Allianz and Axa Top New Benchmark Index for AI Excellence in the Insurance Sector

This edition of “Eye on AI” highlights significant developments in artificial intelligence (AI) within the insurance sector. A new index by Evident Insights assessed the AI capabilities of major insurance firms, revealing Axa and Allianz as leaders due to their strong engineering cultures and human capital investment. While many companies integrate AI for damage assessment, fraud detection, and customer support, a majority still struggle to demonstrate tangible ROI from AI initiatives, with only three insurers reporting significant financial benefits from their AI efforts. The segment emphasizes human expertise’s role in successful AI integration and suggests a growing gap between AI leaders and laggards. It also notes a broader concern regarding AI’s impact on cognitive skills based on a recent MIT study indicating that reliance on AI, like ChatGPT, may impair critical thinking and ownership of work among students. Overall, the article underscores the importance of strategic AI investments and transparency in governance across industries.

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