AI in Insurance

How 3 Forward-Looking Insurers Are Infusing AI Into Their Front, Middle, and Back Offices to Better Compete with Insurtechs and Meet Changing Customer Expectations

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About This Report
Incumbent insurers have accelerated their use of mature AI deployments in the past year to meet changing customer expectations and better compete with insurtechs. They’ll now need to infuse the tech across their business segments to unlock the full potential—including enhanced personalization, cost cutting, and stronger risk management—of AI-driven digital transformation.
Table of Contents

Executive Summary

Incumbent insurers have accelerated their use of mature AI deployments in the past year to meet changing customer expectations and better compete with insurtechs. They’ll now need to infuse the tech across their business segments to unlock the full potential—including enhanced personalization, cost cutting, and stronger risk management—of AI-driven digital transformation.

Three Key Questions This Report Will Answer

  • What is AI’s current state of implementation and maturity in the insurance industry?
  • What are AI’s key use cases across the front, middle, and back offices, and what are some examples of insurers implementing AI across each of these use cases?
  • What can we learn from stakeholders at leading insurers deploying AI applications across their business?

WHAT'S IN THIS REPORT? Insider Intelligence assesses the business impact of forward-looking insurers implementing AI in their front, middle, and back offices, with real-world examples of each. The report then explores the key risks arising from AI use that insurers need to keep in mind. It also provides recommendations around how insurers can best approach the implementation of AI-powered digital transformation. Finally, it examines prominent strategies currently in use by three insurers (Aon, Allstate, and Zurich Insurance UK) that have invested in AI technology, gleaned from interviews with key stakeholders.

KEY STAT: Forward-looking insurers can leverage AI-powered chatbots to support customers 24/7—a benefit cited by more than half (56%) of global banking and insurance customers using AI interactions. This can boost operational efficiency, as staff is freed up to deal with less trivial and more revenue-generating tasks, such as customer acquisition.

Here’s what’s in the full report

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Table of Contents

  1. Executive Summary
  2. Key Points
  3. Recommendations
  4. Introduction
  1. Types of AI
  2. AI Use Cases in Front-Office Insurance
  3. AI Use Cases in Middle-Office Insurance
  4. AI Use Cases in Back-Office Insurance
  1. Risks Associated with AI in Insurance
  2. A Closer Look at AI in Insurance Applications
  3. Read Next
  4. Media Gallery

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authors

Victor Chatenay

Contributors

Greg Magana
Jaime Toplin
Julia Woolever
Alicia Young
Research Editor