Newly released study from ReSource Pro provides a big-picture view of the implications of AI for the insurance industry as a whole – both today and in the future
NEW YORK, Nov. 26, 2024 /PRNewswire-PRWeb/ -- ReSource Pro, a leading strategic operations partner to insurance organizations, today released a new insurance industry report on the impact of AI in the P&C insurance space. Based on insights curated from their community of over 1800+ insurance industry clients, The State of AI in P&C Insurance report examines the role of AI in retail, MGA/ wholesale and carrier markets and explores real ways that those organizations can optimize their business to capture the productivity and innovation promise of AI technology.
"Our research finds that AI is becoming increasingly integrated with other automation and decision-augmenting technologies," noted ReSource Pro Senior Partner Mark Breading. "For insurance leaders, the time to act is now. Companies need to strengthen their digital, data ,and operational foundations while developing strategies, experimenting with AI, and exploring their business specific use cases. Taking proactive steps to adopt and integrate AI is essential to staying competitive and helping customers manage tomorrow's risks."
Key findings from the report include:
- AI maturity differs across insurance, with carriers at the forefront; however, some MGAs are using AI for differentiation, and most retailers are in the early stages of exploration.
- The insurance industry will continue to shift away from one-size-fits-all coverages in favor of more customized solutions driven by AI.
- The future of the P&C insurance industry will be shaped by the successful intersection of AI and human expertise. Other technologies remain poised to amplify opportunities to innovate, including Internet of Things (IoT), embedded insurance, and blockchain.
- Effective AI adoption requires strong governance strategies, with a focus on regulatory compliance, data bias, and model oversight to ensure fairness and transparency.
"To take advantage of AI, you need a strong foundation and can't lose sight of the details," said Dan Epstein, CEO of ReSource Pro. "By doing the hard work of integrating systems, standardizing workflows, mandating data hygiene and modernizing operations, our insurance clients are well positioned to optimize AI in their end-to-end workflows where it makes the most sense. We're proud to support them with this complexity, so that they can turn AI into a practical tool to enhance their core expertise, their end customer experience, and drive bottom line results with near-and-long-term productivity gains."
To view the full report, visit: https://www.resourcepro.com/ai-in-insurance/
About ReSource Pro
Focused exclusively on the insurance industry, ReSource Pro is a trusted strategic operations partner to insurance organizations seeking to increase their productivity and profitability. With a global team of more than 10,000 employees, ReSource Pro operates at the critical intersection of people, process, technology and data to serve more than 1,800 clients across the carrier, broker, wholesale and MGA segments – consistently earning a +96% client retention rate for over a decade. It offers expert advisory services, proven business process management optimization and transformative data and technology solutions. For the 15th time since 2009, the company was recognized in 2024 by Inc. 5000 as one of the fastest growing companies in the US.
Media Contact
Jared Kreiner, ReSource Pro, 929-688-4626, [email protected], https://www.resourcepro.com/
SOURCE ReSource Pro
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