The state of AI in insurance: Excitement and challenges as underwriters assess the potential of artificial intelligence
Artificial intelligence is already having a significant impact on the way underwriters work, and there is a real sense of optimism across our industry.
Underwriters are quickly recognising the benefits of AI technology to transform the commercial and specialty insurance landscape, and they’re keen to use these tools to augment their skills.
Send recently teamed up with Intelligent Insurer to survey 300 underwriters about their views and approaches to AI adoption, and the results were positive:
- 85% of those surveyed said that insurers who could successfully deploy AI in underwriting would have a “stronger” competitive advantage
- 71% of underwriters agreed that AI would be a “key part” of their underwriting strategy over the next 12 months.
- 65% agreed that AI presents “the biggest opportunity” for improving underwriting profitability and performance in the next 12 months
The underwriters surveyed noted some of the biggest benefits of AI as extracting information from documents, reducing manual tasks, automating processes, increasing speed and efficiency, attracting and retaining talent and improving the data flow across the business.