Report: Millennials More Likely to Embrace AI in P/C Insurance than Others

February 28, 2024

Millennials are much more likely to view AI as a positive development in property/casualty insurance compared to other generations, according to a new report that underscores contrasting perspectives of different generations toward AI technology and its impact on insurance.

The Insurity 2024 AI in Insurance Report shows millennials, those born between 1980 and 1994, are the most enthusiastic proponents of AI in P/C insurance. Roughly one-third (33%) said they would recommend their carrier to adopt AI, 25% said they are likely or more likely to purchase a policy from an insurance provider that publicly uses AI, and 41% think that it’s a good idea for their insurance carrier to leverage AI.

While millennials view AI as a transformative tool in insurance, Generation Z (those born between 1995 and 2006) approach AI with skepticism, with only 18% saying they would recommend their carriers adopt AI. Their concerns include privacy, transparency, and the potential impact AI could have on the job market.

Baby Boomers (those born between 1946 and 1964) responded in line with Generation Z, with 16% saying they would recommend carriers adopt AI.

The survey was conducted online in January 2024, and more than 1,000 adult participants randomly selected across the U.S. Respondents were asked a series of eight questions, ranging from multiple-choice to scale-based, to gauge their opinions on AI in P/C insurance.

Insurity is a provider of cloud-based software for insurance carriers, brokers and MGAs.

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