World Property and Casualty Insurance Report 2024
Insurance leaders optimistic about AI’s impact on underwriting quality and fraud reduction but underwriter confidence lags.
- 62% of insurance executives recognize artificial intelligence/machine learning technology (AI/ML) as elevating underwriting quality and reducing fraud
- 43% of underwriters trust and regularly accept automated recommendations from predictive analytics tools but many still have concerns around complexity and data integrity
Paris, April 17, 2024 – The Capgemini Research Institute’s World Property and Casualty Insurance Report 2024, published today, reveals the underwriting capabilities of insurers are being restricted by organizational constraints. According to the report, only 8% of property and casualty (P&C) insurers are regarded as underwriting “trailblazers” who are consistently outperforming mainstream carriers by leveraging AI-driven insights and automation to make informed decisions and accurate risk assessments with efficiency. These industry frontrunners drive greater collaboration and customer transparency by keeping underwriters at the heart of all decisions.