Global insurance CEOs see 3-5 years for AI investment returns

Written by Adam Cadle

01/10/2024

Over half (58%) of CEOs in the global insurance industry believe that it would take them three to five years for generative artificial intelligence (AI) to provide a return on investment, KPMG has revealed.

However, also over half (57%) of organisations see AI as a vital technology for reaching their goals in the next three years, KPMG’s Advancing AI across insurance report showed.

Over a third (34%) of leadership supports and has funded AI and automation adoption, yet implementation has been stagnant. Also, 23% have stated a strategic vision exists but executive buy-in and/or investment approval is limiting progress.

Almost a third (30%) said they are proactive and have been continually evolving their strategies.

The effectiveness of these technologies depends on the quality of training data, which must be accurate and flow seamlessly across processes and systems, KPMG said.

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