FinTech LIVE Singapore 2025: The Role of AI in Insurance
AI is revolutionising the insurance industry and at Fintech LIVE Singapore 2025, Davinder Singh, SVP and Chief Operating Officer, Global Insurance at Genpact, explored its transformative impact, from claims processing to fraud detection and customer experience.
AI as a game changer in insurance
Davinder highlights how AI is leveling the playing field across industries, enabling insurers to leapfrog traditional technology adoption and integrate automation at scale.
Insurance, historically slow in adopting digital transformation, is now using AI to process vast amounts of historical and predictive data.
“The insurance industry is quite heavy. It's not a tangible product. We sell promises and those promises and risks which we insure are based on a lot of data, a lot of historical data, a lot of future projections, a lot of probability, a lot of financial information,” Davinder notes.
AI's ability to analyse massive datasets is enabling faster and more accurate decision-making in underwriting, claims processing and fraud detection.
The integration of AI allows insurers to bypass the lengthy technological transitions other industries faced, making a quantum leap into automation-driven processes.
Davinder describes it as a shift from manual and fragmented data handling to a "human plus machine" model, where AI supports human expertise rather than replacing it.
AI’s biggest impact areas in insurance
While AI is making waves across the financial sector, Davinder outlines four key areas where it is reshaping the insurance industry:
- Claims processing
AI is significantly reducing claims processing times by automating assessments and decision-making. For instance, in motor insurance, AI can assess damage through image recognition, cross-reference repair costs and automate pay-out calculations, making the process faster and more transparent. - Underwriting efficiency
Underwriting, traditionally reliant on risk assessment based on historical data, is being transformed by AI’s predictive capabilities. Insurers can now analyse property details, climate risks, security concerns, and more in real time. “If you are doing marine insurance or a property insurance, you need to know what type of housing the zone you are in, the history of that area in terms of the climate or the other hazards which could have happened and the security in that area,” Davinder says. - Fraud detection
Fraudulent claims cost insurers billions every year and AI is playing a pivotal role in identifying suspicious activity. Davinder provides an example of a medical claim involving loss of employment due to an injury: AI can cross-check hospital records, treatment timelines and employment data to detect inconsistencies. - Customer experience
AI is transforming customer interactions by providing faster, more personalised service. Voice recognition and chatbot technology can instantly retrieve policy details, offer real-time assistance and predict customer needs. Davinder emphasises that AI is not about replacing human agents but enhancing their ability to provide efficient and empathetic service.
Challenges in AI implementation
Despite its potential, integrating AI into insurance operations comes with significant challenges. Davinder identifies four key hurdles:
- Data quality and availability: AI models are only as good as the data they process. Ensuring high-quality, well-structured data is critical for accurate decision-making.
- Legacy system integration: Many insurance firms still rely on outdated technology, making it difficult to integrate AI-driven platforms.
- Talent and culture shift: As AI takes over repetitive tasks, employees need to be upskilled to work alongside AI tools rather than replace them.
- Ethical concerns: With AI accessing vast amounts of personal data, insurers must ensure transparency and ethical use of customer information.
AI’s role in resilience and the future of insurance
AI is also enhancing resilience in insurance by improving risk management and disaster response.
Predictive analytics help insurers anticipate natural disasters, fraud trends and economic shifts, allowing them to adjust pricing, underwriting and claims strategies accordingly.
Insurers leveraging AI can respond to crises faster, process claims more efficiently and provide uninterrupted service despite external disruptions.
As AI continues to evolve, traditional insurers must embrace this transformation to remain competitive.
With access to decades of customer and claims data, established insurance firms have an advantage over digital-first disruptors - if they utilise AI effectively.
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- FinTech LIVE Dubai | 6 May
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