As the European insurance sector hurtles towards an era of artificial intelligence dominance, one company stands out from the pack: German giant Allianz. The insurer has leapfrogged French rival AXA to claim top spot in AI maturity – a feat attributed to its bold strategy of recruiting and retaining talent with expertise in this burgeoning field. With a workforce significantly larger than any other insurance firm, Allianz is utilising an impressive 900 active AI applications globally, setting the pace for its peers.
A new report by Evident shows that while Allianz takes the lead, the gap between industry leaders and laggards is narrowing. Zurich has made a remarkable leap from twelfth to fourth place, suggesting a broader acceleration of AI adoption across the sector as companies strive to integrate advanced technologies into their operations.
The increasing prominence of AI is transforming employment trends within the insurance industry. Despite a 2.2% reduction in global insurance headcount over the past year, demand for AI specialists has surged by an impressive 32%. In London, specifically, AI-related positions now account for 2% of the entire insurance workforce as firms aggressively automate core functions such as underwriting, claims management and fraud detection.
This technological shift is also raising concerns about job security. Last year, Allianz announced plans to cut 650 jobs across its UK operations, citing a response to 'shifting preferences towards digital' as the primary reason. Alexandra Mousavizadeh, co-founder and co-chief executive of Evident, commented on this evolution: "Insurance is entering a new phase of AI adoption. Up to this point, the priority has been laying the foundations. Now we’re seeing a growing emphasis on execution and scaling, with AI influencing underwriting, claims management and fraud detection across product categories."
Insurers are increasingly demonstrating the financial benefits of their AI investments. Manulife reported generating over $217 million (£161.7 million) in value from AI in 2025, with projections to reach $723 million by the end of 2027. Similarly, Generali reported a bottom-line impact of $116 million (£86.5 million) last year, expected to rise to $407 million by 2027. Christian Preece, insurance director at Evident, highlighted this shift: "For years, insurers have competed on AI ambition, but now the focus is shifting from what insurers are building to the value they’re creating." This transparency around return on investment is likely to encourage more insurers to publicly disclose their AI gains in the near future.
Source: Evident AI Index for insurance