Generative AI in Insurance: Key Survey Findings (EY)
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EYSummary
- 68% of insurers prioritize cross-selling value-added products via chatbots across client-facing functions, followed by 56% prioritizing direct-to-customer personalized advertising.p.8
- In corporate support functions, 81% of insurers prioritize investment in enhanced/continuous risk management, while 78% target real-time fraud detection.p.9
- Most insurers report spending $5m–$10m on GenAI teams over the past 1–2 years, expecting budget allocations to increase to $11m–$20m over the next 1–2 years.p.15
- Nearly half of firms (49%) anticipate that 11%–15% of their workforce will be directly impacted by GenAI in the next 1–2 years.p.16
- Insurers report a success rate of about 25% for GenAI initiatives, translating to 5 successful implementations out of 19 identified use cases on average.p.19
- 46% of insurers anticipate a 11%–15% revenue uplift from GenAI implementation in core functions over the next 1–2 years.p.21
Key insights
- 68% of surveyed insurance firms have implemented client-facing GenAI applications, with Life & Annuity carriers showing the highest implementation rate at 76%.p.10
- 59% of all insurers have mandated existing internal teams to focus on GenAI initiatives rather than creating isolated units.p.11
- 65% of insurers already have AI training and upskilling programs in place for targeted workforce groups.p.12
- 50% of insurers expect to allocate 11%–15% of their total budget to their GenAI team over the next 1–2 years.p.14
- Data privacy, quality, or security concerns stand out as the top operational challenge, cited by 68% of respondents.p.18
- Lack of proper expertise is cited as the primary hindrance holding firms back from implementing GenAI use cases (42% overall).p.20
- Enhancing operational efficiency is the main strategic rationale for adopting agentic AI, selected by 41% of respondents.p.22
- 57% of insurance organizations expect agentic AI use cases to be fully built and integrated into business functions within 1 to 2 years.p.23
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