About 75% of insurers in Europe have invested in artificial intelligence (AI) and machine learning, a survey by consultant Insurance Nexus shows.

About 94% of the 250 insurers polled believe AI is transforming the industry, and 72% expect to increase their AI-related spending over the next six months.

Some 54% say AI will affect jobs in the long-term, and 53% predict claims will feel the most disruption, followed by underwriting on 52%. About 44% believe claims-related jobs are under threat from AI, 39% customer services and 36% underwriting.

One-third of respondents are “enthusiastic” about AI, 24% are “optimistic” and 7% “concerned”.