What's Happening?
According to a recent PwC report, more than half of surveyed insurance executives believe that generative and agentic artificial intelligence will have the most transformative impact on the industry over the next three years. The report highlights that 54%
of 136 surveyed executives view AI as the key technology poised to reshape the industry, with plans to heavily invest in it. PwC's global growth strategy leader, Marie Carr, emphasized the efficiency gains AI can bring, such as reducing cycle times for quotes. Despite concerns about AI replacing advisors, PwC suggests AI will augment rather than replace human roles, as managing larger risks requires human nuance and assurance. The report also notes a shift in the traditional IT model, advocating for closer collaboration between IT and business functions.
Why It's Important?
The adoption of agentic AI by insurance executives signifies a major shift in the industry's approach to technology and efficiency. This transformation could lead to significant operational changes, with AI streamlining processes and enhancing decision-making capabilities. For the insurance sector, this means potentially faster service delivery and improved risk management, which could enhance customer satisfaction and competitive advantage. The emphasis on AI also reflects a broader trend of financial services firms evolving into technology-driven entities, which may lead to increased investment in tech infrastructure and skills development. This shift could impact employment patterns, with a focus on tech-savvy roles and collaborative work environments.
