Artificial Intelligence (AI) is rapidly transforming industries across the globe, and the insurance sector in India is no exception. With its ability to streamline processes, enhance decision-making, and personalize customer interactions, AI presents a new frontier for innovation and efficiency. In India’s dynamic and highly competitive insurance market, the adoption of AI is gaining momentum. This paper delves into the potential of AI to disrupt traditional insurance practices, focusing on operational efficiency, customer experience, and innovation. By examining secondary data from academic and industry sources, it explores both opportunities and challenges associated with AI integration. The findings aim to inform future strategies for stakeholders navigating this evolving technological landscape. Purpose: This paper explores the potential disruptive impact of artificial intelligence (AI) on the insurance sector in India, focusing on its implications for operational efficiency (OE), the customer experience (CE), and the overall innovation within the insurance industry (I). This investigation seeks to identify potential opportunities and challenges associated with the increasing reliance on AI in this fast-evolving marketplace. Design/Methodology/Approach: This paper takes a qualitative approach that entails a conceptual analysis of secondary data obtained from academic journals, industry reports, and case studies. The overall aim is to analyse AI depending on operations while discussing its relevance to the context of India. Findings: AI's disruption is increasing underwriting, claims processing, fraud detection, and customer engagement in the Indian insurance sector, however, problems such as privacy and regulatory grey areas, alongside skills shortages must include for organizations to harness fully the power of AI and its possible functionalities. Research Limitations/Implications: This paper contains secondary data which may not reflect the most current development in this industry, future researchers would be able to undertake primary studies and longitudinal studies to better inform future thinking. Practical Implications: The study provides actionable insights into AI for insurers, policymakers, and technology developers around the suitability of the strategic development of AI and trading off for ethical and regulatory work on AI. Originality/Value: This paper offers a specific analysis of AI's contributions in India’s insurance sector, a relatively unexplored but significantly growing area, and adds to the literature on technology-driven transformation in emerging markets.
Mhaske et al. (Wed,) studied this question.