Sureify recently released a white paper examining the factors that are hindering the successful implementation of Artificial Intelligence (AI) in the life and annuity insurance sector.
Mckinsey’s estimates suggest that AI has the potential to generate new economic value equivalent to nearly 25% of revenue for individual insurers. However, like many other technological advancements in the industry, AI faces a major hurdle: integrating smoothly with existing legacy systems.
The white paper identifies three fundamental challenges that, when addressed effectively, can significantly unleash AI’s potential:
- Data Access and Transformation: Securing access to data trapped within legacy systems and converting it into usable formats compatible with AI models. This is often a complex and time-consuming process.
- Workflow Orchestration: Coordinating workflows to execute AI-triggered events and transactions across multiple, sometimes disparate, systems. This requires careful planning and robust integration capabilities.
- Data History Maintenance: Maintaining comprehensive records of both training data and transaction data is crucial for validating the safe and compliant application of AI in the life and annuity space. This ensures transparency and allows for ongoing monitoring and improvement.
