A survey exploring use case and opportunities for AI in insurance

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AI in Insurance: Sapiens

In September 2023, Sapiens and The Insurance Network conducted a survey involving senior executives in IT, operations, claims, underwriting, data, and digital roles across general insurance and the Lloyd’s and London markets. The objective was to uncover the potential opportunities presented by AI in insurance and gain a deeper understanding of the implications and challenges associated with its successful implementation.

Artificial Intelligence (AI) is predicted to reshape processes across the entire insurance lifecycle and value chain. Its transformative potential spans multiple stages of the customer journey and internal operations, including claims processing and underwriting. However, it is imperative to fully understand and tackle the far-reaching implications of AI, recognising and addressing potential challenges in implementation—whether they arise from technical, operational, cultural, regulatory, or ethical considerations—before embarking on deployment.

As Jonathon Rusby, Sapiens’ Regional Sales Director In the Nordics region points out: “this topic is of particular relevance in the context of an advanced digitised and cloud-based insurance landscape of the Nordics region. With this in mind Sapiens has been keen to survey leaders in the industry to analyse what insurance companies are actually focusing on to start taking advantage of the opportunities AI offers.  In our survey Sapiens decided to put our ear to the ground and find out.”
Below are the results, which offer a highly focused view on what technology leaders in the industry are really thinking, against the backdrop of a lot of noise.

Read the survey results to gain valuable insights and unique data from key players in the insurance industry about AI strategies and what lies ahead in the future.