Conning Releases 2025 Survey on AI & Insurance Technology: The C-Suite Verdict

The Connected Podcast: News & Events in the Insurance Ecosystem The Connected Podcast: News & Events in the Insurance Ecosystem In this episode of The Connected Podcast, we delve into the dynamic changes sweeping the insurance sector, primarily driven by the advent of artificial intelligence, particularly Generative AI. According to a recent survey by Conning, a noteworthy 90% of insurers are evaluating Generative AI, with an impressive 55% already adopting it. This underscores its burgeoning importance in transforming workflows and enhancing efficiency. The technological shift heralds a significant reshaping of industry roles, with a focus on customer relationships and tech skills by 2035.   The integration of AI is substantially influencing claims processing, accelerating decision-making, and promoting operational efficiency. However, as AI capabilities expand, unprecedented challenges arise, particularly in cyber risk management, introducing new vulnerabilities even as threat detection advances.   In the commercial insurance domain, a report by Lockton reveals a favorable market for buyers due to declining rates, yet economic uncertainties linger. Liability pricing faces pressures from social inflation and rising loss severity, compounded by tariffs affecting supply chains and costs. Vince Gaffigan emphasizes that the market's unpredictability stems from geopolitical and regulatory challenges.   Despite the rise of digitalization, brokers and agents maintain their crucial roles in providing personalized service that technology cannot replicate. To sustain their positions as trusted advisers, carriers must invest in advanced tools and nurture deeper collaborations, vital for meeting market expectations and delivering client-focused solutions. This episode illuminates key developments redefining the insurance landscape.   The podcast also spotlights Adjusto's launch of FairMatch, a pioneering platform for property and casualty insurers. Developed by wildfire survivor and CEO Michael Balarezo, FairMatch uses AI for efficient and precise contents claims evaluations, ensuring fair compensation and reducing adjusters' workloads. Co-founders Reid Greer and James Terry, with backgrounds in major companies like Capital One and Crunchbase, add to the platform's robust foundation.   Furthermore, we explore ZestyAI's recent acquisition of a $15 million credit facility from CIBC Innovation Banking, which accelerates its growth in AI-driven risk analytics. ZestyAI is committed to enhancing its climate and property risk models, with CEO Attila Toth highlighting its mission to help insurers manage dynamic risks better.   We also examine Westfield's strategic realignment as Ohio Farmers Insurance Company plans to sell Westfield Bancorp to First Financial Bancorp for $325 million. This move, part of Westfield's focus on strengthening its core property and casualty insurance operations, reflects the company's dedication to refining its market position. These significant industry shifts highlight the vibrancy and evolution of the insurance ecosystem.   In another segment, we discuss a groundbreaking advancement in cyber insurance affecting small and medium enterprises (SMEs). Cowbell, known for innovative insurance solutions, expands its offerings through a strategic collaboration with Zurich North America. This partnership introduces Zurich Select Plus to the U.S. market—a modular suite combining multiple liability coverages into a single