Counterpart’s Hackett says lack of insurance industry AI expertise is slowing pace of adoption

Understanding the Slow Adoption of AI in Insurance

In a recent discussion, Tanner Hackett, the CEO of management liability insurtech MGA Counterpart, addressed a pressing issue in the insurance sector: the slow pace of artificial intelligence (AI) adoption. Despite AI being a hot topic in boardrooms, many insurance companies are struggling to grasp the technology, which is hindering its implementation.

Key Insights from the Discussion

Hackett highlighted that while AI can offer significant advantages for underwriting, claims processing, and overall risk assessment, a substantial knowledge gap persists within the industry. This lack of expertise means that companies are cautious about integrating AI into their operations. Hackett emphasized the need for better education and training for professionals in the field to unlock AI's full potential.

Impact on the Industry

The hesitance to adopt AI could have broad implications for the insurance landscape. As competitors start leveraging AI effectively, companies that lag may find themselves at a disadvantage. Hackett's insights serve as a reminder that understanding the technology is just as crucial as the technology itself.

Looking Ahead

For the insurance industry to benefit from AI, it is essential to create an environment that encourages learning and adaptation. This includes robust training programs and collaborations that enhance technical know-how among professionals. By fostering a more knowledgeable workforce, companies may be able to speed up the integration of AI tools efficiently.

Hackett's perspective serves as a call to action for insurers to prioritize building expertise in AI to avoid falling behind in an increasingly tech-driven market.

Original Source: https://www.tradingview.com/news/reuters.com,2025:newsml_L6N3QT0OO:0-counterpart-s-hackett-says-lack-of-insurance-industry-ai-expertise-is-slowing-pace-of-adoption/