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Stock impact report

Consumer confidence poses a hurdle for the integration of AI in underwriting [Yahoo! Finance]

SWISS RE LTD S/ADR (SSREY) 
Company Research Source: Yahoo! Finance
Insurers face the challenge of convincing consumers to trust AI to handle tasks such as quoting, despite some scepticism. Swiss Re's introduction of the Swiss Re Life Guide Scout, a generative AI-powered underwriting tool, exemplifies the industry's commitment to leveraging AI for improved underwriting processes. GlobalData's 2023 UK Insurance Consumer Survey sheds light on consumer attitudes towards AI-powered solutions in insurance. The data reveals that 35.5% of consumers are comfortable receiving a quote from an AI-powered chatbot, compared to 36.2% who are not. This highlights the need for insurers to build trust and provide positive experiences to sway the opinions of those who are hesitant about AI technology. By demonstrating the benefits and reliability of AI-driven underwriting tools, insurers can bridge the gap in consumer confidence and drive the adoption of these innovative solutions. Swiss Re's Life Guide Scout, powered by generative AI and the Microsoft Azure OpenAI Show less Read more
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