The evolution of artificial intelligence (AI), including the new
wave of generative AI (Gen AI), is transforming numerous
industries. Whether it's automated claims, assessing risk,
personalization of products and services, or fighting cybercrime,
insurance organizations are increasingly looking towards AI to help
tackle complex and time-intensive tasks, and to streamline
processes. However, there is an urgent need to pick up the pace in
adoption of the technology. Despite the use of AI in a handful of
areas and pilots taking place elsewhere, insurance organizations
are not gaining an advantage on competitors by using this
technology more widely. Doing so could enable businesses to work
faster, more flexibly and develop more sophisticated models in
response to the evolving market.
