AI's Role in Underwriting and Risk Assessment Highlighted by Recent Survey
In a recent report titled "GlobalData Report Looks at AI Impact Across Insurance Chain", the leading data and analytics company revealed that the adoption of Artificial Intelligence (AI) in the insurance industry is broadening beyond its traditional stronghold in underwriting and risk profiling.
Charlie Hutcherson, Associate Insurance Analyst at GlobalData, comments that insurers are expanding their AI use cases across the value chain. Insurers are realizing that AI has transformative potential beyond traditional areas, and expanding AI capabilities into customer-facing and product innovation areas will be key to differentiating in a competitive market.
The report found that underwriting and risk profiling remains the most positively impacted area by AI, with 45.8% of respondents identifying it as such. However, the share of industry insiders selecting underwriting and risk profiling has declined since 2023, suggesting growing momentum for AI adoption in other parts of the value chain.
Shifting Focus on Customer Service and Product Development
The trend reflects insurers' strategic shift toward a more diversified and holistic AI implementation across multiple functions. Customer service, which saw a significant increase in AI adoption, rising 6.2 percentage points to 17.6%, is now a key area of focus. Similarly, product development, which more than tripled its AI adoption rate from 1.9% to 7.2%, has become increasingly important.
AI-powered automation is enabling faster triage, more accurate responses, and higher satisfaction rates in customer service. Insurers are recognizing the potential of AI to streamline processes and improve customer experiences. Meanwhile, the rising impact of AI in product development reflects insurers' growing focus on trend analysis, coverage gap identification, and speed to market.
Partnerships and Collaborations
Notable partnerships and collaborations in this space include Tokio Marine, one of the top 20 global insurance and reinsurance companies, and QBE, another leading player in the industry. These companies are partnering with technology companies like Accelerant, which operates a data-driven risk exchange platform for the specialty insurance market. Accelerant has recently announced the addition of QBE and Tokio Marine America as new capital partners to its ecosystem.
The increasing integration of AI in the U.S. insurance industry is also highlighted in a report titled "AI in Insurance: The C-Suite Verdict" by Conning, a leading global investment management firm. This is the third annual Survey on AI & Insurance Technology published by Conning.
In conclusion, the key AI adoption trends across the insurance value chain are:
| Area | AI Adoption Rate (Q3 2025) | Change Since Q3 2023 | |---------------------|----------------------------|------------------------| | Underwriting & Risk | 45.8% | -9.6 percentage points | | Claims Management | 20.3% | -1.4 percentage points | | Customer Service | 17.6% | +6.2 percentage points | | Product Development | 7.2% | +5.3 percentage points (more than tripled) |
This points to an expanding scope of AI applications beyond the traditional core underwriting functions into customer-facing and product innovation areas. The focus on fairness, transparency, and regulatory compliance, along with the growing momentum in customer service and product innovation driven by AI, is set to shape the future of the insurance industry.
[1] GlobalData (2025). GlobalData Report Looks at AI Impact Across Insurance Chain. [online] Available at: https://www.globaldata.com/report/globaldata-report-looks-at-ai-impact-across-insurance-chain/ [Accessed 20 Apr. 2023].
[3] Accelerant (2025). Accelerant Announces QBE and Tokio Marine America as New Capital Partners. [online] Available at: https://www.accelerant.io/news/accelerant-announces-qbe-and-tokio-marine-america-as-new-capital-partners [Accessed 20 Apr. 2023].
[5] GlobalData (2025). GlobalData Poll Finds Growing Industry Focus on Green Insurance Products Tied to Climate Risk and Sustainability. [online] Available at: https://www.globaldata.com/press-releases/globaldata-poll-finds-growing-industry-focus-on-green-insurance-products-tied-to-climate-risk-and-sustainability [Accessed 20 Apr. 2023].
- In the realm of insurtech, underwriting, and reinsurance, the adoption of Artificial Intelligence (AI) is expanding beyond traditional areas, with a focus on customer-facing events and product innovation to differentiate in a competitive market.
- AI-powered automation is proving instrumental in enhancing customer service, offering faster triage, more accurate responses, and higher satisfaction rates, while the rising impact of AI in product development highlights insurers' increasing focus on trend analysis, coverage gap identification, and speed to market.
- Collaborations between traditional insurance companies, such as Tokio Marine and QBE, and technology firms like Accelerant in specialty insurance markets, signal an integrative approach to the industry's future, as these partnerships facilitate the development of AI capabilities.
- The convergence of AI, finance, and technology is being highlighted in various reports, such as the annual "AI in Insurance: The C-Suite Verdict" by Conning, pointing to an expanding scope of AI applications beyond the traditional core underwriting functions into customer-facing and product innovation areas.
- Beyond AI's role in underwriting and risk profiling, the emphasis on fairness, transparency, and regulatory compliance, as well as innovation and the growing momentum in customer service and product innovation driven by AI, are set to shape the future of the insurance industry.
