Majority of insurance executives see AI as way to drive revenue

Most executives would look to use artificial intelligence (AI) to help with revenue growth.

That was according to Tata Consultancy Services (TCS), which said 83% of businesses felt AI was key to growth.

Some 67% said they would use AI for innovation, while 33% said they would use it for optimisation.

A total of 64%, meanwhile, were excited or cautiously optimistic about the potential of AI, while more than half (56%) believed that the impact of AI would be greater than cloud computing.

The study surveyed 160 senior executives from firms across banking, financial services and insurance.

Harrick Vin, chief technology officer at TCS, said: “2023 was a year of exuberance, with every enterprise experimenting with AI/GenAI use cases. We are now entering an era of wide-and-deep enterprise AI adoption.”

‘Not a sprint’

However, respondents also named the top three challenges with making effective use of AI, which included customer expectations, industry standards and regulations and existing contracts and relationships.

This came after an AI Code of Conduct was launched in the insurance industry to establish a standard of responsibility when using AI for claims settlements.

Vin said: “Enterprises are realising that the path to production for AI solutions is not easy and that building an AI-mature enterprise is a marathon, not a sprint.”