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Global financing for insurance technology (insurtech) firms rose 40% to US$1.27 billion in the second quarter of 2024, with a focus on AI.
AI presents challenges in insurance due to fraudulent claims and potential exclusion of customers.

Global insurtech funding peaked in 2021 at US$16 billion, but has since cooled. Companies are turning to AI to automate tasks, leading to fears of job losses. However, AI-enabled risk assessments could drive individualized pricing, but also pose a risk in creating deepfakes for insurance fraud. AI is valuable in analyzing data and administrative tasks, with the potential to solve its own problems.

According to Andrew Johnston, global head of insurtech at Gallagher Re, the ability for AI to create convincing deepfakes is a significant problem that needs to be addressed to prevent fraud in the insurance industry.

Overall, while AI has the potential to revolutionize the insurance industry by automating tasks and improving efficiency, there are also risks involved that need to be carefully managed.

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