67% of Taiwan’s Life Insurers Now Use AI
Recent data from Taiwan’s Financial Observer Commission (FSC) reveals that 67% of life insurance companies in Taiwan have adopted Artificial Intelligence (AI) technologies. This marks a significant increase in AI integration within the insurance sector.
The survey also found that 45% of property insurers in Taiwan use AI, reflecting growing acceptance across different insurance lines. Overall, AI usage in Taiwan’s financial industry rose from 29% in 2024 to 33% this year.
Key Applications of AI in Insurance
Insurance firms primarily deploy AI to streamline internal operations, improve customer service, and detect fraud. Nearly half of these companies have incorporated generative AI, adding capabilities such as automated content creation and advanced data analysis.
- Internal workflow automation
- Enhanced customer interaction via chatbots and virtual assistants
- Advanced fraud detection algorithms
Addressing Challenges
Despite the growing adoption, insurers remain cautious about AI’s role in decision-making. Concerns persist around data accuracy, privacy, and regulatory compliance. To manage risks, most companies limit AI’s use in critical decisions and continuously monitor system outcomes.
Future Plans and Collaboration
About half of the surveyed organizations plan to expand AI use further. There is particular interest in co-developing anti-fraud tools and creating language models tailored for the region’s specific needs.
For professionals in insurance looking to deepen their AI knowledge, exploring specialized courses can provide practical insights on applying AI effectively. Resources such as Complete AI Training's latest AI courses offer relevant learning paths tailored to finance and insurance roles.
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