Abstract

Insurance is critical in supporting economic activity. Several reports have recorded a significant growth in the global insurance industry, proving the relevance and importance of insurance. However, low insurance literacy still exists. This situation leads to various critical impacts. The emergence of technologies, including artificial intelligence (AI), is transforming insurance companies' operations. Hence, this study provides an overview of insurance and its benefits to individuals, households and businesses, explains insurance awareness, literacy and adoption, provides barriers to insurance adoption, discusses the AI-powered platforms in the insurance industry, and presents the conceptual framework on insurance adoption. This study also provides recommendations on strategies to leverage AI in promoting insurance literacy, recommends the insurance adoption measurements, provides the methodology and benefits in measuring the impact of insurance adoption, comments on the barriers in insurance adoption and proposes some ethical conduct in promoting insurance adoption.