Artificial Intelligence and Insurance
Artificial intelligence is making its mark on the insurance industry, helping companies work smarter and serve customers better. From speeding up claims to spotting fraud and tailoring policies, insurers are finding creative ways to put AI to use. But with new technology come new challenges around fairness and trust. You'll find breaking news, insights, op-eds from top thought-leaders, and annual/quarterly rankings of how artificial intelligence and insurance intersect — and what it means for the future of the insurance industry.
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The insurtech's co-founder also warns against confusing novelty with value. "Insurance buyers do not need more technology for technology's sake."
July 31
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"Solve a problem the industry actually has — and prove people will buy the answer, before you fall in love with building it," Henley says in his advice to other insurtechs.
July 30
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The property-and-casualty insurance industry is undergoing a major digital transformation with the rise of generative artificial intelligence, writes Abhishek Peter, manager of digital marketing at FECUND Software Services.
July 30
FECUND Software Services. -
The rise in infostealer malware and increasingly sophisticated phishing campaigns is compounding the problem for insurers.
July 30
Enzoic -
Insurance has been an underperforming industry that resists tech disruption, according to a McKinsey report. However, insurers are finding the technology enables them to cover more risks, and do so more quickly and readily.
July 30
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Insurance companies are sharing their AI success stories with a focus on specific niches: controlling churn, fielding customer calls, slashing underwriting time and more. But even the biggest proponents of AI know it has limits.
July 29
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Connected systems can help consumers understand each stage of the life insurance journey and ensure a more seamless, less fragmented consumer experience.
July 29
iPipeline
AI: Key Questions & Analysis
How will Gen AI impact the insurance industry?
Gen AI is helping insurers automate claims, detect fraud, and personalize customer interactions, making processes faster and more efficient. It also enables companies to uncover deeper insights from their data and deliver better service at lower costs. Some of the most impactful Gen AI use cases in the insurance industry are listed below.Key use cases:
What are the biggest challenges of implementing artificial intelligence in insurance operations?
Insurers are keen on the potential of AI, yet implementing it isn't necessarily straightforward. Many are grappling with how to mesh new AI software with legacy systems, tidy up unstructured data, and win over skeptical teams resistant to changing the way they work. On top of that, they need to ensure they're remaining on the right side of regulations, keeping algorithms free of bias, and keeping everything transparent for customers. To actually make AI work, insurers need to have good governance, a definite goal, and regular check-ins to ensure their efforts stay on track and build trust.What are the ethical implications of using artificial intelligence in the insurance industry?
Use of AI in insurance presents several ethical considerations surrounding fairness, transparency, and accountability. Insurance firms must ensure that AI remains unbiased and compliant to regulations. These ethical considerations include:- Bias and discrimination: AI models trained on biased data can disadvantage certain groups.
- Lack of transparency: Secretive algorithms can make it very hard to justify decisions and recommendations to customers.
- Privacy concerns: Usage of sensitive data to train AI raises questions about data protection.
How is AI changing customer expectations and engagement strategies for insurers?
AI is raising customer expectations. People demand faster service, expedient claims, personalized policies, and better customer service. AI use in insurance can meet those expectations, particularly from smart chatbots. These chatbots make interactions frictionless, far more personal, and satisfying for customers.How are insurance agents already using Gen AI?
Insurance agents are beginning to use generative AI to save time, improve service, and strengthen client relationships. By automating routine tasks and providing helpful insights, Gen AI allows agents to focus on more meaningful interactions.What are the top insurance companies using AI?
In the last 2 years, artificial intelligence has been adopted by every major insurance company, various insurtechs, and other insurance-adjacent firms. Many leading insurers are investing heavily in artificial intelligence to improve efficiency, enhance customer experience, and manage risk. Some of the top insurance companies using AI today include:- Allstate - Chicago Quantum Exchange Partnership
- MetLife - Zesty.ai Partnership
- Progressive - AI Chatbot on Facebook Messenger