AI is reshaping the insurance industry, with underwriting and risk profiling seen as the most positively impacted areas, according to a GlobalData poll. While interest in other AI applications is rising, customer service and product development are also gaining traction as insurers look to stay competitive.

A poll by GlobalData on Verdict Media sites reveals that underwriting and risk profiling are the top areas benefiting from AI, followed by claims management and customer service. Despite a slight decline in some areas, insurers are increasingly recognizing the potential of AI in enhancing various aspects of the value chain.

The evolving perception of AI in insurance reflects its growing maturity and expanded application. While challenges remain, such as regulatory compliance, data quality, and fairness concerns, AI’s impact on customer service and product development is driving confidence in its capabilities. Insurers must invest in AI across the value chain to remain competitive and build trust.

To thrive in a competitive insurance landscape, companies must embrace AI throughout the value chain. Enhancing customer service, leveraging AI insights for product innovation, and streamlining claims processes are crucial. Transparency, fairness, and regulatory compliance are key to maximizing the benefits of AI and fostering long-term success.

Read more at Yahoo Finance: Insurers should implement AI across the entire value chain