Property and casualty insurers are doing better at implementing AI than life insurers, composite insurers and reinsurers, according to the
While composite insurers AXA and Allianz topped the ranking of 30 North American and European insurers, P&C insurers USAA and Intact Financial ranked third and fourth respectively. About half of the top 30 insurers were P&C carriers. Life insurers Manulife and MassMutual ranked in the top ten.
"The P&C group as a whole performs better. There are many more clustered in the top end, led by USAA," said Alexandra Mousavizadeh, co-founder and co-CEO of Evident. "Composite is a bit more spread out, but there's obviously the clear leaders there, AXA and Allianz. Reinsurance got led by Munich Re and right behind it is Swiss Re. They're both pretty strong."
Evident looked at insurers' AI innovation efforts to determine its rankings, according to Mousavizadeh. The ranking also considers the insurers governance plans for using AI, and their responsible use of AI. Overall, Evident scored the insurers in four categories: talent, innovation, leadership and transparency.
"I was surprised to see the incredible ramp up that the leading insurance companies have done in the last two years, after having ChatGPT be released," she said. "So much of the insurance sector is ripe for disruption, and AI and Gen AI and agentic AI are going to play a very big role."
The ranking is a version of Evident's previous ranking of the top 50 banks for their use of AI. "We do an outside-in view, just like a credit rating, which is looking at what are all of the strengths of their AI capabilities, which usually tracks very, very strongly with performance and bottom line and share price," Mousavizadeh said. "Then we have an inside out benchmark, which is where the banks or insurance companies give us all of their data on AI spend use cases, where they are on time to production and return on investment. We get the full 360."
