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As insurers implement artificial intelligence into their practices, how can the technology be used for growth?
Ennix's 2024 Industry Trends Report is based on a survey of 431 global insurance executives from across Australasia, Europe, the United Kingdom, the United States and Canada. It examines the most pressing insurance industry trends, including AI.
Based on the report's findings, modernizing legacy systems is a top challenge within the industry, with respondents giving this problem a score of 72 out of 100 in difficulty to fix. Insurers also said their growth strategy is fueled by the ability of current technology to support innovation.
This year, AI has more of an impact on operational decisions, compared to the previous year. Based on the forecast, AI is supposed to have an even more significant impact next year.
According to the survey, 29% of insurers already deploy AI models, 70% plan to do this in the next two years and 1% have no plans to do this.
Read more about how AI figures into insurers' growth plans.
