Generative AI (GenAI) is evolving at an unparalleled pace in the insurance market.

To distinguish hype from the reality for insurers, Celent surveyed insurance executives in roles tied to technology, data, and innovation in our third annual GenAI in insurance survey. We asked them how their sentiments toward GenAI had changed over the prior year, their state of adoption by area, their view of expected impact by use case, and their technology approach, as well as key success factors they identified through their recent experience.

GenAI is opening the door for insurers to achieve step change and even game-changing differentiation. Initially, differentiation has been “behind the scenes” in employee-facing use cases. GenAI is proving that it can reduce operating costs and improve productivity, which frees up resources to focus more on value-adding activities and innovation. In addition, Celent anticipates that GenAI will help insurers accelerate to the cloud and modernize their data infrastructure, enabling them to become more data-driven and make faster, smarter decisions.