全球保险科技报告：AI在四大保险业务线中的作用——第四季度：人寿、意外与健康保险

The role of AI in the fourlargestinsurance business linesQ4 — Life, Accident and Health Insurance This report is a collaborationbetween Gallagher Re,Gallagher and CB Insights. Contents I N S I D ET H I S E D I T I O N . . . 30.InsurTechCase Studies 4. IntroductionQ4 InsurTech investmentdata highlights andforewordDr. Andrew JohnstonGallagher Re •Thatch•Amplify•Peak3•Owl.co Freddie ScarrattGallagher Re 52. 44. 40. The Role of AI inLife and HealthIn-Force ManagementAtidot Thought LeadershipRyan JessellHealthPlanOne Deals ofthe Quarter •Angle Health•District Cover 56. 62. Closing the Life and HealthProtection Gap in AfricaWith Embedded InsuranceJeremy Leach, Inclusivity Solutions The DataCenter This quarter’sdata highlights Introduction Q4 InsurTech investmentdata highlights and foreword DR. ANDREW JOHNSTONGlobal Head of InsurTech, Gallagher Re, Global InsurTech Report Editor AI has transformed the current period into a ‘golden age’ of technology.Never before have we observed such rapid investment and delivery ofan innovation — one that is not only delivering a cutting-edge series ofcomputing tools, but also transformationally improving existing technologyas well. It is estimated that in 2025, big tech firms invested over USD1 trillionin data centers and other infrastructure, with the express focus of supportingAI. There seems to be no lack of optimism in the power of AI. 2025 was the most significant year for Artificial Intelligenceyet — not just in our industry, but across the planet. We saw anacceleration in the arms race between the various consumer-facingAI tools (DeepSeek, ChatGPT, Gemini, etc.), while companyvaluations of AI firms hit unprecedented highs. There were someastronomical capital raises, such as when OpenAI attractedUSD40B in April 2025 at a USD300B valuation. But perhaps mostimportantly, there can now be few corporate management teamswhose strategies do not feature AI in some form, as an investmentor a path to growth. Our industry is no different. We have invested billions into AI —through a combination of homegrown endeavors and projects,partnerships with AI companies, and investments into AIcompanies themselves (some self-identifying as InsurTechs).This revolution provokes both optimism and concern. There isthe fear of being left behind (and becoming obsolete), but alsoexcitement that AI might deliver the sorts of returns and gainsthat we have anticipated from InsurTech for the past 15 years. Introduction The hype and anticipation around AI has also driven spectaculargains on the financial markets, largely driven by 10 or so firmsthat are pioneers of the latest and greatest AI offerings.Data companies, chip providers, data storage, intelligent searchand digital distribution firms have coalesced to create thefoundations of a whole new AI industry. Nevertheless, we shouldalso be realistic about the potential pitfalls. The incredibly highstock-market valuations of AI companies do seem to have runfar ahead of what they are generating in revenue — at least fornow. The question of whether the tech industry is overleveraged,overheating and creating a bubble is now raised almost weeklyin the media. Are we mistaken in thinking that AI will achievesignificant new revenue generation — as opposed to providing anincrementally more efficient version of existing tech infrastructure? Answering the ‘so what?’ question for AI It feels like we are at a similar point with Artificial Intelligence.There are promises of systematic changes to how we work, how weinteract with each other, and how much more efficient every practicalendeavor will become. Ultimately, this is the intellectual justificationfor the trillions of dollars being invested. The companies claiming tobe spearheading these “inevitable” changes have become giants,and dominate every conversation that is had about the future.However, as yet the products and offerings remain largely use- andcompany-case specific — something that the commentatorspredicting transformational social change seem to forget. One of the many lessons we can take from previous hype cycles isto separate, define and clearly understand offerings at a product,company and industry-wide level. Only then can we appreciatewhere the long-term value will come from, and not be deterredin the short term if AI doesn’t deliver on some of the wilderscience-fiction promises over the next 18 months. We know thehistory of the internet from 2000-2025. Perhaps in another25 years’ time, AI will be driving every digital process andinteraction that we have. Perhaps it will redefine communicationand distribution throughout our daily lives. Viewed from thatperspective, the short-term stock prices of individual businessesor brands matter less. Instead, we should step back and look atthe bigger picture; how is our industry evolving? What are thebusiness outcomes for (re)insurance? Is AI aligned to our overallstrategy? And how does this impact on our 10-year goals? As with