AI and insurance companies: From hype to reality

How are Swiss insurance companies using artificial intelligence in practice? What cost savings are realistic? And how do you strike the right balance between digital innovation and personal advice?

We explored these questions in depth in exclusive interviews with top executives in the Swiss insurance industry. The results show that AI is changing the industry forever - but personal advice remains essential.

We are in the insurance business. It needs an explanation, an illustration. Sometimes they need someone to talk to.
Clemens Markstein CEO of Baloise in Switzerland

The results at a glance

Innovative technologies in use

Three key technologies are driving development: Machine learning is optimising pricing and risk management. Natural language processing is improving customer service through intelligent chatbots. Generative AI opens up new possibilities for personalised content, although data quality remains a challenge.

Measurable success with AI

Insurance companies are investing around 5-10% of their project budgets in AI initiatives. One example is automatic data recognition in documents, which can save millions annually. However, these efficiency gains can only be realised through the structured and systematic processing of data.

Ethics and responsibility

The Swiss Insurance Association has formulated six principles for the responsible use of AI. These include the respectful handling of personal data and adherence to ethical standards in the development process.

Shaping the future

The future of the insurance industry lies in the balance between AI-based efficiency and human expertise. Automated processes speed up workflows, while personalised advice builds trust. This combination promises not only cost savings, but also a better customer experience through faster processing and personalised support.

Outlook

Successful insurance companies will be those that use AI strategically, without losing sight of the human element. At the end of the day, insurance remains a business built on trust - and that trust comes from personal relationships, not algorithms.

The full analysis (only available in German), including all expert discussions and detailed findings, can be downloaded as a PDF here.

Insurance

The insurance industry faces a changing environment in an increasingly complex economic and financial context. Regulatory and tax changes, the increase in catastrophic claims, shrinking margins and competition are all demanding major changes that the insurance sector must address. Similarly, the globalisation of the market, emerging needs or new technologies are all challenges for insurance companies.