2024 EXL enterprise AI study: Bridging strategy and operations
2024 EXL enterprise AI study: Bridging strategy and operations
2024 EXL enterprise AI study: Bridging strategy and operations
Insurance and financial services companies are at the AI tipping point. Soon, almost every business will be using this transformative technology.
This statement isn’t just speculation based on new research from EXL. Our survey of 158 executives at leading insurance and financial services firms found that 91% reported implementing some form of AI in 2023, while 7% plan on doing so in the future.
AI adoption isn’t happening at an even rate. Even at this early stage where most firms are implementing AI point solutions or proofs of concept, leaders are emerging. These companies are embedding AI across their operations to enhance customer experiences, make better decisions, and improve employee productivity.
Even these leaders aren’t immune to the challenges that come with operationalizing AI. Companies face issues including a lack of talent, obstacles presented by legacy systems, and a host of data-related problems.
Other notable findings include:
The top AI use cases
AI leaders have focused on implementing the technology in marketing and business development, risk management and fraud detection, and internal operation.
Generative AI gains momentum
Half of survey respondents reported already experimenting with generative AI, and 38% plan on using this technology in the next two years.
Siloed data prevents progress
A lack of clean, accessible data created issues for 74% of companies that have already begun using AI.
The 2024 EXL Enterprise AI Report contains more insights into how and where companies are using AI, the roadblocks to widespread adoption, and advice for overcoming these difficulties that’s grounded in the real-world experience of business leaders.