Life Insurance Market: Robots and AI to Improve Customer Service in the $2951 Billion Insurance Industry

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Oct 11, 2019, 04:00 ET

LONDON, Oct. 11, 2019 /PRNewswire/ -- TheBusinessResearchCompany.com offers three reports on Insurance "Life Insurance Providers Global Market Report 2019", "Whole Life Insurance Global Market Report 2019" and "Term Life Insurance Global Market Report 2019" from its research database.

Life insurance providers enter into a legal contract with the insurance policy holder, where the insurer (life insurance provider) promises to pay a designated beneficiary a sum of money in exchange for a premium, upon the death of an insured person. Life insurance providers are primarily engaged in the pooling of risk by underwriting insurance (that is, assuming the risk and assigning premiums) and annuities. Robotic process automation and artificial intelligence have transformed the way in which business is done in the insurance industry. Robotic process automation and artificial intelligence are being used in the life insurance industry to accurately predict outcomes, improve customer service, guide the development of new products, detect risks and cross-promote products. For example, Aditya Birla Sun Life Insurance has launched DISHA 2.0, an Upgraded AI-Enabled ChatBot in 2018, to navigate personalized solutions for life insurance choices. These technological developments will enhance the customer experience and will also drive the global insurance providers market, from $2951 billion in 2018 to around $3587 billion through 2022. The life insurance providers market is forecast to grow at an annual rate of around 5.0%. View Complete Life Insurance Providers Market Report @ https://www.thebusinessresearchcompany.com/report/life-insurance-providers-global-market-report

Emerging Countries Will Contribute The Most To The Overall Life Insurance Providers Market

The global life insurance providers, term life insurance providers and whole life insurance providers markets are being driven by the increase in disposable incomes of emerging countries such as India and China. Economic growth in the middle-income group translates to higher disposable income which allows them to invest in life insurance products. According to report by Swiss Re Institute, the world's seven largest emerging markets will contribute 42% of global growth, with China contributing 27%. This increase in disposable incomes, especially in emerging countries, is expected to increase demand for life insurance plans, thereby driving the overall life insurance providers market. Request A Sample on Life Insurance Providers Market @ https://www.thebusinessresearchcompany.com/sample.aspx?id=2489&type=smp

Use Of Artificial Intelligence For Faster Claims Processing

Whole life insurance products are a part of life insurance. They provide guaranteed death benefits during the entire life of the policyholder. Clients of these insurance providers are the general public who buy life insurance policies, either through an intermediary or direct selling. Artificial Intelligence and automation technologies are being implemented by whole life insurance providers for faster claims processing. Artificial intelligence (AI) is a simulation of human intelligence processes used by machines, commonly computer systems, to process and automate large amounts of data. Whole life insurance companies process large number of claims, customer queries and large amounts of diverse data that are being simplified using automation technologies. Artificial intelligence is being used by insurance companies to provide coverage personalization, and faster and customized claim settlement. For instance, major insurance companies such as AXA and Generali have invested in artificial intelligence and automation technologies to simplify business operations and enhance customer experience. View Complete Whole Life Insurance Market Report @ https://www.thebusinessresearchcompany.com/report/whole-life-insurance-global-market-report

Policy Holders Can Now Customize Their Term Life Insurance Plans

Term life insurance is another type of life insurance which provides only a death benefit (through lump-sum, monthly payment or annuity) to the beneficiary only if the person insured dies during a specified term period. If the person insured survives until the end of the term, the coverage ceases without any value (or payments made) and thereafter death claim cannot be made. Companies in the term life insurance market are increasingly offering customized insurance models for product differentiation and increased customer satisfaction. The users are allowed to add certain diseases in addition to their current plain term policy or to change their death cover plan. Term life insurance companies such as Edelweiss Tokio provides customizable insurance plans to its customers. Read More On Term Life Insurance Market Report @ https://www.thebusinessresearchcompany.com/report/term-life-insurance-global-market-report

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