Taiwan's insurance regulator, the Financial Supervisory Commission (FSC), has released the results of its survey concerning the use of AI by financial institutions and peripheral institutions.
The results show that primary objectives for AI adoption are to enhance operational efficiency and productivity (30%), reduce manpower costs (18%) and improve customer experience (15%). Overall, the AI applications are mainly concentrated in internal administrative operations, intelligent customer service and financial crime prevention.
The most commonly used AI technologies included natural language processing and large language models (31%), machine learning (28%) and robotic process automation (23%).
The survey found an adoption rate of 67% among life insurance companies and 45% among property insurers.
A summary of the survey results can be found here.