New Delhi, May 3 -- Berkshire Hathaway's Indian-origin Vice Chairman of Insurance Operations, Ajit Jain, at the company's first shareholder meeting for 2025, said that artificial intelligence (AI) has the ability to transform the insurance industry.

The executive also admitted that AI technology can be a "real game changer" in the insurance business, helping to assess, price, and sell risk and pay claims.

"I certainly also feel that people end up spending enormous amounts of money trying to chase the next new fashionable thing," said Jain in the meeting. "We are not very good in terms of being the fastest or the first mover. Our approach is more to wait and see until the opportunity crystallises, and we have a better point of view in te...