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 64 executives at leading insurance and financial services firms in the UK found that 89% reported implementing some form of AI in 2023, while 8% 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, regulatory compliance, and corporate strategy.

Generative AI gains momentum

Nearly three-quarters of survey respondents reported already experimenting with generative AI, and 23% plan on using this technology in the next two years.

Siloed data prevents progress

53% of companies are focused on breaking down organizational silos and making better use of their data.

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.