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ARTICLE · 30 SEPTEMBER 2025

AI And Insurance: Navigating AI Adoption

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AI has the potential to transform the insurance industry by increasing efficiency, reducing fraud-related losses and improving product design.

CanadaFinance and Banking
Melissa Prado
Melissa Prado
Sarah E. Whitmore
Sarah E. Whitmore
Anne Merminod
Anne Merminod
Lauren Nickerson
Lauren Nickerson
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AI has the potential to transform the insurance industry by increasing efficiency, reducing fraud-related losses and improving product design. Realizing the transformative power of AI, however, requires a clear understanding of the risks it raises for financial institutions and a flexible game plan for navigating them.

How can AI be used by insurance companies?

AI is not new to the insurance industry, but recent technological advances have expanded its capacity to assist with a broad range of tasks, including:

  • pricing and underwriting;
  • claims processing and benefit management;
  • product design and sales;
  • customer service and policy administration; and
  • fraud detection.

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