The evolution of artificial intelligence (AI), including the new wave of generative AI (Gen AI), is transforming numerous industries. Whether it’s automated claims, assessing risk, personalisation of products and services, or fighting cybercrime, insurance organisations are increasingly looking towards AI to help tackle complex and time-intensive tasks, and to streamline processes. However, there is an urgent need to pick up the pace in adoption of the technology. Despite the use of AI in a handful of areas and pilots taking place elsewhere, insurance organisations are not gaining an advantage on competitors by using this technology more widely. Doing so could enable businesses to work faster, more flexibly and develop more sophisticated models in response to the evolving market.
So, how can insurers adopt AI effectively and unlock its full potential?
This report is intended to support insurance leadership teams in using AI to transform their organisations. It also brings together insights from KPMG professionals and industry leaders from Generali Italia, PassportCard, Prudential and Zurich Australia who share their perspectives on how to unlock the technology's full potential.
