The Future of Insurance Conference

The future of insurance will be profoundly shaped by Artificial Intelligence (AI) over the next five years. While the impact may not be fully realized in 2024, it’s clear that AI will become a transformative force in the industry.

Rather than racing to be a first mover, insurers were urged to focus on execution excellence—ensuring they derive value from AI investments while mitigating risks. However, delaying action could leave companies at a disadvantage, as laggards risk falling behind their more agile competitors.

Claims processing emerged as the prime target for AI implementation, especially amid growing talent shortages. AI’s ability to automate repetitive tasks is seen as a way to free up human agents to focus on higher-value activities, such as providing empathy-driven customer support.

Another critical takeaway was the need for AI explainability and traceability. As AI-driven decisions become more central to underwriting, claims, and customer interactions, insurers will be required to provide clear, transparent reasoning for automated decisions to ensure trust and regulatory compliance.

The overarching message? Start now, execute well, and stay human. Insurers that adopt AI with a clear strategy for value realization and human-centric design will position themselves to lead the industry in the years to come.