Despite its reputation as an industry that's slow to adopt new technologies, insurers are enthusiastically embracing generative artificial intelligence (GenAI), according to the results of a recent study conducted by EY-Parthenon. An increasingly complex risk landscape, which includes more natural catastrophes and evolving cybersecurity threats, is the chief driver for insurers to uncover profitable use cases for generative AI, the study's authors report: "Though the technology is still in the early stages of development, many global insurers clearly see how it can unleash competitive disruption, create new revenue opportunities and promote operational excellence." EY-Parthenon conducted the study during late 2023 by surveying 200 senior insurance decision-makers worldwide. Respondents included global P&C insurance carriers, brokers, agents, tech vendors and other players across the insurance ecosystem. The slideshow above illustrates the five key takeaways EY-Parthenon determined after surveying insurers about how they plan to develop and use GenAI. The study's authors are clear about the differences between generative AI and other forms of artificial intelligence: "AI is a broad term for a set of technologies that develop or simulate intelligence in machines, including by performing tasks that traditionally required human intelligence. GenAI is a subset of AI, referring to a specific category of models capable of generating new and original content, including text, images, video and music." Among the data points that support the survey's findings:
  • 99% of insurers are already investing or plan to invest in GenAI.
  • 82% of large insurers — or those with direct premiums written greater than $25B — cite productivity gains as a primary driver for implementing GenAI.
  • 65% of all insurance companies expect revenue uplift of more than 10% from their use of GenAI.
  • 83% of insurers prioritize use cases that deliver either quick wins, or a combination of near-term and long-term benefit, vs. those that strictly provide long-term impact.
"It's understandable that insurers are trying different approaches to deploying and managing new technology," the study's authors conclude. "Over time, we expect firms that balance a clear, top-down strategic vision with grassroots experimentation will yield the best results." See also:  

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Elana Ashanti Jefferson

Elana Ashanti Jefferson serves as ALM's PropertyCasualty360 Group Chief Editor. She is a veteran journalist and communications professional. Reach her by sending an e-mail to [email protected].

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