Representing the latest findings of our Product & Tech Working Group, this whitepaper explores the challenges and opportunities for insurance firms in implementing AI initiatives and seeks to move beyond the theoretical to set out practical examples of where AI agents could make a difference right now.
Key findings include:
- Insurance remains a ‘human business’, with empathy considered to beat costs in customer interactions.
- Just because AI could do it, doesn’t mean it should. Executives agreed the business case for implementing AI initiatives should demonstrate value far beyond cost savings, show alignment with broader strategic goals and detail compelling business reasons for change.
- AI in insurance risks getting stuck in ‘pilot’ mode – While 74% of insurance companies report active AI initiatives, only 7% say they have successfully scaled these innovations across key functions of their business.
- When asked what was stopping them scaling beyond pilot stage, companies repeatedly cited uncertainty around accountability, explainability requirements and regulatory expectations. Other barriers to implementing successful AI initiatives included access to good quality, consistent data.