PriyaPatel
TLDR:
- Insurers in Canada are employing new technology like generative artificial intelligence to address industry challenges.
- Reuters report indicates that insurers are investing in data analytics, automation, and planning to adopt AI technologies.
Insurers in Canada are leading the charge in adopting new technology to address the challenges facing the industry, according to a report from Reuters. The report, titled “The Future of Insurance in Canada: Top Technology Trends in 2024,” highlights the key findings of a survey of senior executives at Canadian insurance companies conducted in April 2024.
The report reveals that a majority of Canadian insurers have already invested in established technologies, with a focus on data analytics and automation. Additionally, 50% of insurers are planning to adopt automated technologies like generative AI, which is predicted to be the top trending investment by 2027.
However, the report also highlights some challenges in implementing these technologies, with 63% of respondents noting difficulties in implementing automated claims management systems. The report emphasizes the importance of strong governance frameworks and adequate training for employees to effectively utilize AI technologies in the insurance sector.
Overall, the report suggests that technology investments in the insurance industry will require updated processes and a better understanding of the industry and business on the vendor side to optimize their impact.
