2026-09-08 · Source: Reinsurance News
Summary in 3 Points • Accenture's report shows 81% of insurers see revenue gains from AI initiatives • Only 23% of insurers have achieved enterprise-wide AI integration, according to Accenture • 56% of insurers have implemented formal AI governance frameworks for competitive advantage --- Accenture's new report highlights that while a significant number of insurers are benefiting from AI, many are not fully capitalising on its potential. The report, based on a survey of 263 senior insurance executives, reveals that 81% of insurers have seen revenue gains from AI, with improvements in gross written premiums due to enhanced pricing, personalisation, and cross-selling. However, only 23% have achieved full enterprise-wide AI integration. The report also identifies key barriers such as legacy system integration and data quality issues. Furthermore, 56% of insurers have established formal AI governance frameworks to maintain a competitive edge.
The findings from Accenture's report suggest that the London insurance market could see significant benefits from increased AI adoption. Underwriters and brokers may uses AI for better pricing and personalisation, potentially leading to improved premium growth. However, the challenge of integrating AI enterprise-wide remains, which could impact the scalability of these benefits. Additionally, the need for strong AI governance frameworks is crucial to ensure compliance and maintain trust within the market, offering a competitive advantage for those who implement them effectively.