A new survey conducted by Cytora, the digital risk processing platform, has revealed the top strategic technology priorities for major commercial insurers across the North America and UK and identified a strong industry-wide focus on risk digitization. 

The study by Cytora, which surveyed 200 senior leaders from global insurance firms, found that 79% of respondents saw risk digitization (encompassing new business, renewals, claims and MTAs) as the major technology priority that their organization was likely to invest in over the next two years. Risk intake digitization was identified ahead of other technologies including CAT models, CRM and policy administration systems.

The advantages of risk intake digitization most frequently mentioned by respondents were revenue growth (22%), ability to process higher transaction volumes (19%), and improved service to brokers and customers (17%. When asked about the main source of inefficiency within their organisation, the majority of respondents (62%) cited manual extraction of data from intake documents, ahead of different risk processing workflows across the organisation (55%), and lack of unified data flow (52%) among others.

The survey also highlights how the growing industry demand for streamlined processes, automation and advanced analytics is reflected in the level of financial investment. More than a quarter of industry leaders questioned (26%) estimate that their organisation has invested at least £500,000 in AI initiatives in the past year, with 11% putting the figure at over £1 million. When asked about predicted investment for 2025, the number went up, with 28% estimating at least £500,000, and a significant increase to 17% for those saying £1 million or more.

The survey, conducted online between 24th February and 5th March 2025, gives an excellent insight into the decision-making of C-suite executives, directors, and senior managers across leading insurance organisations, with 59% citing increased efficiency as the biggest potential benefit of AI initiatives. This came ahead of improved customer and broker satisfaction at 44%, more connected systems and data integration (41%), and better understanding of the risk (35%).

The survey also looked at the impact that risk digitization is having on employee roles. Increased productivity was mentioned by 67% of respondents, followed by higher talent retention/attraction (65%), opportunity to upskill (60%) and improved morale (57%).

Richard Hartley, CEO at Cytora said “The message from the survey is clear: risk digitization is a top board level priority for the commercial insurance industry. Insurers that effectively harness and scale AI to digitize risk workflows will have an enduring and growing advantage in the years ahead. Risk digitization unlocks the path to a zero marginal cost operating model, progressively decoupling premium growth from expense growth and reinforcing decision-advantage.