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 member-only publication ICMIF Members AI Report 2024, 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.
- 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.
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.
