2023 Focus Series: The Current State of AI in the Insurance Industry
Insurance companies have systematically adopted the use of AI to improve various efficiencies. AI sits on core business platforms as well as within discrete links of the decision-making value chain. Using AI, insurers can quickly analyze large amounts of data and, over time, are capable of using such data analytics to improve their own outputs, which helps them to design better workflows to improve business processes that deliver greater efficiencies in the workplace.
Table of Contents:
- Survey Demographics
Insurance Companies are Adopting AI
Size of Insurer and Technology Budgets Directly Affect AI Adoption
Larger Insurers are Building their AI Capabilities In-House
AI Used Throughout the Value Chain
- Use Case by Sector
- Use Case by Insurer Size by DPW
- Use Case by IT Spend
- Regulatory Headwinds in a Rapidly-Changing Environment
Barriers Against AI Implementation
Artificial intelligence has the potential to transform the financial sector broadly. With the growing adoption of AI in the Insurance industry, Conning conducted a survey of key executives and stakeholders at insurers to gauge the level of adoption of AI technologies across the industry. This study analyzes the adoption of AI within the insurance industry.