Application of Artificial Intelligence in the Indian Insurance Sector: Prospects and Challenges from a Sustainability Perspective

Applications of artificial intelligence currently define many of the most significant sectors, including banking, hospitality, insurance, healthcare, food technology, logistics, entertainment, and real estate. The insurance sector has changed significantly in response to digital transformation and artificial intelligence technologies' use. Digitalism and artificial intelligence will significantly affect several facets of the insurance sector. These features include customer involvement, underwriting policies, risk control, and claim handling. The digital transformation and use of artificial intelligence within the insurance company is investigated in this paper using a comprehensive literature review and real-world case studies. The aim of this research is to assess the benefits and drawbacks connected to these advances. These technologies may be used by insurance companies to increase operational effectiveness, lower risk, and improve the customer experience. It also looks at current advancements, the best strategies used in the business, and possible insurance sector prospects.