AI could do for the insurance industry what the steam engine did for the Industrial Revolution, according to a report from McKinsey.
As agentic AI advances, it will drive powerful transformation for the industry, similar to the major shifts brought by e-commerce and cloud computing, the report predicts.
Rapid advancements in AI are already happening. While traditional AI is able to analyze and understand patterns in data, Gen AI has the ability to understand unstructured data forms while also creating personalized and empathetic responses. Agentic AI adds the capability of automating complex workflows to the mix.
Among all companies, 51% say they’ve deployed AI agents, with another 35% planning to do so in the next two years, according to a survey by PagerDuty. Insurers have begun to use AI in areas from sales and underwriting to customer service and IT.
“We’re seeing organizations across insurance adopt role-based agentic AI to boost operational acuity, compliance, and certainty,” said Prakash Vasant, CEO of NeuralMetrics, in a statement. “This is the start of a new intelligent technology paradigm — one where cognitive, collaborative AI strengthens enterprise workflows by co-managing practical, explainable decisions across a range of important and sensitive decision points.”
The slideshow above highlights five ways agentic AI is evolving to support insurance operations, according to NeuralMetrics.
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