It’s time for insurers to decide how they should drive digitization to their advantage - and avoid the pitfalls of fast early adoption.
Which emerging digital technologies will be exploited by insurers across Europe and what are the challenges versus opportunities they pose? These questions provoked lively discussion at the recent Insider Engage webinar The Future of Insurance – AI Automation and Digital Transformation in Europe, hosted by S&P Global Market Intelligence.
Panellists agreed that European insurers are taking a pragmatic approach to digitisation and automation. Paolo Cuomo, Director, Gallagher Re, said that insurer CFOs and COOs are focused on process efficiency and effectiveness – areas where “boring” technology can have a big impact. He said that improved workflow tools like robotic process automation have been around for a while but insurers are only just starting to make the best of them. Similarly, data ingestion tools, especially on the commercial insurance side, will start to have a bigger impact from an efficiency perspective.
Key takeaways:
- Disappearing FOMO
- Reaching out to insurtechs
- Generative AI: risks and potential