The Earnix Blog

AI is revolutionizing the insurance industry today by enhancing underwriting, claims processing, customer service, and product development. Yet the rapid advancement and widespread of adoption of AI in the insurance industry leads to new questions about the potential for biases and discrimination – as well as AI’s overall implications for insurers.  

Human-centric AI is a complex concept that includes sub-topics such as human controls, transparency, fairness, explainability, inclusiveness, education, and other related ideas. Above all else, human-centric AI recognizes that people are critical in its design, operation, and use of  technology that reinforces and even improves employees’ abilities – and doesn’t look to replace them.

Let's take a closer look at five additional topics and statistics, following our annual research report, “Insurance Operations in a Changing Industry,” which is based on survey results from nearly 400 global insurance executives.

Many insurers are now getting back on track after suffering some of the worst years in their history. Rate increases are also expected to play a role, especially for home insurance premiums. In 2024, many insurers are planning to increase national premiums in the low double digits. These gains can come at the cost of real pains for home and auto insurance customers. Policyholders will now face much higher, even exponential prices for home and auto insurance.