The insurance industry is undergoing a significant transformation due to the integration of advanced technologies like AI, ML, and LLM.

New applications of AI in the sector include life insurance, preventive health, risk assessment for natural disasters, policy generation, personalized coverage, claims processing, and fraud detection.

Generative AI could potentially increase annual insurance sector revenues by $2.6 trillion to $4.4 trillion, according to McKinsey.

Regulatory bodies in the EU and US are actively developing laws and guidelines to oversee the application of AI in the insurance industry.

The recognition of AI's impact on cyber insurance by leading providers underscores its role in security and funds transfer fraud.

AI is expected to enhance the roles of insurance brokers and open up new opportunities within the industry.