As AI plays an increasing role in the insurance industry with aggressive adoption by some major companies, most insurers are moving more slowly, unsure where and how to best deploy these technologies. In our 2018 AI survey, only 51% of insurance executives said that AI technologies were extremely or very important to their company’s success today, which was lower than for any other industry.
Insurers need to pick up the pace of investment. To remain relevant, insurers will need to move quickly to infuse AI throughout their strategy and operations. Those that don’t may discover that it is too late to catch up with their more forward-looking competitors.