W. R. Berkley CEO says AI lifts underwriting efficiency 20%+

Berkley pointed to claims as the next opportunity. About half of Berkley's claims settle for $5,000 or less. "There are lots of examples where we are showing up to a situation with a sledgehammer when a fly swatter is really what is required," Berkley said.

W. R. Berkley won't build its own large language model. "That is not our strength," Berkley said. The carrier's 60 business units are testing existing tools and coalescing around the best ones. He said the firm expects to generate returns from its AI investments.

"What is our strength is to take the tools that are out there and then layer on our own approach on top of that," Berkley said.