This report explores the growing adoption of AI and GenAI across the insurance sector, and by extension, the wealth management sector. AI usage has rapidly progressed from pilot projects to full production, with investments also extending into machine learning, deep learning, and broader data analytics. A notable development is agentic AI, which combines GenAI with task orchestration capabilities. As organizations increase their investment in AI, especially in talent, they are also navigating the cultural changes needed for successful implementation. While most current applications are internally focused, external use is expected to grow as governance and user comfort improve. The report focuses on the staffing and cultural challenges of AI adoption and highlights key benefits such as operational efficiency, cost reduction, and business agility, along with the competitive pressures in hiring and user adaptation.

The report is based on a survey of insurers, focusing on how they are organizing around AI. While the data is rooted in insurance, it is highly relevant to wealth managers, many of whom face similar operational, regulatory, and strategic challenges as they explore GenAI solutions. The convergence of the wealth management and insurance industries is driven by changing client expectations, hybrid product offerings, and integrated financial planning, and makes these insights increasingly applicable across both sectors.