The Insurance sector is a trailblazer in the exploration and integration of generative AI (GenAI). According to ISG Research on GenAI, the Banking, Financial Services and Insurance (BFSI) industry comprises nearly a quarter of all GenAI utilization across various industries. This transformative technology shows promise of unlocking great value and innovation, enabling insurers to gain deeper insights into their clientele, enhance risk assessment precision and improve the quality of their offerings.
Where Is Your Firm on the GenAI Journey?
Based on ISG research, 63% of EMEA insurance firms have yet to see significant transformation from GenAI even though it is still considered a key investment priority.
Figure 1: GenAI Investment Stages
What Are Insurance Firms Hoping to Gain from GenAI?
Our research finds the following expectations in order of priority:
Figure 2: GenAI Opportunity in Insurance
Only 5% of GenAI initiatives in Insurance have translated into tangible value.
While insurers have made significant strides to embrace GenAI, particularly in the ideation phase, a mere 5% of these initiatives have translated into tangible value. This underscores a prevalent trend: the Insurance industry is steeped in experimentation and enthusiasm surrounding GenAI, but conclusive outcomes remain elusive.
For insurance firms that are yet to explore this technological frontier, there exists a window of opportunity to get ahead of competitors before the landscape evolves further.
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