McKinsey finds AI boosts insurers' sales conversions and agent success
AI is shaking up the insurance world, according to a new McKinsey report.
Insurers using smart, targeted AI tools are seeing sales conversion rates and new agent success rates jump by 10-20%, plus a 10-15% boost in premium growth.
AI is also making things quicker and cheaper: customer onboarding costs are down, and claims are getting processed more accurately.
Insurers pair AI with organizational change
Insurers aren't just throwing AI at everything: they're focusing on core areas like sales, underwriting, claims, and policy servicing.
This approach has cut onboarding costs by up to 40% and made claims processing about 3-5% more accurate.
The most successful companies are building their own digital teams (with most talent in-house) and using flexible AI systems that can grow with them.
McKinsey points out that balancing tech upgrades with real organizational change is key for lasting results.