Impact of Artificial Intelligence on Prospective Policy Holders in Selecting Life Insurance Products in Chengalpattu District

Abstract

The study investigates the growing reliance on artificial intelligence (AI) technologies in personal financial decisions, particularly focusing on how it influences prospective policyholders in selecting life insurance products in Chengalpattu district. This research, involving 173 respondents, combines primary data collected through structured questionnaires with secondary data derived from industry reports, scholarly articles, and market analyses. A significant correlation was identified between gender and the perception of AI in life insurance products, indicating that individuals with a positive perception of AI are more likely to rely on it for decision-making. Descriptive analysis confirmed that AI significantly influences the decision-making process, demonstrating its role in simplifying complex information and improving decision confidence. Findings suggest that AI-driven tools enhance transparency, accuracy, and ease of understanding for policyholders, while also highlighting a gap in personalized advisory services to address specific customer needs. Recommendations include the integration of AI with human advisory support to create a balanced approach, alongside targeted initiatives to increase awareness and build trust in AI capabilities, ensuring broader acceptance and effective utilization among policyholders.