Only 23% have embedded the technology across the enterprise despite broad commercial benefits.
Insurers are reporting measurable gains from artificial intelligence, but most have yet to integrate the technology across their entire business.
The consultancy surveyed 263 senior insurance executives responsible for data, AI, technology and business transformation across Asia-Pacific, Europe and the Americas. It also interviewed 15 industry executives.
Some 81% of insurers surveyed said their data and AI initiatives had increased gross written premiums by at least 5%, Accenture’s “How insurers drive revenue by deploying AI with intent” research report revealed.
Of these, 55% reported improvements of 5% to 10%, 19% recorded gains of 10% to 20%, and 7% saw increases of more than 20%.
Accenture attributed the premium gains to areas including better pricing, personalisation and cross-selling. AI initiatives have also improved underwriting cycle times and accuracy.
However, only 23% of insurers said they had achieved enterprise-wide AI integration.
Nearly half, or 49%, were expanding AI across several functions, whilst 19% were using it only in selected areas.
Investment priorities also remain focused on existing operations.
Only 32% of insurance executives ranked revenue growth and business expansion amongst the top three reasons for investing in AI and data.
Customer experience and retention ranked higher at 52%, whilst underwriting and pricing accuracy and claims efficiency each stood at 48%.
Skills remain another obstacle. About 83% of insurers reported moderate to severe gaps in employees’ ability to connect AI with business needs.
Although 70% run targeted AI skills programmes, only 14% have extended these programmes across the organisation.
Technology infrastructure is also limiting adoption. Half of respondents identified integration with legacy systems as one of their main challenges in deploying AI at scale, followed by access to sufficient high-quality data at 45% and data privacy and security concerns at 44%.
Meanwhile, 68% of insurers said putting AI agents into core workflows would change employees’ roles, whilst 73% said their workforce would need reskilling or upskilling to work effectively alongside AI.
Governance is becoming more established as adoption grows. Some 56% of insurers said they already have a formal AI governance framework, whilst 43% were still developing one.
Accenture said insurers need to link AI projects more closely to business strategy, improve workforce skills, modernise data and legacy systems, redesign human and AI workflows, and establish governance as they expand the technology.