Cost impact on the insurance sector due to the implementation of Artificial Intelligence in the labor market: A vision to 2030 in the Colombian market

Abstract

1. i) Introduction: Artificial Intelligence (AI) has established itself as a disruptive factor in the insurance sector, transforming operational processes, cost structure and labor market dynamics in Colombia; ii) Objective: To analyze the impact of AI implementation on the costs, revenues, and expenses of Colombian insurance companies, as well as its effect on the labor market and the skills required over a five-year horizon (2030); iii) Methodology: A descriptive mixed-methods approach was established for the research process, based on a review of specialized literature and a survey of executives and middle managers of an insurance company with a presence in the national market; iv) Results: Reductions of 5% to 15% in operating costs and potential revenue increases of up to 20% are evident. There is increased automation in operational functions and a growing demand for profiles specialized in data analytics and risk management; v) Conclusions: AI strengthens the competitiveness of companies that use it within the insurance sector, but it requires professional training strategies for the use and management of processes; likewise, the importance of preserving human and non-automatable skills in the long term is evident.