Generative AI has emerged as the buzzword of the year, dominating conversations across industries. While some perceive this technology as a magical solution to all business challenges, the reality is more nuanced. However, it's evident that generative AI is already driving significant operational efficiency improvements for select players in the insurance industry.

Leading the way are companies like Irish Life, QBE and Orange Seguros, who have swiftly adopted this technology to transform their operations. By leveraging generative AI, these forward-thinking insurance players are enhancing various facets of their business, including claims management, underwriting processes and overall customer experience.

Irish Life – CARA

With CARA, Irish Life harnesses generative AI and advanced medical reasoning to transform claims processing. CARA validates and transcribes documents, and evaluates medical criteria using Azure Cognitive Services' Large Language Models. It analyzes illness correspondence, treatment history and risk factors for accurate claims processing. CARA's interactive platform fosters commentary, monitors audit trails and supports continuous improvement. Handling multilingual data, it engages human expertise when needed. With 98.8% automation, CARA processes over 3,000 annual claims in its initial phase, setting the stage for future scalability and optimized experiences for 1.6 million customers (Read the full case study).

QBE – Cyber Submissions AI Assistant

QBE’s Cyber Submissions AI Assistant uses generative AI and large language models to transform underwriting, speeding up initial risk assessments by over 60%. It was developed to accelerate broker submission reviews and help cyber underwriters select optimal risks. The AI Assistant packages and routes emails and documents, extracts relevant data and integrates it for comparative risk analysis. This solution reduces the manual administrative tasks that occupy 40% of an underwriter's time and addresses the challenge of processing unstructured data. Following its successful roll-out to underwriters in North America, the tool is being scaled for deployment across QBE's global operations, significantly enhancing efficiency and risk assessment (Read the full case study).

Orange Seguros – Improving customer experience through AI

Orange Seguros is one of the first insurance players in Spain to use generative AI to support home insurance sales. Their AI solution analyzes and transcribes agent-customer interactions, providing improvement recommendations and capturing key insights. The extracted information is fed into the platform, helping agents better understand and meet customer needs. For example, if a customer's insurance expires soon, AI captures this detail to offer tailored solutions. Additionally, the solution reduces the time needed to review calls from hours to minutes, improving sales efficiency. This ensures agents provide the most suitable offers, maximizing both sales and customer satisfaction (Read the full case study).

Once a prominent buzzword, the metaverse has seen its spotlight dim with the rise of generative AI. Its current trajectory is uncertain – whether it is quietly advancing or fading into obscurity remains to be seen. Despite this ambiguity, insurance companies are persistently exploring the potential of this technology. Following initial rudimentary trials, industry leaders such as ERGO, Ping An and AXA XL are leveraging the metaverse in innovative ways. These companies are not only using the metaverse to market and sell their products and services but are also incorporating it into their preventive training programs. This strategic integration demonstrates a commitment to harnessing the metaverse's capabilities to improve customer engagement and operational efficiency. The ongoing efforts by these insurers suggest that, while the metaverse may no longer be the hottest topic, it still holds significant promise for forward-thinking enterprises.

ERGO – Fully immersive VR-based insurance advice app

ERGO’s VR app augments the group's omni-channel strategy with mixed reality technologies, aiming to establish innovative consulting services. It offers immersive exploration of insurance products, presenting them clearly and tangibly. Customers experience real-time advice through virtual immersion, guided by an ERGO advisor. The app utilizes mixed reality and VR, elevating the consulting experience. VR pass-through enables Meta Quest Pro users to participate remotely, while facial expression tracking enhances engagement, especially during live consultations (Read the full case study).

PingAn – One PingAn omnichannel metaverse marketing 

One PingAn pioneers omnichannel metaverse marketing to transform insurance services. The platform converges services into an immersive virtual space, making abstract concepts tangible. This approach deepens connections, transforming perceptions and access to insurance. With a vast network of 80,000+ partners across various sectors, One PingAn delivers seamless, end-to-end solutions. Integrated ecosystems ensure comprehensive customer care, while personalized experiences enable customers to navigate effortlessly. Since its launch in July 2023, the platform has yielded a remarkable 17.6 million new leads, converting 9.8 million into new customers and adding US$36 million in premiums (Read the full case study). 

AXA XL – Immersive Solutions

AXA Immersive Solutions utilizes virtual reality (VR) and digital twin technologies to offer innovative training. Providing access to a 3D model of a standard factory, it offers engaging training for risk managers, facilities/plant managers and site operators through VR experiences. Customizable client site models ensure realistic training, addressing specific risk prevention needs effectively. This technology has promising applications for risk engineering, claims and underwriting. Further integration of virtual twin and VR into AXA XL’s expanding training offerings is set to enhance their portfolio of risk-related training (Read the full case study).

Historically focused on reimbursing medical expenses, insurers have evolved into comprehensive health partners dedicated to helping their customers lead longer, healthier lives. This transformation creates a mutually beneficial partnership, allowing insurers to reduce costs while enhancing customer well-being. Companies are actively incentivizing healthier lifestyles by offering tools and, in some cases, creating entire ecosystems to support these goals. Notable insurers such as Discovery, RBC Insurance and VidaCaixa are leading this charge, providing robust support for their customers' physical, mental, and even financial health. This holistic approach signifies a shift towards a more proactive and integrated health management strategy, reflecting the industry's commitment to fostering sustainable health improvements for their clients.

RBC Insurance – Helm, a platform for mental health services

RBC Insurance provides timely mental health services, spanning prevention to diagnosis and continuous monitoring, hastening recovery. Helm, on a freemium model, merges a variety of wellness resources into a platform, connecting users with appropriate resources promptly. Users onboard easily, complete wellness checks, and receive personalized recommendations. This progressive web app adopts an industry-leading stepped care approach, offering quick access to tailored material. Regular check-ins identify stressors, with recommendations customized through machine learning. The goal is to simplify access to mental health support, easing the challenges for busy Canadians (Read the full case study).

Discovery – New health app and health ecosystem 

Discovery Health’s new Health App provides comprehensive healthcare services to members, enabling them to manage their medical aid plans, find service providers, submit claims, and track rewards for healthy lifestyles. The app offers innovative features like virtual consultations, online pharmacy and electronic health records, facilitating member-provider interactions with virtual urgent care, as well as digital therapeutics (DTx) for physical and mental health. Personalized recommendations and access to third-party tools enhance the healthcare experience, while diagnostic robotics enable AI-powered symptom checking. Dedicated platforms for mental health and virtual therapy are integrated into the app, in partnership with industry leaders. Patients and doctors also benefit from in-app features that facilitate and incentivize a primary care provider relationship, optimizing health outcomes (Read the full case study).

VidaCaixa – MyBox Jubilación

MyBox Jubilación, a VidaCaixa solution, guides customers towards an exceptional retirement by integrating savings and protection. As global populations age, personalized retirement planning becomes crucial, especially in Europe where prevailing low birth rates are putting pressure on state pension systems and care for the elderly. MyBox Jubilación addresses this challenge by offering tailored savings plans, combining liquidity, tax advantages and life insurance protection. Unlike traditional products, it empowers customers to adapt their plans to changing needs and life stages. Since its 2022 launch, this innovative product has proven a huge success in Spain, with more than 200,000 customers and €981 million assets under management (Read the full case study).

In light of climate change, the frequency and severity of natural disasters are projected to rise, underscoring the importance for insurers to adopt proactive strategies. Early client engagement and preparedness are paramount to navigate these complex challenges effectively. Rapid response and expedited claims processing are critical to bolster client support during crises. Insurers must prioritize streamlined communication and active risk mitigation measures to ensure clients can reduce potential damages and speed up recovery efforts. By embracing a proactive stance, insurers can offer invaluable support and instill confidence, fostering resilience amid climate uncertainties. This approach not only facilitates swifter recovery but also strengthens the bond of trust between insurers and their clients.

Aksigorta – Real-time cumulative risk monitoring

In Turkey, Aksigorta is transforming risk management in the insurance industry by developing a real-time cumulative risk monitoring system. This system enables insurance companies to instantly track and manage risks associated with natural disasters, providing visual mapping and real-time monitoring to minimize damages and enhance service delivery. Addressing the need for real-time risk visibility and streamlined underwriting processes, the project introduces automated tracking of cumulative risk, enhancing decision-making and proactive strategies. Executed through internal and third-party collaborations, this project significantly improves underwriting accuracy and risk assessment, marking a milestone in the evolution of risk management practices (Read the full case study).

Generali – Generali Protect Me

In Italy, the Generali Protect Me app serves as a personal weather alert system, delivering customized alerts for specific locations and driving routes to mitigate weather-related damages. It offers real-time warnings and prevention tips, ensuring users can take necessary precautions against severe weather, even while driving. Unique features include precise, location-specific alerts and consideration of road data like slopes and surfaces to address risks such as aquaplaning. Supported by Meteologix's weather expertise, the app provides reliable weather information for enhanced safety and preparedness. With its comprehensive approach, Generali Protect Me is a valuable tool for weather risk awareness and prevention, available 24/7 (Read the full case study).

Zurich – Catastrophe Fund        

In Brazil, Zurich's Catastrophe Fund is designed to support communities affected by climate catastrophes and public calamities, beyond traditional insurance. Since 2019, Zurich has provided relief to vulnerable populations, aiding during events like the Brumadinho dam collapse and the Covid pandemic. In 2022, Zurich enhanced its response with a dedicated Catastrophe Fund, significantly reducing resource allocation time from 20 days to 3-5 days. In 2023 alone, over 125,000 people were impacted by the fund, with resources totaling R$ 2.4 million channeled to populations affected by heavy rains and other natural disasters. Support included food aid and healthcare for displaced families, as well as reconstruction of infrastructure and basic services. In 2024, Zurich is continuing the initiative with a new fund worth R$ 2.7 million (Read the full case study).

As mobility evolves, insurance offerings must adapt accordingly. Traditional auto insurance models are becoming obsolete. Whether insuring a user's journey across various modes of transportation or tailoring rates to match individual profiles and vehicle usage, insurers must personalize their offerings. It's about more than just protecting vehicles; it's about safeguarding the entire mobility experience. By embracing flexibility and customization, insurers can meet the changing needs of modern consumers and ensure they remain relevant in an evolving mobility landscape.

Mapfre – MOVERTI

In Spain, MOVERTI by Mapfre’s Verti insures people's mobility across diverse transportation modes, from carsharing to personal electric scooters. This innovative multimodal insurance offers modular coverage tailored to individual needs, with options for public transport, shared vehicle usage and personal scooters. Clients can select preferred modalities and flexible payment plans. Distinctively, this mobility insurance is linked to the person rather than the vehicle, thus covering the incidents that the policyholder may have across the different means of transport they use daily. Coverage includes civil liability, legal defense, personal accidents, and damage coverage for insured scooters. Additional benefits encompass supplementary transportation and medical guidance via Savia, MAPFRE's digital health platform. The policy also integrates preventive maintenance or reconditioning of scooters, reflecting Verti's commitment to sustainability (Read the full case study).

Seguro Directo – Pay per mile

Seguro Directo has introduced an innovative solution for car insurance in Portugal, addressing the needs of drivers with diverse usage habits. With traditional premiums offering no flexibility, the ‘pay-as-you-drive’ approach, facilitated by their cutting-edge app, stands out. Clients driving fewer than 5,000km annually and maintaining a claim-free record qualify for cashback incentives. Discounts are tiered according to mileage, rewarding reduced usage. Through the app, users gain valuable insights into their driving behavior, promoting safer practices. As Portugal's pioneer in pay-per-mile insurance, Seguro Directo fills a market void, appealing to eco-conscious customers who balance alternative transportation with occasional car use. This initiative not only reduces costs but also encourages responsible driving habits (Read the full case study).

Admiral Group – Personalized insurance solutions for flexible vehicle subscriptions 

Car subscription has become a popular alternative to ownership or short-term rental, offering users the convenience of private transport along with the flexibility to pause the subscription or change between different vehicle types as needed. Typically, insurance for car subscriptions is based on fleet cover rather than individual drivers, meaning all drivers pay the same regardless of age, claim history and geographic risk profile. Admiral is shaking up this model, partnering with the UK's leading car subscription platform Wagonex to deliver personalized insurance at the point of sale. By using API integration to leverage existing customer data, the quote process is streamlined, allowing customers to select a vehicle and receive an insurance quote based on their individual risk profile, all in under two minutes. This approach benefits both customers and vehicle suppliers, providing convenience while ensuring fairness and adequate protection (Read the full case study). 

By embracing innovation, insurers can address emerging risks, seize new opportunities and enhance customer experiences. Leveraging technologies like AI and data analytics, insurers can streamline operations, personalize offerings and improve risk assessment, meeting the evolving needs of policyholders.

Furthermore, innovation fosters agility, enabling insurers to navigate regulatory changes, market disruptions and unforeseen challenges more effectively. It also cultivates a culture of collaboration and continuous improvement within organizations, promoting creativity, adaptability and excellence. 

Innovation is not merely a strategic choice for insurers; it is the cornerstone of long-term success and relevance. By prioritizing innovation, insurers can future-proof their operations, deliver greater value to stakeholders, and thrive in an ever-evolving insurance landscape.