The latest AI advances are transforming the insurance industry, enabling unprecedented levels of automation and unlocking opportunities to improve workflows such as sales, underwriting, and claims management. Insurers that have a bold vision for AI and integrate it deeply into how they operate stand to gain significant competitive advantage—but they must get their tech transformations right.
McKinsey’s Tanguy Catlin, Violet Chung, and coauthors write: “It’s not enough to tinker around the edges and run a few pilots, or to expect true AI enablement to come from buying a patchwork of software-as-a-service products from suppliers with minimal strategic intent, or to hope that workflows will be transformed by off-the-shelf AI solutions.” Check out their report for six signature moves to help insurance organizations outperform in the digital age, and read on for how AI is making waves in the UK’s insurtech industry, the value of combining gen AI with other technologies in insurance, and more.
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Reimagining insurance with a comprehensive approach to gen AI
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