{"id":76309,"date":"2025-03-18T13:04:32","date_gmt":"2025-03-18T02:04:32","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=76309"},"modified":"2025-03-20T11:12:42","modified_gmt":"2025-03-20T00:12:42","slug":"ai-integration-helping-life-companies","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2025\/03\/18\/ai-integration-helping-life-companies\/","title":{"rendered":"AI Integration Helping Life Companies"},"content":{"rendered":"

Research by KPMG on the insurance industry’s adoption of AI technology reveals 85% of those surveyed have high expectations they’ll obtain a competitive edge over non-users.<\/p>\n

However, it seems that while the emerging technology is used by general insurers for back office chores, life companies use AI across the whole business.<\/p>\n

In the foreword of the Intelligent Insurance<\/a> report, Frank Pfaffenzeller<\/strong>, Global Head of Insurance KPMG International, writes that AI adoption in life and non-life insurance differs considerably.<\/p>\n

“Life insurers managing long-term risks rely on biometric, medical, and behavioural data to assess longevity and morbidity,” he writes.<\/p>\n

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Download the Intelligent Insurance report.<\/figcaption><\/figure>\n

“AI is revolutionising their underwriting processes by automating risk segmentation, integrating electronic health records, and utilising predictive analytics to refine policy pricing and assessment.”<\/p>\n

He says life insurers are integrating wearable data and wellness tracking to personalise policy pricing, rewarding healthy behaviours.<\/p>\n

Meanwhile, general insurers are mainly using AI for back-office routines to manage the high volume of claims.<\/p>\n

Despite this, trust in AI is a concern for many, with 46% of respondents citing reservations that it can be relied on. However, a quarter of survey respondents do trust it within their organisations and 57% say it is giving customers a better experience when dealing with them.<\/p>\n

Pfaffenzeller also states AI is improving claims automation by identifying fraud, analysing death certificates, and streamlining payouts through machine learning.<\/p>\n

“Beyond underwriting and claims, AI is transforming longevity modelling and regulatory compliance in life insurance,” he states.<\/p>\n

“Predictive analytics powered by AI can assess life expectancy, detect disease onset and optimise risk stratification, enabling insurers to refine pricing and payout structures.”<\/p>\n

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Data and graphic \/ KPMG<\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"

Research by KPMG on the insurance industry’s adoption of AI technology reveals 85% of those surveyed have high expectations they’ll obtain a competitive edge over non-users. However, it seems that while the emerging technology is used by general insurers for back office chores, life companies use AI across the whole business. In the foreword of […]<\/p>\n","protected":false},"author":23,"featured_media":76320,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8286,48],"tags":[],"class_list":["post-76309","post","type-post","status-publish","format-standard","has-post-thumbnail","category-ai","category-company-news"],"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/76309","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/users\/23"}],"replies":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/comments?post=76309"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/76309\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media\/76320"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=76309"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=76309"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=76309"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}