New Conning Study Offers Insights on AI and Transformative Technology
Hartford, CT (Mar. 12, 2024) – The insurance industry continues to adapt and find opportunities for technological transformation utilizing Generative AI. Developing and piloting these technologies will require significant investments in time and resources. This will apply upward pressure on expense ratios over the near-term with Generative AI driving the shifts in the type of staff and positions needed to run a modern insurance company.
Amidst that background, Conning Insurance Research conducted its Annual Survey of C-suite executives and decision makers on AI adoption in the insurance industry. It published the results in a new study: “Transformative AI Technology: Insights from Conning’s Executive Survey.”
“This is our second-year surveying industry executives on technology transformations and this year’s results show 77% of the respondents indicated that they are in some stage of adopting AI as part of their value chain, this is up 16 percentage points from 61% in 2023,” said Manu Mazumdar, a Director and Head of Data Analytics and Insurance Technology in Conning’s Insurance Research group.
“Insurers are adapting, developing, and piloting innovative AI applications in pursuit of greater efficiency to drive customer and distributor satisfaction. In addition, insurers have access to a wider and larger selection of data than ever before and AI is a crucial technology in managing that data,” said Scott Hawkins, a Managing Director and Head of Insurance Research at Conning.
This latest focus report analyzes the responses from C-suite respondents combined with Conning’s insights into the intersection of AI and the insurance value chain. These insights highlight how AI is reshaping the insurance industry and the opportunities and challenges that come with this technological transformation.
“Transformative AI Technology: Insights from Conning’s Executive Survey” is available for purchase from Conning.
About Conning
Conning is a leading investment management firm with a long history of serving the insurance industry. Conning supports institutional investors, including insurers and pension plans, with investment solutions, risk modeling software, and industry research. Founded in 1912, Conning has investment centers in Asia, Europe and North America. For more information, visit www.conning.com.
SOURCE: Conning
Tags: Artificial Intelligence (AI), Conning, survey, Transformation