target audience: TECH SUPPLIER Publication date: Apr 2024 - Document type: IDC Survey - Doc Document number: # US51438924
Navigating the AI Seas: Challenges and Opportunities in Insurance Innovation, According to IDC's Financial Insights 2023 Survey
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Abstract
This IDC Survey presentation focuses on the evolution of AI adoption trends in insurance. The study examines the responses of 223 insurance providers across all the regions involving banks from the U.S., Canada, the U.K., Germany, France, Italy, Poland, Sweden, Saudi Arabia, the UAE, South Africa, Singapore, India, and Australia.
In the vast landscape of insurance, AI emerges as a beacon of innovation and a frontier of challenges. While it optimizes risk management and pricing, its potential in HR, finance, and procurement remains largely untapped. The clash between traditional corporate culture and digital expectations compounds the struggle to acquire and retain digital talent. But amidst these hurdles lies a common pursuit among insurers for AI solutions that balance foundational support with specialized needs. As they tread this path, the specter of regulatory breaches looms large, urging the establishment of robust governance layers.
Data governance and model oversight become imperative, defining the trajectory of AI integration. Insurers stand at stage zero of their AI governance journeys, navigating through the complexities of accountability and technological advancement. Amidst the challenges of cost, data fragmentation, and regulatory compliance, they embark on a transformative voyage in which AI isn't just a tool, but a philosophy of responsible innovation shaping the future of insurance.
This is the third presentation from the Insurance Industry Outlook: IDC's Financial Insights Survey, 2023, series.
"In navigating the intricate web of insurance, the integration of AI isn't merely a technological leap; it's a profound reimagining of trust, accountability, and innovation. It's about crafting a future in which data-driven decisions not only mitigate risks, but also sculpt a landscape of opportunity and resilience in which governance becomes the cornerstone of transformation, and every step forward is a testament to our commitment to shaping a more secure and responsive industry," said Davide Palanza, research manager, IDC's Financial Insights Europe.