will also not affect the tax exemption on the amount received on the death of insured.
Check out this insightful Forbes article that delves into how AI is reshaping the landscape of insurance, boosting efficiency, personalization, and risk assessment.
From automating claims processing to enhancing customer experience, AI's impact is profound.
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