Underwriting the future: The role of artificial intelligence in insurance

Many insurers have been using some forms of artificial intelligence (like machine learning) for decades. But with the pace of change faster than ever, insurers are feeling the pressure to adopt newer types of AI, like generative AI and agentic AI. The stakes of capturing full value from AI technology are high, with insurers recognizing that they must invest to stay ahead – or be left behind.

To understand how AI is reshaping the industry, Economist Impact (sponsored by SAS) convened three roundtable discussions with insurance executives from across the globe. This report features key takeaways from those discussions and complements the findings of an earlier report: “Revealing the paths to 2040: Four possible scenarios for insurance.”

Delve into topics from the executive roundtables, which centered around these questions:

• To what degree has AI already transformed the industry, and where will companies invest next?
• Have insurers captured the full value of AI? If investments have not yet paid off, why is that the case, and what needs to change?
• What’s getting in the way of insurers struggling to cohesively implement AI technology at their organizations?