Insurance might not be the first industry you picture when it comes to cutting-edge technology, but that’s changing fast. The research firm Evident Insights has just rolled out an AI capability index that ranks the sector’s major players, and Allianz has come out on top. By examining factors such as talent, innovation, leadership, and transparency in AI practices, this new tool shines a light on how insurers are getting more hands-on with technologies like computer vision for damage assessments and machine learning for fraud detection and risk modelling.
What makes this report especially interesting is its focus on real-world results. It’s not just about fancy buzzwords—only 12 out of 30 insurers shared measurable outcomes from their AI efforts. Insurers like Intact Financial, Zurich Insurance Group, and Aviva have shown actual returns, with Intact even citing a $150 million benefit after a $500 million tech investment. It’s a reminder that while integrating AI is challenging, a robust engineering culture, as seen with Allianz and Axa, can make a world of difference.
Evident Insights, based in London and known for its banking benchmarks, decided to take a closer look at the insurance landscape. Their index, which draws on public data from financial disclosures to patent filings, illustrates that building a strong team and nurturing an innovation mindset is key to turning AI hype into tangible business improvements. If you’ve ever wrestled with fitting new technology into an old framework, this research underscores the value of clear, measurable goals and a resilient engineering spirit.
Ultimately, the report isn’t just a peek into the future of insurance—it’s a nudge for any industry leader to think about how they measure success with AI. And with leaders like Allianz and Axa setting a high bar, there’s a lot for others to learn.
