AI Readiness Report for the insurance industry

Our survey of 200 U.S. insurance executives reveals a gap between ambition to scale AI and actual implementation.

U.S. insurers may be eager to scale AI, but few appear to be doing so with urgency. The survey also suggests many executives perceive their organizations to be further along in implementing AI than they actually are. But there are clear pathways to getting on track and pulling ahead.

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Key takeaways

Many insurance leaders misunderstand their companies’ AI progress.

62% of surveyed executives say their organization has more technology projects than they can realistically scale. The projects include AI.

The findings suggest an overhaul of the operating model is central to moving toward an AI-native posture.

But many insurers are not assertively transforming their operating models.

85% of surveyed executives say their organization has no documented strategy for enterprise-wide AI.

While working toward becoming AI-native, companies can strategically target AI to certain insurance functions and processes to remain competitive.

Fraud detection claims processing and actuarial analysis are prime AI targets.

44-50% of surveyed executives say AI can help most with fraud detection and claims processing, and the vast majority feel that actuary skills are costly and scarce — a situation which AI implementation could help alleviate.