Sureify has released a new white paper exploring the challenges that are currently inhibiting the successful implementation of Artificial Intelligence (AI) within the life insurance and annuity sector. The insights come as McKinsey estimates that AI’s economic value could equate to nearly 25% of revenue for individual insurers.
“While the potential of AI in our industry is undeniable, many companies are struggling to realize its full benefits,” stated a Sureify representative. “A major hurdle is the integration of AI with existing legacy systems.”
The white paper identifies three fundamental challenges:
- Data Access and Transformation: Securing access to data from legacy systems and transforming it into usable formats for AI models. This involves cleaning, standardizing, and making data compatible with modern AI algorithms.
- Workflow Orchestration: Orchestrating workflows to complete AI-triggered events and transactions across various systems. This requires seamless integration and automation between different platforms.
- Data History and Compliance: Maintaining detailed histories of training and transaction data to validate safe and compliant AI use, addressing regulatory requirements and ensuring transparency.
By addressing these key issues, Sureify believes that life insurance and annuity companies can unlock the full potential of AI. The white paper provides actionable recommendations for overcoming these obstacles and achieving successful AI implementation.
