Survey: Majority of P/C Insurance Decision makers Say Industry Will Be Powered by AI in Future

A survey of senior decision-makers at U.S. property/insurance companies shows most (59%) believe the industry will be powered by artificial intelligence in the future.

Nearmap, a provider of location intelligence services, released a survey, The Next-Gen Risk Readiness Index: P&C Insurance, which examines emerging risks faced by P/C insurers, and how technology plays a role amid challenges like climate change, fraud and inaccurate property assessments.

According to the survey, 69% of P/C professionals agree that severe weather is disrupting the industry, leading to increased claims and financial losses, while 67% of P/C insurers believe that technologies like AI-derived insights could reduce the volume of fraudulent claims.

The survey also shows P/C insurers rely heavily on aerial imagery, with 90% of insurers using plane-based or drone-based options. However, 59% of respondents say plane-based imagery provides a less invasive approach.

While 18% of P/C insurers are using AI-derived insights from aerial imagery, 36% are considering adopting it, 33% had no plans to adopt it and 12% are unsure at this time.

The online survey was conducted with 174 senior workers at insurance carriers who work in a P/C risk function. It ran between Aug. 29 and Sept. 16.