Axa, Allianz Lead AI Use Among 30 Major North American, European Insurers

Artificial intelligence is increasingly transforming the insurance and healthcare industries by enhancing efficiency, personalizing risk assessment, and enabling preventive care. Insurance companies are leveraging AI for tasks such as damage assessment, fraud detection, and underwriting risk models, with firms like Allianz and AXA leading in AI adoption based on a detailed index measuring talent, innovation, leadership, and transparency. YuLife, a London-based startup, is pioneering Preventative AI by integrating biometric data from wearables and advanced analytics to provide real-time adaptive health risk management, shifting health insurance from static underwriting to proactive interventions. In healthcare, AI algorithms are widely used by insurers to approve or deny treatments, which raises concerns about potential care delays or denials despite claims of improved decision-making and cost reduction. Singapore's Healthier SG program plans to incorporate predictive AI to forecast health risks and support preventive care, while emphasizing the irreplaceable role of human doctors in patient care. Overall, AI adoption is expected to bring significant benefits but also presents challenges such as job impacts and misinformation risks, necessitating balanced integration in these sectors.