Industry Insights
October 7, 2024
Moore: AI Worries Actuaries, Underwriters
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How worried are actuaries and underwriters concerning artificial intelligence replacing these two critical insurance personnel?
James Moore
This article included a survey sponsored by Hyperexponential Magazine that most actuaries and underwriters are concerned AI may replace them. I am not that familiar with this publication.
Earlier in the year, I had expressed my opinion on whether or not AI will replace any insurance personnel. My opinion was that AI can be used as a tool, not as a replacement for insurance workers, including claims adjusters.
Please note that you may have to provide some basic information to download the survey study. It looks to originate in the United Kingdom. U.K. and U.S. actuaries and underwriters were surveyed by Hyperexponential.
To save some time reading the report, slide 5 has the survey information summary. I have included a few stats that I found interesting.
Some 67% of actuaries and 69% of underwriters are concerned about being replaced by AI. I usually gloss over many survey articles, but the high percentages made me stop and read more closely.
The study covered collaboration between actuaries and underwriters. According to the survey, "While every respondent reported valuing the input of the other party, 76% of actuaries and 77% of underwriters believe there is 'room for improvement' in how they work together."
The percentage of insurers planning to invest in AI (91%) should not come as a surprise.
One surprising stat came from the underwriters who responded to the study. More than 85% said they spend two hours or more per day rekeying data. With insurance being such a data-driven industry, that number jumped off the page.
The 23 pages of slides from the study are worth the download; great reader-friendly info.
This blog post is provided by James Moore, AIC, MBA, ChFC, ARM, and is republished with permission from J&L Risk Management Consultants. Visit the full website at www.cutcompcosts.com.
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