With a growing share of insurance executives viewing generative artificial intelligence as a tool for streamlining and improving functions like fraud detection, Deloitte predicts that AI technologies could save the property/casualty insurance industry tens of billions of dollars in the next few years.
Deloitte wrote in a report that by implementing AI-driven technologies across the claims life cycle and integrating real-time analysis from multiple modalities, P/C insurers could reduce fraudulent claims and save between $80 billion and $160 billion by 2032. Insurers that integrate multimodal capabilities using AI and advanced analytics could generate potential savings