European Insurers Face Pressure Amid AI-Driven Competition and Market Shifts
Brief news summary
Europe’s insurance sector faced pressure recently, with the sector index dropping 2 percent and shares like Allianz declining as concerns over AI-driven competition mirrored trends seen in software companies. AI tools like ChatGPT are now offering personalized insurance quotes, creating new sales channels through platforms such as Spanish digital insurer Tuio and U.S. comparison site Insurify. This development has put insurance brokers under pressure in U.S. trading. Nonetheless, insurers may benefit from AI technology through significant cost savings in sales processes, which could offset potential downsides like increased price transparency. Moreover, AI applications in claims management and assessment hold promise for further cost reductions, indicating that the overall impact of AI could be positive for the insurance industry.FRANKFURT (dpa-AFX) - European insurers faced pressure on Tuesday, seemingly impacted by concerns over AI-driven competition that recently affected software companies in a similar broad manner. The sector index fell by 2 percent, returning to its 100-day moving average. Shares of Allianz dipped by as much as 3 percent temporarily before buyers stepped in at the 21-day moving average. ChatGPT, the AI chatbot, now provides users with personalized insurance quotes, effectively creating a new sales channel. Examples include offerings from Spanish digital insurer Tuio for household insurance and U. S. comparison platform Insurify for car insurance. Consequently, insurance brokers on U. S.
markets experienced selling pressure the previous day. Nevertheless, a closer examination for insurers reveals considerable cost-saving opportunities in sales, potentially at least partially offsetting or even surpassing drawbacks such as greater price transparency. Moreover, AI's potential application in claims management and assessment could further cut costs. /ag/mis
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European Insurers Face Pressure Amid AI-Driven Competition and Market Shifts
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