2026-10-05 · Source: Insurance News Australia
Summary in 3 Points • Accenture reports that 81% of insurers have seen at least a 5% increase in gross written premiums due to AI. • AI tools have improved productivity for 86% of insurance employees, allowing them to focus on complex tasks. • Currently, only 23% of insurers have fully integrated AI across their operations, highlighting existing skills gaps. --- Accenture's recent findings indicate that artificial intelligence (AI) is significantly enhancing productivity and gross written premiums (GWP) in the insurance sector. With 81% of insurers reporting at least a 5% increase in GWP from AI initiatives, the technology is proving beneficial. Additionally, 86% of employees believe AI tools have improved their productivity, enabling them to concentrate on more complex tasks rather than administrative duties, which consume about 40% of underwriters' time. Despite these advantages, only 23% of insurers have achieved comprehensive AI integration, revealing a notable skills gap within the industry. Accenture advises insurers to pinpoint specific challenges that hinder efficiency before implementing AI solutions, rather than adopting the technology indiscriminately. This strategic approach could lead to better customer service and more effective handling of complex claims, ultimately enhancing overall operational performance. For the London Insurance Market, the integration of AI in underwriting processes at institutions like Lloyd's of London could streamline operations and improve risk assessment capabilities.
For the London Insurance Market, the integration of AI in underwriting processes at institutions like Lloyd's of London could streamline operations and improve risk assessment capabilities.