FRANKFURT (dpa-AFX) - Europe's insurers came under pressure on Tuesday, apparently falling victim to concerns about AI-driven competition that have recently weighed on software companies in a similar, indiscriminate fashion. The sector index dropped by 2 percent, returning to its 100-day moving average. Allianz shares were temporarily down by as much as 3 percent before buyers re-emerged at the 21-day moving average.
ChatGPT, the AI chatbot, now offers users personalized insurance quotes, turning the platform into a new sales channel. Applications include offerings from Spanish digital insurer Tuio for household insurance and U.S. comparison platform Insurify for car insurance.
As a result, insurance brokers in U.S. trading came under pressure the previous day. However, for insurers themselves, a closer look reveals significant cost-saving potential in sales, which could at least partially offset or even outweigh possible downsides such as increased price transparency. Additionally, the potential use of AI in areas like claims management and claims assessment could further reduce costs./ag/mis
