The insurance industry is undergoing transformative shifts as advancements in technology and artificial intelligence (AI) redefine how organisations manage risk and interact with their stakeholders. EY and Microsoft have collaborated to address these changes, exploring how AI can create a new era of opportunities within the sector.

AI is no longer a future aspiration but a present reality reshaping the insurance industry. Generative AI, in particular, has demonstrated its potential to revolutionise operations, enhance customer experiences, and create new business models.

AI enables insurers to transition from traditional reactive models of “repair and replace” to proactive approaches of “predict and prevent”. This shift not only improves efficiency but also enriches customer engagement and reduces costs.

Examples of AI in action include:

• Hyper-personalisation: Leveraging real-time data to tailor recommendations, improve underwriting accuracy, and optimise policy offerings.
• Claims management: Automating processes to achieve higher accuracy and reduce cycle times, enabling faster payouts and improved customer satisfaction.
• Customer interaction: AI-driven assistants providing instant, accurate responses to policy inquiries and supporting 24/7 self-service options.

Collaborative efforts between EY and Microsoft underscore the momentum AI has gained in the insurance sector. Examples of transformative projects include: AI-Assisted claims processing; underwriting enhancements; and customer-facing AI tools. EY and Microsoft’s collaborative initiatives demonstrate the power of partnerships in tackling complex challenges and driving the industry forward. From enabling real-time weather insights to improving medical research capabilities, these projects illustrate how AI can contribute to a sustainable and customer-centric future.

As AI continues to evolve, it offers an unprecedented opportunity to transform the insurance industry. By combining technological innovation with a deep understanding of customer needs, companies can create resilient, purpose-driven ecosystems. However, adopting AI requires careful planning and execution to ensure successful outcomes. By embracing AI responsibly and strategically, the insurance industry can unlock new opportunities and set the foundation for a “new normal” that benefits businesses, customers, and the wider community alike.

In today’s dynamic and challenging environment, (mutual) businesses face the dual task of navigating crises while staying committed to their core purpose. This is particularly true for organisations like OneFamily, whose mutuality provides a distinct advantage in addressing societal challenges and innovating in times of adversity. Identifying, five mega-trends as the foundation for its strategic initiatives, OneFamily demonstrates the transformative power of mutuality, technology, and resilience in an ever-changing world.

Technology is a cornerstone of OneFamily’s strategy. Its commitment to efficiency and innovation has led to the consolidation of 12 legacy platforms into a single system, streamlining operations and enhancing customer experience. Moreover, the adoption of AI-driven tools has revolutionised customer service and pricing strategies. By predicting customer needs and market trends, OneFamily delivers competitive, tailored products that resonate with its audience.

Equally significant is OneFamily’s balanced approach to automation and human touch. Customers are always given the option to speak to a human representative, ensuring trust and satisfaction remain at the forefront of its service ethos. However, technological advancements are meaningless without the right people and culture to drive them. OneFamily has embraced a cultural reboot, fostering diversity and inclusion as core values. With a leadership team composed predominantly of women and significant representation from ethnic minorities, OneFamily exemplifies its belief in reflecting the communities it serves.

In the face of constant disruption, OneFamily has consistently demonstrated courage by championing its customers’ needs, even when it required challenging the status quo. At the heart of this success is OneFamily’s willingness to invest—both in technology and in people. By combining cutting-edge solutions with an engaged and capable team, OneFamily continues to unlock opportunities, proving that mutuality remains a powerful force for progress in an ever-changing world.

As we navigate the complexities of the modern era, OneFamily’s journey serves as a testament to the importance of staying true to one’s values, embracing change, and striving to make a meaningful impact.

In an era where cybersecurity threats are escalating, Univé, a cooperative insurance company rooted in the Netherlands, has made significant strides in addressing digital risks. The organisation, which has a remarkable 230-year history, operates under a unique model combining regional independence with central coordination, setting an example of adaptability and innovation in the modern age.

Cybercrime has emerged as a dominant threat, affecting both personal and professional spheres. Today, the most prevalent risks include phishing, ransomware, and data breaches. Recognising these dangers, Univé adopted a proactive stance, expanding its services to encompass cybersecurity solutions tailored to the evolving needs of its members.

To combat cyber threats, Univé introduced an array of innovative solutions: including a 24/7 support service that provides immediate assistance to individuals affected by cyber incidents (developed with CyberScout); an educational programme designed for SMEs to bolster their resilience against phishing and other cyberattacks; a tool hat evaluates the security of digital entry points such as ports and Wi-Fi networks, ensuring the integrity of a user’s digital infrastructure; and Scamblocker: A revolutionary service that warns users of potentially malicious websites.

Univé’s journey demonstrates that cybersecurity is not just a technical challenge but a societal imperative. The company’s focus on prevention, education, and support underscores the importance of addressing cyber risks holistically. Whether through assisting a 91-year-old victim of a scam or guiding SMEs toward better digital hygiene, Univé’s efforts are a testament to the power of community-driven innovation.

As Univé continues to expand its digital safety initiatives, it serves as a reminder that, in a world increasingly reliant on technology, protecting the digital frontier is as critical as safeguarding physical assets. By fostering a culture of awareness and resilience, Univé is not only preserving its legacy but also shaping a secure future for its members and beyond.

Session speakers:

• Jennifer Baziuk, EY Canada Insurance Consulting Leader, EY (Canada)
• Mona Kothari-Chitalia, Director, Digital Strategy & Global Financial Services, Microsoft (Canada)
• Jim Islam, CEO, OneFamily (UK)
• Johan Van den Neste, CEO, Coöperatie Univé (Netherlands)
• Matthew Cullina, Head of Global Cyber Insurance Business, Cyberscout – A TransUnion Brand (USA) moderator