Data Overview Report

The State Of AI In Insurance

Insurers Show Low AI Maturity, Prioritizing Operational Efficiencies And Tasking IT With Most AI Efforts

February 7th, 2023
Indranil Bandyopadhyay, Principal Analyst
Indranil Bandyopadhyay Principal Analyst
With contributors:
Oliwia Berdak , Boris Evelson , Aaron Katz , Carine Lam , Sam Bartlett

AI is altering the business landscape of insurance, facilitating the shift from “detect and repair” to “predict and prevent.” This will impact pricing, distribution, underwriting, and claims. But there’s currently a significant gap between insurers’ intentions and reality. To make the most of the opportunities enabled by AI, insurers need to improve the building blocks for implementing AI initiatives, such as correct ownership, sufficient knowledge and skills, data governance fundamentals, and even the proper use case selection. This report will assist insurance decision-makers in understanding the state of AI in insurance and plugging the gap between their intentions and reality.

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