2026-10-12 · Source: Insurance Asia
Summary in 3 Points • Insurers are expanding AI applications beyond underwriting, with product development gaining 8.9 percentage points in priority. • 34.4% of insurers expect underwriting to benefit most from AI, followed by customer service at 20.4% and claims management at 18.3%. • The global AI insurance market is projected to grow from $10.4 billion in 2025 to $154.4 billion by 2034. --- Insurers are increasingly adopting artificial intelligence (AI) beyond traditional underwriting, with a notable rise in focus on product development, which gained 8.9 percentage points in priority according to GlobalData. While underwriting remains the leading application for AI, its expected share has declined, indicating a shift towards enhancing customer engagement and operational efficiency. The survey revealed that 34.4% of respondents anticipate underwriting will benefit most from AI, followed by customer service and claims management. The global AI insurance market is projected to grow significantly, from $10.4 billion in 2025 to an estimated $154.4 billion by 2034, reflecting an annual growth rate of 35.7%. This growth is particularly pronounced in the Asia-Pacific region, where insurers are investing heavily in automation and data analysis to improve service delivery. These advancements may enable insurers to penetrate markets with low insurance ownership, thereby expanding their customer base and enhancing overall market performance. Insurers are shifting focus to product development as AI adoption grows, impacting operational efficiency and customer engagement in the London Market.
Insurers are shifting focus to product development as AI adoption grows, impacting operational efficiency and customer engagement in the London Market.