The insurance industry is witnessing a significant shift towards artificial intelligence (AI) adoption, with over half of the firms planning to implement AI solutions within the next 12 to 18 months, according to a recent report by Digital Insurance. Sponsored by Salesforce, the report, titled 'The Cost of AI: The AI Revolution Gathers Steam', sheds light on the evolving strategies of insurance companies as they transition from pilot projects to full-scale AI integration.
Findings indicate that AI is no longer just a experimental technology but a core component of enterprise strategy for many organizations. A growing number of companies are already seeing tangible returns on their AI investments, particularly in areas that enhance operational efficiency. However, as deployments scale, so do the associated costs, presenting industry professionals with challenging decisions regarding modernization, budgeting, and prioritization.
The report provides insights into the current state of AI implementation in the insurance sector, highlighting where companies are finding the most value and where expectations are not being met. It also explores the factors driving some organizations to accelerate their AI strategies while others lag behind, including the impact of generative AI on customer experience and the anticipated shifts in spending over the coming year.
Janet King, SVP of Content Strategy and Research at Arizent, emphasizes the competitive edge gained by early adopters of AI, suggesting that those at the forefront of technology adoption are likely to maintain their lead. With nearly all organizations expecting to increase their AI spending in the next 12 months, the pressure is on for lagging firms to accelerate their strategies or risk falling further behind.
For more detailed findings, the full report is available for download at https://www.americanbanker.com/payments/news/embedded-payments-demand-comes-from-health-care-travel.
