An IBM study has found most insurance industry leaders believe generative AI is essential to keep pace with competitors. However, only a quarter of customers want anything to do with the technology.is based on a survey of 1,000 insurance c-suite executives and 4,700 insurance customers. CEOs in the survey were evenly decided on whether generative AI was a risk versus an opportunity although 77 percent who responded said generative AI was necessary to compete.
Unsurprisingly, IBM – which has an array of AI products that it would be delighted to sell to customers – reckons the solution includes implementing a strongly governed, ethical AI to deal with trust issues and"use AI to connect the underlying risk data and address long-standing insurer and financial service provider technical debt."