Development of the insurance industry using Artificial intelligence Technologies

Abstract

The study examines the impact of artificial intelligence (AI) on the development of the insurance sector. AI is one of the most prominent fields of modern technology, aimed at designing systems capable of simulating human thinking, including learning, problem-solving, and decision-making. Machine learning, as one of the key tools of AI, is widely used for analyzing complex data and providing innovative solutions to various challenges. The research focuses on the potential integration of AI applications into the administrative and financial operations of insurance companies, aiming to enhance operational efficiency and accelerate processes. The Iraqi Insurance Company was selected as a case study to analyze the impact of these technologies, evaluating its performance over the period (2014–2022) based on its annual reports. The study employed machine learning algorithms to analyse the company's financial data and evaluate its performance. The results demonstrated the effectiveness of AI in providing accurate insights into company performance, as well as identifying the most efficient algorithms for data analysis, which can support improved strategic decision-making in the future.