New Delhi: Artificial intelligence is set to reshape the economics of the global insurance industry, with carriers, brokers and technology providers that move early potentially gaining a significant competitive edge as AI changes underwriting, distribution, productivity and the pace of innovation, according to a McKinsey report.
The report said insurers will increasingly have to choose between competing through scale and cost or through deep specialisation, while building the technology, data and operating capabilities required to respond at "technology speed". Companies that delay AI transformation could see the competitive gap widen, while those able to test, learn and scale faster may build a structural advantage.
