INSURANCE AND AI: THE SLOW START IS OVER

Is insurance finding its rhythm with AI?

Last week, Marsh put ‘Project Leapfrog’ in front of selected clients - a tool for testing coverage and exposure scenarios.

The world’s largest broker is using AI to compress actuarial and exposure analysis into an app clients can interrogate, live.

And this isn’t the only signal that insurance’s rate of adoption has started to pick up the pace.

Aviva has built 80+ AI models across claims, the result of a multi-year integration effort. While Allianz Commercial has signed a 10-year strategic partnership with Coalition - giving the cyber specialist primary responsibility for pricing, product development, risk mitigation and claims management across Allianz’s standalone commercial cyber portfolio.

Standing back for a wider view, EIOPA’s February survey found nearly two-thirds of European insurers are actively using generative AI. And although less than half had dedicated policies in place, the picture is of an industry choosing its routes into AI: products, partnerships, custom builds and regulator-facing governance.

Digital intelligence is starting to look like an integral part of the insurance industry’s operating context. That is also coming across strongly from our work with large clients in the sector.

So what’s today’s in-the-end-at-the-end?

Welcome to The Insurance Adoption Roadmap, Phase Two. The regulated slow start is ending. The race to rapid adoption for competitive advantage is beginning.

Who will leapfrog who?