AI and electric vehicles transform the insurance industry

The insurance industry is undergoing a significant transformation driven by artificial intelligence, electric vehicles, and evolving cybersecurity risks. A McKinsey report identifies high-growth areas such as robotics, data centers, and semiconductors that are reshaping the landscape of insurable risks and claim costs.

In the automotive sector, electric vehicles are increasing repair costs by 20% to 30% compared to conventional models, with battery damage often resulting in total losses. Additionally, new risks such as charging-related fires are impacting both auto and home insurance policies.

Artificial intelligence is redefining professional roles within the industry. In claims processing, AI is automating routine administrative tasks like document review and fraud detection, allowing adjusters to focus more on complex judgment, empathy, and decision-making. Meanwhile, specialty insurers are evaluating AI liability on a case-by-case basis rather than implementing blanket exclusions, viewing the technology as both a risk and a business opportunity.

In the financial services sector, companies like JubílaME are deploying AI conversational assistants to help clients navigate complex topics such as pensions, savings, and taxation, aiming to bridge the gap in financial literacy and planning.