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New data from Juniper Research forecasts that the value of AI underwritten insurance premiums will exceed $20 billion by 2024, up from an estimated $1.3 billion in 2019. This growth will be driven by streamlined underwriting processes, faster customer onboarding, and reductions in operational costs enabled by AI.

According to the research, “Insurtech: Impact Assessments, Insurer Readiness & Market Forecasts 2019-2024,” efficiencies in underwriting will be enabled by increased use of telematics and IoT management tools in the motor, home, life, and health insurance sectors. Insurers’ increased access to operational and behavioral data will enable enhanced data analysis capabilities, allowing insurers to guard against evolving risks, Juniper Research said.

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Victoria Spears

Victoria Prussen Spears is senior vice president of Meyerowitz Communications Inc., a law firm marketing communications consulting company. A graduate of Sarah Lawrence College and Brooklyn Law School, Ms. Spears was an attorney at a leading New York City law firm before joining Meyerowitz Communications. She may be contacted at [email protected]

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