A Study on Leveraging Artificial Intelligence and Big Data for Non-Life Insurance Companies’ Risk Assessment in India

Abstract

Traditional risk assessment struggles in India's booming non-life insurance market. This paper explores how artificial intelligence (AI) and big data analytics can revolutionise the industry. This paper examines the limitations of current methods and delves into AI techniques like machine learning. Specific applications for auto, property, and health insurance are presented, highlighting benefits like fairer pricing and faster claims. The Indian context is analysed, acknowledging challenges but emphasising opportunities like government support and tech collaboration. Finally, the future of AI and big data in risk assessment is discussed, stressing the importance of ethical considerations for responsible implementation.