Artificial intelligence (AI) is poised to significantly reshape the global insurance landscape. Experts say it won’t just automate processes — it will change how the industry thinks about risk, decision-making, and workforce skills.
At a recent Financial Times webinar, industry leaders discussed how AI, particularly Generative AI (GenAI) and Agentic AI, will alter insurance operations in the next five years. One of the most profound changes, they said, will be the transformation of employee skill sets.
The Skills Revolution in Insurance
Troy Dehmann, Chief Operating Officer at Beazley, emphasized that AI’s impact will go beyond automation. “The biggest transformation you’re going to see is around skills,” he said. “Every role in insurance will be affected.”
He explained that as AI tools become more advanced, professionals across the industry will need to develop new competencies. Training and education programs, he said, must evolve rapidly to keep up.
Urgency Around Upskilling
Michael Föhner, Swiss Re’s Global Head of Data and AI Governance, agreed. He noted that the pace of change is “rather frightening.” Upskilling, he said, is essential if insurers are to manage AI responsibly.
He likened using AI to driving a high-speed vehicle: “You have to be upskilled to manage this fast machine.” Föhner emphasized the need for collaboration between academia and insurers to support this transformation.
From Reactive to Predictive
Mohammad Khan, Partner and Head of General Insurance at PwC UK, added that AI is shifting the industry’s mindset. Instead of reacting to claims after they happen, insurers will start managing risk in real-time.
Agentic AI, he said, allows companies to forecast how future risks might influence current decisions. “We’ll become much more predictive,” Khan explained. “Technology and processing power are enabling that shift.”
Better Products for Customers
Khan also predicted that customers would see more personalized insurance products. Specialty insurers, using AI insights, will begin offering tailored policies based on a customer’s unique risk profile. This could lead to more accurate pricing and better coverage.
How Swiss Re and Beazley Are Using AI Today
Föhner shared how Swiss Re is already leveraging AI, especially in processing unstructured data — which accounts for 80% of the firm’s workload.
He called GenAI a “magic tool” that helps make sense of massive documents, such as reinsurance contracts, in seconds rather than hours. The firm has developed an AI assistant, Life Guide Scout, to help underwriters make quicker and more informed decisions. Using a chat interface, they can ask questions in natural language — a task that previously required manual research.
Importantly, Föhner stressed that AI is not making decisions. “It’s still the underwriter, it’s still the claims team — but it’s a powerful assistant.”
Dehmann echoed this view. At Beazley, AI is used to summarize
documents, extract data, and support underwriting and claims. “We’ve implemented tools across many use cases,” he said.
However, both executives agreed on the need for strong governance. Dehmann described AI as a “sparring partner” — valuable, but not autonomous. “We’re not letting it go solo,” he said.
Understanding Agentic AI vs. Generative AI
Khan offered a simple breakdown of the two major AI categories reshaping the sector:
Generative AI creates content — such as text, images, or code — by learning from existing data.
Agentic AI goes further. It acts with autonomy, makes decisions, and interacts with its environment to achieve set goals. Think of it as a more advanced personal assistant.
He noted that Agentic AI represents a new frontier for the insurance industry. While promising, it’s still in its early stages.
