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.
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.
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.
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.