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GenAI-oneers In Insurance: APAC Edition

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22 July 2024
Nicolas Michellod
Keith Raymond

Abstract

GenAI has rapidly become a technology topic of high importance for insurers. To flesh out the reality, Celent surveyed insurance executives in roles tied to innovation.

In June 2024, we asked them how their sentiments toward GenAI had changed over the prior year, their state of adoption by area, their view of expected impact by use case, and their technology approach, as well as key success factors they identified through their recent experiences.

The headline finding of the Celent survey is that APAC insurers are in a “late majority” phase of adoption (in production), with a growing proportion moving to production with GenAI within a year.

Our survey also looked at GenAI business cases across the APAC insurers value chain. The survey results helped us identify where APAC insurers are prioritizing investment in GenAI. In the survey, Celent spotlighted adoption by area of the insurance value chain.

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