The scope of opportunity for embracing artificial intelligence (AI) and data is both broad and deep, and critical to the continued success of the whole underwriting process, from broking engagement to settlement, according to this new study by Capco and Xyenta. Successfully integrating and implementing data and AI strategies will enable insurers to benefit from enhanced customer and risk insight, increased revenues, operational efficiencies, and meet head-on the challenges from the Insurtech sector.
The paper examines industry conditions within the context of Blueprint Two and considers the wider challenges of industrialising AI. It sets out why conditions are ripe for insurers to engage in enterprise AI, and provides an overview of the key challenges that insurers face in doing so. To realise these benefits, insurers’ AI strategies will need to consider not only the data foundations upon which AI is built, but also the way in which AI is delivered, governed, trained, and integrated.
For more information contact:
Alvin Tan, Principal Consultant, Capco
Penelope Quah, Managing Principal, Capco