Generative AI could enable 71% of working hours in the insurance sector

Generative artificial intelligence (AI) could replace 71% of working hours in the UK’s insurance sector.

That was according to new data from professional services company Accenture, which also said that generative AI could enable the industry to add up to £59bn to annual UK GDP by 2038.

The data, released yesterday (26 March 2025), made use of economic forecast modelling and surveys of 4,837 public and private sector professionals between July and August 2024.

The insurance sector was identified as one of the industries with the most potential for generative AI-led growth, second only to the industrial sector.

Prioritising AI

The report also suggested that deployment at scale would need to accelerate for these projections to be achieved.

Currently, despite 83% of financial services companies reporting AI pilot programs, only 38% said they had a strategic roadmap that prioritised AI and only 8% said they had scaled these initiatives across key functions.

Carmina Lees, insurance lead for Accenture in the UK, said: “Generative AI offers a compelling opportunity to create efficiencies and significant growth across the insurance sector in the UK.

“Whilst cost optimisation is an attractive result of investment in the short-term, those who take a long-term approach with a focus on how the technology can innovate their offerings and services stand to see more significant gains and growth opportunities in the future.”