2026-05-12 · Source: Reinsurance News
Summary in 3 Points • AM Best survey reveals that nearly 60% of insurers expect artificial intelligence to reshape business models within three years • Despite rapid AI adoption, structural barriers such as data quality and integration challenges persist in the insurance sector • Insurers are focusing on AI to enhance underwriting accuracy, improve customer experience, and streamline claims processing --- AM Best, a global credit rating agency, conducted a survey among insurance carriers and managing general agents (MGAs) to assess the impact of **artificial intelligence** on the industry. The survey results show that nearly 60% of respondents believe that AI will significantly transform their business models in the next one to three years. However, the survey also highlights ongoing structural barriers, such as data quality issues and integration challenges, which could hinder the full potential of AI adoption in the insurance sector. For the **London Insurance Market**, the survey underscores the growing importance of **artificial intelligence** in driving innovation and competitiveness. As insurers increasingly rely on AI to enhance **underwriting** accuracy and improve **customer experience**, they must also address the structural barriers identified by AM Best. Overcoming these challenges will be crucial for maintaining a competitive edge and ensuring that AI implementations deliver the expected business benefits. **Underwriters**, **brokers**, and **risk managers** should consider the implications of rapid AI adoption on their operations. They need to evaluate how AI can be leveraged to streamline **claims processing** and improve risk assessment. Additionally, professionals should focus on enhancing data quality and integration capabilities to fully capitalize on AI technologies. By proactively addressing these areas, insurance professionals can better position themselves to meet the evolving demands of the market.
For the London Insurance Market, the survey underscores the growing importance of artificial intelligence in driving innovation and competitiveness. As insurers increasingly rely on AI to enhance underwriting accuracy and improve customer experience, they must also address the structural barriers identified by AM Best. Overcoming these challenges will be crucial for maintaining a competitive edge and ensuring that AI implementations deliver the expected business benefits.