Conning survey reveals a surge in AI adoption within the insurance industry, with large language models leading the tools being explored for sales, underwriting, and claims processing.
The insurance industry is embracing artificial intelligence (AI) at an accelerating pace, with 77% of respondents in a recent survey indicating they are in some stage of adopting AI in their value chain. This represents a significant jump from the 2023 survey, which showed 61% of respondents had either implemented or were in the process of implementing AI as part of their workflow, according to the study by Conning.
The survey, conducted among insurance C-suite decision-makers responsible for “greenlighting” emerging technologies, also found that 67% of companies are already piloting large language models (LLMs)—advanced AI systems designed to understand and generate natural language and other types of content to perform a wide range of tasks—a strong indicator of future adoption.
“Insurers are adapting, developing, and piloting innovative AI applications in pursuit of greater efficiency to drive…
