Insurers Have Scaled AI Budgets for 2028 Efficiency
Global insurers are prioritizing governance frameworks as they project significant AI-driven revenue gains by 2028.
Updated on Sept. 25, 2026 in Artificial Intelligence
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S&P Global Ratings published a survey of 121 re/insurance entities showing that firms are accelerating AI investment with expectations for efficiency and revenue growth. Nearly all surveyed insurers have formal governance frameworks in place or under development as they prepare for widespread AI integration.
Why it matters
Governance maturity is increasingly tied to competitive positioning, creditworthiness, and risk exposure within the insurance sector. As firms shift toward AI-managed workflows, standardizing these frameworks has become a primary operational focus.
Surveyed firms represent 38% of total assets rated by S&P, projecting 6% to 7% efficiency gains and 4% to 5% revenue improvements by 2028. The industry plans to more than double the share of technology budgets allocated to AI over the next three years.
The players
S&P Global Ratings
An international financial services company that provides credit ratings, research, and analytics for global capital markets.
EIP
A UK-based insurance technology firm that develops claims rules engines and voice-led AI agents for automated claims processing.
The details
Companies like EIP, a firm founded in the UK, utilize voice-led AI agents—automated systems capable of simulating human conversation—to handle information gathering. These agents operate alongside insurer-configured rules engines—software platforms that execute predefined logic to automate claims-payment decisions. Two-thirds of surveyed insurers now maintain formal inventories to track these AI models.
Timeline
2004: EIP was founded in the UK.
2013: EIP built its claims rules engine.
2025: 16% of insurers reported cost savings exceeding 3%.
2028: Projected target year for reaching efficiency and revenue gain targets.
The Tech Race
The insurance industry is currently consolidating around formal governance models to manage AI-led claims processing. This shift follows the trend of enterprise-scale AI integration, where firms like EIP are pushing beyond early-stage pilots into standardized automation.
Insurance customers can expect faster claims processing as more firms implement voice-led agents and automated rules engines by 2028. These technological changes will likely shift initial interactions away from human representatives toward AI-driven data gathering workflows.
The takeaway
The insurance sector is rapidly moving from experimentation to budget-heavy AI implementation with a clear target for 2028. Readers should watch for future S&P credit rating reports to see if governance maturity directly correlates with improved creditworthiness scores.
Further reading
For broader trends in enterprise adoption, see the Artificial Intelligence section.
Source note: This article includes information reported by Insurance Business.
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