LIMRA launches new tools to help life insurers adopt AI

LIMRA’s AI Governance Group (AIGG) continues to lead efforts to help U.S. life insurance companies safely and effectively adopt AI, with the launch of Turnkey Templates & Strategic Guides.

Whether developing AI in-house or with a vendor, these resources are designed to help companies make informed decisions regarding AI adoption, LIMRA said. These turnkey frameworks include comprehensive cost benefit analysis templates that can help leaders identify the potential benefits and risks of the various strategic paths when considering AI. The AIGG plans to release several more industry frameworks this year.

“By helping firms understand how AI can improve efficiencies, achieve cost savings, enhance automation and boost productivity, LIMRA wanted to ensure that any organization can find success with the safe, scalable and effective AI implementation,” said Kartik Sakthivel, Ph.D., LIMRA and LOMA chief information officer. “Working in collaboration with leaders across the industry, these new tools leverage the learned experience and best practices that prioritize fairness, accountability and transparency, and collaboratively address common industry challenges associated with implementing AI.”

AI has the potential to transform the financial services sector, modernizing organizational processes and offering significant opportunities to improve customer experience, LIMRA said. This is just the latest AIGG effort to create a foundation for sustainable and inclusive AI practices to improve the life insurance industry.

Tools, resources to adopt AI

So, why did AIGG decide to offer these tools and resources to help companies adopt AI at this time? Sakthivel shared the following reasons for doing so:

• AI is transforming business at a rapid pace, faster than previous technological advancements.
• The industry has historically developed best practices and guardrails for new technologies through regulation and collaboration.
• The speed and ubiquity of AI have not allowed individual firms across the industry to develop best practices to keep pace with this explosive growth.
• LIMRA believes in collective problem-solving to address AI challenges and opportunities.

“AI will transform our industry and rather than each carrier and ecosystem provider develop tools, frameworks and best practices in isolation, the AI Governance Group (AIGG) is bringing the industry together to develop these tools and collaboratively address common industry challenges associated with implementing AI,” Sakthivel said. “LIMRA believes that we are stronger together.”

AIGG’s objectives

LIMRA’s AIGG draws expertise from over 100 business and technology executives representing more than 50 U.S.-based member insurance companies. The group’s goals are to:

• Educate its members about the current state of AI in the industry.
• Provide a forum for open and collaborative discussion about the most effective uses for the technology.
• Establish industry benchmarks.
• Advance the efforts to enhance the customer’s experience while improving productivity and profitability.

Using these resources

Sakthivel also shared several ways in which companies can use these tools and resources as they implement AI in their practices. Among the ways he shared:

Turnkey: Ready-to-use frameworks for small to midsize firms with minimal modifications.

Customizable: The templates can be tailored to fit specific organizational needs.

Enriching: Advanced firms can merge industry frameworks with their existing practices.

Extensible: The frameworks can be extended to meet specific firm requirements.

Industry-Leadership: Firms are encouraged to contribute improved frameworks back to the industry.

“If companies find opportunities to improve these frameworks, and they’re free of proprietary information, we encourage them to share them with AIGG and with their peers such that all would benefit,” Sakthivel said.

AIGG’s next steps

In addition, Sakthivel said the group has a robust roadmap through 2025 and into 2026 to continue building frameworks and best practices. It will focus on Agentic AI and AI Agents this year and will work on flexibility to adapt the roadmap to address timely industry needs.

“While we have a directional sense of what frameworks we are seeking to deliver, we are also nimble enough to incorporate and address timely, topical industry needs,” Sakthivel said. For instance, he added, “we are focusing on Agentic AI and AI Agents this year, which have not been a part of our roadmap earlier this year.” Also, the group will work on increasing throughput by creating specialized subcommittees, and a revised roadmap will be made available once it is ratified by the AIGG.

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Ayo Mseka has more than 30 years of experience reporting on the financial services industry. She formerly served as editor-in-chief of NAIFA’s Advisor Today magazine. Contact her at [email protected].