Insurers moving fast on GenAI with guardrails in place
Artificial intelligence is rapidly becoming part of the operational fabric of financial services, and Europe’s insurance sector is no exception. Recently, the European Insurance and Occupational Pensions Authority (EIOPA) published the results of a survey on the use of Generative AI, based on responses from 347 insurance undertakings across 25 countries.
Nearly two-thirds of insurers report already using GenAI, though most applications remain at proof-of-concept stage. The focus so far is firmly on internal use cases, from data extraction and document processing to content generation and underwriting support, with strong human oversight remaining the norm. While customer-facing tools such as chatbots are beginning to appear, insurers cite familiar challenges including data protection, cybersecurity, regulatory compliance and reliance on third-party providers, all within the evolving framework set by DORA and the AI Act.
For digital business reporting, the findings reinforce a point that continues to surface across sectors. AI systems are only as reliable as the data that feeds them. Concerns about hallucinations, governance and control point back to the need for high-quality information. As insurers move from experimentation to deployment, structured data will be essential to support automation and analytics, while ensuring AI-driven decisions remain explainable, auditable and trustworthy.
The full report is available here.
