In the insurance industry, artificial intelligence (AI) has become a disruptive technology with several uses. This report examines the advancements made in AI application development within insurance businesses between January 2015 and March 2024. The study uses a hybrid methodology that combines text analysis and bibliometrics to show the current research trend of AI applications in insurance businesses. We obtain 291 documents from the Scopus database, which we then examine with VOSviewer. A bibliometric analysis provides an inclusive analysis of significant trends, research themes, and citation patterns within the field of AI applications in insurance. It offers insights into the development and present status in this particular field of research. The content analysis provides a detailed overview of AI applications in insurance including, claims processing, underwriting and risk assessment, fraud detection, customer service and predictive analytics. The content analysis as well provides a detailed challenges and limitations, future directions and implications, of AI applications in insurance. The study's conclusions show that there is a growing body of academic literature analyzing various AI technologies—such as machine learning, natural language processing, and predictive analytics—used by insurance firms. These technologies are being investigated for their potential applications in underwriting, claims processing, risk assessment, and customer service within the insurance companies. Practitioners, policymakers and researchers can benefit from the insightful findings of this study to effectively harness the potential of AI in order to promote innovation and facilitate transformation within the insurance industry.
