New Delhi, June 23 -- Artificial Intelligence (AI) is transforming the insurance sector, helping companies work faster and more accurately, according to a new research report by Policybazaar.

The report showed that AI has improved claim accuracy by 14 times, making a big impact on how insurance is handled today.

The report explained that claims are the most important part of any insurance policy, and AI is now playing a major role in identifying potential fraud cases early. In Term insurance plans, around 11 per cent of cases are flagged by AI for possible fraud.

In savings plans, the number is even higher at 16 per cent. By spotting these cases early, companies can speed up genuine claims and win the trust of customers.

It stated, "T...