AI AND THE INSURANCE INDUSTRY
TECHNOLOGIES POSITIVELY IMPACTING PROFITABILITY AND PERFORMANCE
1
IN THE INSURANCE INDUSTRY
66 % 64 %
63 %
Data and analytics
AI and automation
Public cloud and service technologies
GLOBAL AI IN INSURANCE MARKET SIZE Estimated to have been
2022
$ 4.59 billion
2032
$ 79.86 billion
2
AI IN INSURANCE MARKET SPEND ( 2022 )
2
70 % on software
23 % on services
7 % on hardware
|
WHAT INSURANCE CEOs
3
THINK ABOUT AI
|
59 %
Jobs impacted by AI will be counterbalanced by new roles
|
58 %
AI is a force for good
|
52 %
Plan significant investments in AI in the next year
4
|
TOP WAYS GLOBAL INSURERS PLAN TO USE AI AND DATA SCIENCE
3
1 % |
1 % |
9 % |
9 % |
37 % |
43 % |
Data science and AI will not play a significant role |
Do not know |
Automating processes to reduce labour costs |
Drive product innovation |
Develop self-service tools |
Predict trends and optimise operations |
|
TOP THREE CONCERNS AMONG EUROPEAN INSURANCE EXECUTIVES AROUND THE
3
ETHICS OF GENERATIVE AI
|
31 %
Privacy
|
26 %
Discrimination , bias and fairness
|
21 %
Transparency and explainability
|
* See the article , Revolutionising insurance : The transformative power of AI , on page 43 for insights into this issue .
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1 According to the KPMG 2023 CEO Outlook and Global Tech Report , 2 Precedence Research at precedenceresearch . com / artificial-intelligence-in-insurance-market , 3 EY 2024 Global Insurance Outlook , 4 The study was done in July 2023