The integration of Artificial Intelligence (AI) and Machine Learning (ML) is transforming the Indian insurance industry by enhancing efficiency, customer experience, and decision-making processes. This paper explores the application of AI and ML technologies in the Indian insurance sector, focusing on their usage from 2018-19 to 2022-23, as reported in IRDAI annual reports. Key applications include claims automation, customer interaction through chatbots, underwriting, fraud detection, and personalized policy offerings. Notable initiatives such as IRDAI’s regulatory sandbox and the BIMA Sugam platform have supported innovation and digital transformation. Insurers are leveraging AI-powered chatbots, predictive models, and IoT-based solutions to streamline operations and offer tailored services. Advanced technologies like robotic process automation (RPA), blockchain, telematics, and drone-based inspections are further improving risk assessment and operational accuracy. This study categorizes and analyses these technological applications, highlighting their impact on stakeholders, from policyholders to intermediaries. The findings emphasize a strong alignment with the "Insurance for All by 2047" vision, showcasing the industry's commitment to accessibility, fraud prevention, and cost-efficiency through technology-driven innovations.