‘A’ for AI, 'I' for insurance (1/3) - how Aviva is betting on Machine Learning investments to deliver advantage in a tech arms race.

The global insurance sector has seen an 87% year-on-year increase in artificial intelligence deployments, according to research by AI intelligence and analytics Evident. And as we all look around for real-world exemplars of AI in practice, around 40% of insurers already report tangible business benefits from AI, with 77% of those benefits coming from productivity gains and five percent linked to revenue growth.

Those stats are based on research covering 30 leading life, property and casualty (P&C), composite and re-insurance groups across North America and Europe, a study which has also picked up on a significant interest in agentic use cases. According to Evident’s data, over a fifth (21%) of deployments in the last three months of last year were agentic in nature, with the tech deemed well-suited to handling the unstructured data and complex workflows involved in claims management, which accounts for more than half (56%) of agentic ...