Insurance outlook: Trends, technologies, and tactics for a changing world

Executives are highly ambitious regarding AI, with 99% investing in GenAI, yet only 13% have reached enterprise-scale deployment. Successful transformation hinges on addressing legacy systems and paper dependency, as 60% of an underwriter's time is spent searching for documents, hindering agility and raising costs. Failure to digitize could lead to lasting competitive irrelevance, according to 78% of financial services executives. Insurers must rapidly scale AI for underwriting, risk assessment, fraud detection, and claims handling, enabling dynamic pricing and reducing processing times from weeks to minutes.

The evolving risk landscape—including increasing frequency and severity of natural catastrophe (NatCat) events and cyber volatility—demands real-time data and sophisticated scenario modeling. Furthermore, firms must capitalize on hyper-personalization and embedded insurance, which folds coverage directly into purchases, meeting consumer demands for digital-first, frictionless experiences.

The industry also faces a significant workforce evolution due to retirements and the need for specialized skills. Iron Mountain helps carriers purge paper processes, modernize core systems with cloud-native platforms, and implement AI tools to classify documents, enforce retention, and accelerate digital transformation.