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Artificial intelligence offers the insurance industry exciting new services and solutions. The burgeoning technology also carries new risks.

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person talking with robotic ai.futuristic technology or machine learning concepts.ai generated images. Credit: Limitless Visions/Adobe Stock When it comes to use cases, marketing and claims are the two areas with the biggest opportunities to leverage AI, Sprout.ai reported, noting more than half of survey respondents highlight those two areas. Administration and underwriting functions were also key areas that could benefit from generative AI. (Credit: Limitless Visions/Adobe Stock)

The insurance industry is viewed as slow to change, particularly when it comes to embracing new technologies, but companies across the insurance ecosystem have been diligently delegitimizing the characterization.

During the pandemic, the industry showed an ability to step on the gas when it comes to digital adoption and this hastened pace of technology implementation hasn’t waned. According to a survey of U.S. and U.K. insurance professionals by Sprout.ai, 59% of insurers with more than 100 employees are already using generative AI technologies, such as ChatGPT. Further, 27% of U.K. insurers are using generative AI in their processes, while 40% of U.S. insurers are doing the same, Sprout.ai reported.

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Steve Hallo

Steve Hallo is managing editor of PropertyCasualty360.com. He can be reached at [email protected].  

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