In a context complex macroeconomic and rapidly evolving, iThe insurance sector is among the top industries who – thanks to the use of Artificial Intelligence, in particular Generative Intelligence – will be able to obtain a significant increase in productivity, estimated by Accenture between 21% and 29%. In particular, the areas that will benefit most from it are Investment Management and then Underwriting & Pricing (26%), Sales (26%) and Claims Management (21%).
Insurance sector and potential of AI
To successfully face this transformationthe need is increasingly clear di a digital revolution from a holistic perspective, which, in redefining the operating models of companies, adopts a “Human+Machine” approach, i.e. an approach that places human interaction at the center of technological innovation, focusing on the consolidation of the digital core and on developing relevant skills to drive this change.
These are the main findings that emerge from recent studies Accenture on the transformation underway in the insurance sector, which, after the marked decline in 2022, hhas already started to show signs of recovery, with expected growth of 15.2% in 2024, compared to the previous year.
“For the insurance sector, 2024 promises to be differenti as a year of growth. In the life sector, a clear trend reversal is expected with an 18% increase in premium income after a negative phase in the last two years. Still excellent performances expected for ithe damage branch, which, with a growth of 9%, confirms the positive trend of the last 4 years. Although the sector has found itself facing complex challenges, such as inflation, rising rates, growing costs and the impact of increasingly frequent natural disasters, the positive results achieved and the acceleration of AI, in particular the generative one, are making the scenario even more dynamic. Based on our analyses, the insurance sector appears to be one of the sectors that can benefit more in terms of increased operational and commercial productivity, as well as response to customer expectations, also enabling new services and methods of interaction” he stated Daniele Presutti, Senior Managing Director Insurance at Accenture. “To reap the benefits of these technologies and obtain a sustainable competitive advantage, it is important that investments in the digital core go hand in hand with skills training”.
Customer service, a new paradigm
According to an Accenture study, GenAI is set to play a crucial role in the relationship with customers: 42% of consumers believe it can help identify suitable products and services, while 65% consider the content generated relevant and reliable(3). Insurance companies can therefore respond to these needs by building a hybrid relational model, which integrates physical and digital interactions enhanced by AI.
The drivers of transformation
According to recent findings by Accenture, based on global research involving insurance industry executives, the main drivers of transformation clearly emerge. TO European leveltechnology represents the main driver, with 60% of respondents indicating it as a key factor, followed by innovation of the offer (56%) and flexibility of the business model (47%). In Italy, in addition to these factors, there is a strong focus on cost pressure, considered relevant by 42% of those interviewed, thus underlining the specificities of the national context in the panorama of insurance transformation. Also from this analysis, drivers emerge related not only to the economic and technological development of the organization, but also to human resources and customer experience care.
