The Reshaping of the Greek Insurance Sector Through Artificial Intelligence Technologies

Abstract

The rapid evolution of Artificial Intelligence is fundamentally reshaping industries across the globe, and the insurance sector is no exception. This master thesis examines how AI-driven innovations are transforming the Greek insurance industry, analyzing the associated challenges, emerging opportunities, and strategic pathways for effective adoption. By harnessing AI capabilities such as machine learning, natural language processing, and predictive analytics, insurers can streamline operations, enhance claims automation, refine risk assessment, and deliver tailored customer experiences. The research begins by exploring the core principles of AI and tracing its historical integration into the global insurance landscape. It then delves into specific AI applications, including underwriting optimization, fraud detection, claims automation, and customer engagement. By incorporating case studies from international markets, the study highlights successful implementations and provides a comparative analysis of AI strategies adopted by leading insurers in Europe, the USA, and Asia, offering valuable insights applicable to the Greek market. Despite AI’s vast potential, its integration into the Greek insurance sector presents several hurdles. Regulatory complexities, concerns over data privacy, workforce adaptation, and technological infrastructure gaps are among the primary challenges. This thesis identifies these obstacles and proposes a structured framework to facilitate AI adoption while ensuring compliance with ethical standards. Additionally, it examines the broader societal implications, emphasizing the need for transparency, fairness, and accountability. To enable a seamless AI-driven transformation, this research outlines strategic recommendations for Greek insurers. These include investing in AI-powered ecosystems, forging partnerships with technology firms, upskilling employees, and aligning with evolving regulatory policies. By adopting a proactive and innovative approach, the Greek insurance industry can unlock AI’s full potential, fostering competitiveness, driving innovation, and enhancing customer satisfaction in an increasingly digitalized world.