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.
Following are some of the report’s key findings:
“The findings of this report are very much aligned with what we’re seeing in our interactions with clients. Virtually every business leader recognizes the enormous potential in AI, particularly GenAI, and they are committing significant resources to build new solutions,” said Vivek Jetley, executive vice president and head of EXL analytics. “However, the number one obstacle preventing these projects from getting from concept to fully integrated, enterprise solution is data. Data is still too siloed and often locked in legacy systems, so businesses need help integrating that data so they can unlock the full power of AI.”
EXL (NASDAQ: EXLS) is a leading data analytics and digital operations and solutions company that partners with clients to improve business outcomes and unlock growth. By bringing together deep domain expertise with robust data, powerful analytics, cloud, artificial intelligence and machine learning, we create agile, scalable solutions and execute complex operations for the world’s leading corporations in industries including insurance, healthcare, banking and financial services, media, and retail, among others. Focused on driving faster decision-making and transforming operating models, EXL was founded on the core values of innovation, collaboration, excellence, integrity and respect. Headquartered in New York, our team is over 50,000 strong, with more than 50 offices spanning six continents. For more information, visit www.exlservice.com.
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