French insurance company Axa announced plans to accelerate the integration of artificial intelligence (AI) across its operations, aiming to reduce costs by up to €700 million (£600 million). The initiative is part of a broader growth strategy designed to enhance the company’s competitiveness and improve earnings.

Axa intends to leverage AI technologies to automate key processes such as underwriting, claims management, and customer interactions. By embedding data and AI throughout its value chain, the company expects to transform its operational model and increase efficiency.

The insurer said the strategy reflects a commitment to innovation and digitalisation, aligning with broader industry trends as companies seek to modernise traditional insurance functions. The move is intended to position Axa to better meet evolving customer needs and respond to competitive pressures in the sector.

While specific implementation timelines were not detailed, the announcement indicates a significant shift toward AI-driven systems within Axa’s business operations. This follows increasing adoption of AI tools across the financial services industry to streamline workflows and enhance service delivery.