Market & Regulation
Insurers Shift AI Focus to Core Risk Underwriting
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Why it matters
- →Insurers are embedding AI into core processes, enhancing decision-making and efficiency.
- →Transparency in AI-driven financial returns is becoming crucial for industry credibility.
- →The shift signifies AI's growing role as a strategic asset in the insurance sector.
Insurers are increasingly embedding AI into core functions such as underwriting and capital allocation, moving beyond its use for mere efficiency. The Evident AI Index highlights a 32% increase in AI-specialist roles among insurers, with many appointing senior leaders to manage AI strategies. Zurich's deployment of its ZurichIQ platform demonstrates this shift, integrating AI into underwriting and claims processes. Transparency in AI-driven financial returns is becoming essential, with companies like Manulife and Generali leading in public reporting. This marks a significant transformation in the insurance sector, where AI is now central to operational strategy.
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