AI has evolved from simple rule-based systems to complex ML algorithms that mimic human cognition. Technology advances have enabled AI to excel in natural language processing, computer vision, and autonomous decision-making. Additionally, the rise of gen AI, capable of creating original content such as art, music, and literature, has opened new creative frontiers. AI continues to evolve rapidly, promising greater capabilities and applications across multiple domains. One such area advancing significantly is the Property and Casualty (P&C) insurance operations landscape, which has matured technologically over the past few years, leading to increased adoption of automation, analytics, and cognitive tools.
To understand how gen AI can create value for enterprises, Everest Group conducted an enterprise readiness survey among presidents, vice presidents, directors, and C-suite executives of over 20 P&C insurance enterprises in the US and the UK.
In this viewpoint, we share key takeaways from the survey, focusing on the need, adoption, and urgency of deploying gen AI solutions across insurance operations, along with the associated risks and challenges. The insights include adoption across processes, operational readiness, data readiness, technology readiness, financial readiness, impact on people and sourcing strategies, analysis of use cases and prioritization framework, risks and barriers, and enterprise roadmap to implementing gen AI
Scope
- Industry: insurance
- Geography: global
- Service: insurance bps
Contents
In this study, we
- Describe the journey from AI to gen AI
- Analyze potential challenges in gen AI integration
- Assess sourcing strategies and enterprises’ readiness to implement gen AI
- Analyze gen AI use cases and prioritization framework, along with an implementation roadmap
Memberships
Insurance Business Process
Sourcing and Vendor Management
