AI maturity in the insurance industry

Whitepaper

Is your insurance organization ready to harness the power of AI and unstructured data?

12 mins

How do you measure resilience? Consider what life would be like without insurance

Introduction

Artificial intelligence (AI) and unstructured data are beginning to reshape the insurance sector, offering opportunities to enhance customer experience and streamline operations. However, the sector remains early in its AI maturity journey, especially when compared to the banking and financial services sector. Despite this early maturity, insurers have begun successfully leveraging AI to deliver personalized customer journeys, with tools like AI automation and retrieval-augmented generation (RAG) playing a key role in their success.

Findings are based on research conducted by Iron Mountain alongside independent market research specialist Vanson Bourne. Data in this report is based on 195 IT and data decision-makers in the insurance sector, who have knowledge or involvement in their AI strategy.

You can read the global report here.

Three key takeaways:

The insurance sector is early in its AI maturity journey, with more than double the number of organizations in the early stage of their journey when compared to the banking and financial services sector (17% and 8% respectively)

Additionally, the insurance sector reports AI-automation and RAG tools as the most important in contributing to their organizational success today, and over the next two years

On average, 63% of AI use cases leverage unstructured data, yet improvements need to be made to increase the accessibility, credibility and governance of this data

Download the full report now