ICMIF shares exclusive insights on how member organisations are leveraging AI through findings from member survey

19 June 2024

In April 2024, ICMIF sent a survey to members with the intention of better understanding how and where mutual/cooperative insurers worldwide were implementing artificial intelligence (AI) technologies.

The key findings from this survey have now been shared in a new publication ICMIF Members AI Report, which highlights the innovative ways our members are leveraging AI to enhance their operations and services: highlighting some common challenges (and solutions) to effective AI adoption; and showcasing a range of practical AI applications across different functional areas.

Key findings:

AI adoption: 64% of ICMIF members surveyed* are leveraging AI, with the most common form being machine learning. A further 19% of members plan to implement some form of AI technology within the next year.
Generative AI: More than 70% of members surveyed were currently investigating and/or intending to adopt some form of GenAI technology (eg GPTs or LLMs) in the next 18 months.
Primary goals: The main aim for organisations using AI was to improve efficiency and enhance customer experience.
Applications: The most common uses of AI are predictive analysis, claims processing, fraud detection, and customer support.
Alignment with mutuality? 97% of members surveyed feel that AI technologies align with cooperative and mutual principles. However, 39% of respondents felt there were additional ethical and regulatory challenges because of their structure.

The report also includes use cases from members, showcasing the myriad of ways they have implemented AI in their operations. More in-depth member case studies within the ICMIF membership are also shared, and ICMIF plans to curate more best-practice examples and publish these on a member-only interactive webpage.

Commenting on the report, Ben Telfer, Senior Vice-President, ICMIF, said “The results from this survey confirm that AI is a topic that is high on the strategic agenda of member organisations worldwide. The report shows that whilst some ICMIF members are relatively advanced in their AI journeys, many are just beginning. Despite common challenges to AI adoption, we are pleased to share details of the range of solutions from members that are ensuring effective implementation of this technology and that the majority of ICMIF members share a commitment towards responsible AI adoption. As capabilities and applications continue to rise, driven by generative AI, we expect that AI-related technologies will become increasingly integral to the operations and future growth strategies for ICMIF member organisations.”

He added “We hope that members will find great value in the insights from these survey results. Whilst there is so much content and theory about potential impact of AI within the insurance industry, we hope that the practical applications and successful use cases shared in this ICMIF member-only report will help benefit member organisations in their own AI journeys. We look forward to continuing to provide strategic insights and curate best-practices amongst our membership and offering future network opportunities to connect member organisations and allow them to leverage the knowledge, experiences and learnings from across of ICMIF’s global network”.

Approaching an emerging topic such as AI, ICMIF is well positioned to connect leaders from peer organisations and facilitate a unique depth of strategic knowledge sharing and collaboration. Get in touch with ICMIF to see how we can connect you with a fellow ICMIF member and help you on your AI journey, or visit the ICMIF Knowledge Hub and access a growing curation of member best-practice case studies and thought leadership on the topic of AI.

*A total of 52 ICMIF member organisations completed this survey.