While 91% have launched AI proofs of concept, only 36% are using widely across business functions
NEW YORK, Jan. 25, 2024 (GLOBE NEWSWIRE) — The largest financial services firms and insurance carriers are all-in on artificial intelligence (AI), with the vast majority (91%) launching point solutions and proofs of concept over the last year. However, according to new research conducted by EXL [NASDAQ: EXLS], a leading data analytics and digital operations and solutions company, challenges with accessing siloed data and concerns about risks associated with the technology are preventing large-scale, enterprise-wide integration.
The research, published in a report entitled 2024 EXL Enterprise AI Study: Bridging Strategy and Operations is based on a survey of 158 C-suite and other senior decision makers engaged in strategy, technology and business process at the top 20 non-bank lenders, top 100 insurance carriers and tier 1, 2, and 3 financial institutions. Its findings shine a spotlight on key focal points for AI and generative AI (GenAI) development as well as the challenges and obstacles they are facing as they implement these solutions throughout their businesses.
