Insurers Have Expanded AI Technology Budgets
A new S&P survey reveals that global insurance firms are accelerating AI adoption and governance frameworks.
Updated on Sept. 25, 2026 in Artificial Intelligence
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Do you trust insurance companies to use AI for making decisions about your claims?
S&P Global Ratings surveyed 121 re/insurance entities, finding that nearly all are implementing formal AI governance. Firms plan to more than double their AI technology budget allocations over the next three years to boost efficiency.
Why it matters
As insurers integrate more complex automation into claims processing, robust governance maturity becomes a critical indicator of long-term creditworthiness and competitive advantage.
Insurers project AI will drive 6% to 7% efficiency gains and 4% to 5% revenue improvements by 2028. Additionally, the share of firms expecting cost savings exceeding 3% is set to rise from 16% in 2025 to 80% by 2028.
The players
S&P Global Ratings
This organization provides credit ratings and research to global financial market participants.
EIP
This UK-based company develops voice-led AI agents and rules engines for the insurance claims sector.
The details
Firms like the UK-based EIP, which has utilized a claims rules engine since 2013, demonstrate how insurers are shifting toward voice-led AI agents for information gathering. Almost two-thirds of surveyed companies now maintain active AI model inventories to manage these deployments.
Timeline
2004: EIP was founded in the UK.
2013: EIP built its claims rules engine.
2025: 16% of insurers expected AI-related cost savings exceeding 3%.
2028: Projected target year for reaching efficiency and revenue goals.
The Tech Race
The insurance sector is rapidly replacing legacy manual claims processing with automated, voice-led AI agents. This transition positions firms with high governance maturity to outpace rivals who lack structured model inventories.
Consumers can expect faster claim resolution times as insurers transition to automated, voice-led interactions. While efficiency improves, customers should remain aware that these systems increasingly govern payment decisions through automated rules.
The takeaway
The insurance industry is pivoting toward an AI-first operational model to secure future revenue growth. Companies that successfully balance rapid technological deployment with rigorous governance will likely emerge as the new market leaders.
Further reading
For more on how software is changing global industry standards, visit the Artificial Intelligence section.
Live Poll
Do you trust insurance companies to use AI for making decisions about your claims?
