‘Everyone’s scrambling to figure out how to leverage AI for their business,’ says chief executive
Some insurance firm are making ”questionable investments” when trying to find ways to use technology for a competitive advantage.
That was according to Risto Rossar, chief executive at Insly, who said that there were firms that are still unclear on how to use artificial intelligence (AI) in a way that adds value to their businesses.
He made the comments after his firm released a new report on AI at the 2025 Biba Conference, which highlighted how insurers and MGAs can secure return on investment (ROI) from AI while navigating implementation risks.
The report, published on 20 May 2025, draws on use cases across the general insurance sector, exploring how firms experiment with AI tools, including machine learning and generative AI, to drive efficiency and customer outcomes.
It also addresses the main challenges preventing insurers from scaling these tools effectively – such as trust, privacy, integration and change management.
Rossar said: ”Everyone’s scrambling to figure out how to leverage AI for their business, especially after reading that all their competitors are already pros at it – spoiler, they aren’t.
“This leads to a fair bit of panic and, let’s be honest, some questionable investments.”
’Daunting’ development
Since the launch of ChatGPT in 2022, AI has become a central focus across the industry, but progress remains patchy. The report emphasised that many AI initiatives risk falling short of expectations without clear business objectives and robust data foundations.
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The report also outlines several high-impact AI use cases already gaining traction in general insurance – from speeding up claims processing and policy administration, to enhancing fraud detection and underwriting precision.
Rossar added: “Implementing AI can seem daunting for MGAs and insurers, but it doesn’t have to be.
”By focusing on small, defined use cases and building adoption from there, any company can start feeling the benefits of the technology faster than they may think, while ensuring they’re prepared for an AI-powered future.”
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