Over half of insurers penalised for errors

58% of respondents said it takes over five months to implement a rule change.

About seven in 10 of global insurance executives plan to implement artificial intelligence (AI) models that use real-time data predictions within the next two years, revealed an Earnix survey.

Additionally, more than half (51%) of insurance companies reported incurring fines or issuing refunds due to operational errors over the past year.

Operational efficiency remains a challenge, with 58% of respondents indicating it takes over five months to implement a rule change, while 21% report delays of more than seven months. 

Modernisation is also lagging, as 49% of executives admit their companies are behind schedule in updating legacy systems.
The survey, “2024 Industry Trends Report”, is based on a survey of over 400 global insurance executives.