AI in Action: Transforming Insurance Operations

The insurance sector is facing mounting pressures: cost inflation, regulatory complexity, legacy technology, and talent shortages. Against this backdrop there remains the protection gap, estimated at £1.4 trillion. A recent survey has reported that a significant majority of insurance leaders believe the industry has an ethical obligation to bring down the gap.

Platform digitisation was meant to close the gap and make insurance affordable and available for all. However, the forty-year digital transformation experiment has not yielded the results our market requires. Closing this productivity, cost and talent gap requires a fresh approach: one which could be offered by Generative AI.

This whitepaper, co-published with the Managing General Agents’ Association (MGAA) examines a range of industry operations and seeks to highlight where and how AI can offer practical solutions. It also highlights a range of market trends that insurance businesses must consider as they look to embrace AI.

The MGA sector, built to be nimble and agile, and typically unburdened by legacy tech is uniquely positioned to utilise AI. Those who do so effectively will position themselves as industry leaders in the years to come.