Under-writing AI's impact on the insurance sector - what Zurich Insurance is doing as a matter of policy

Buried away in the official documents published prior to the UK Government’s Budget fiscal statement last week, were some alarming estimates about the possible impact of AI on the financial, insurance and professional services industries.

According to the Office for Budget Responsibility, which keeps an eye on economic policy and advises on the effect that government decisions might have, more than two million jobs could be replaced by AI across the sectors in the next decade.

Of course, that did nothing to sate the rabid drive on the part of the Chancellor of the Exchequer to be on the bleeding edge of AI modernity, but right on cue, on Budget day itself, German insurance giant Allianz warned of job cuts coming out of its adoption of the tech, with suggestions emerging that up to 1.800 roles “which are heavily reliant on manual processes today” might be replaced. That ...