As artificial intelligence AI gains prominence, insurers may see it as something they want. Still, industry insiders suggest that most providers are still figuring out the best way to use it . SAS industry experts weigh in, projecting how AI may become central to insurers' operations.
A Fortune 500 insurer will begin phasing out policy admin systems in favour of insurance copilots in 2026. Some large insurers have already signalled their intent to invest big in AI technologies. And SAS survey data shows that insurance executives have a high level of trust in generative AI twice as high as for machine learning, in fact. Policy admin systems require substantial investment and upkeep. However, interactions with data through copilots can eliminate the need to utilise those admin systems to underwrite policies or settle claims, says Franklin Manchester, Principal Global Insurance Advisor.
Many straightforward insurance claims will be settled in minutes by agentic AI. In order to safeguard customers trust, though, insurers will need strong AI governance. That means ensuring that their AI platform has the security controls and governance to minimise risks, from accidental bias in claims decisions to exposure to cyberattacks. The companies that install robust AI governance will earn and protect that trust. Building systems that act fast and act right will define the leaders of the next decade, says Alena Tsishchanka, Global Customer Advisory Director.
