Artificial Intelligence (AI) has the potential to transform the life insurance industry by enhancing customer experiences, driving growth, and streamlining operations. However, data readiness remains a significant barrier for many insurers.
At Equisoft, we understand that to harness AI effectively, insurers must first tackle their data challenges. That’s why we partnered with UCT and commissioned LIMRA to conduct in-depth research on the state of data readiness across the global life insurance sector.
Key insights from our research #
This report addresses critical questions that insurers face regarding their data readiness for AI implementation. Specifically, it investigates:
- Data Readiness Continuum: How can organizations assess where they stand in terms of data readiness?
- Key Dimensions of Data Readiness: What dimensions impact data readiness most significantly?
- Regional Variability: How do data capabilities differ by region?
- Priority Use Cases: What are the most critical use cases for data that insurers should prioritize?
- Data Governance: What role does data governance play in establishing and maintaining a strong data foundation?
- Enterprise-Wide Data Literacy: How does data literacy across an organization affect its readiness for AI, especially in long-established insurance firms?
Methodology #
To gain a comprehensive understanding of the current state of data readiness in the life insurance industry, Equisoft and UCT commissioned LIMRA to conduct this pivotal research. The methodology involved:
- Surveys: Extensive surveys were distributed to life insurance carriers across multiple regions, gathering insights on their current data practices, challenges, and readiness for AI.
- Benchmarking: The research includes a benchmarking analysis to evaluate data maturity across six key dimensions: Organizational Alignment, Infrastructure, Sourcing & Integration, Quality & Integrity, Governance, and Analytics.
- Global and Regional Analysis: The data collected was analyzed both globally and regionally to provide actionable insights tailored to specific market conditions.
Key sections in the report: #
This report is structured to provide clarity and actionable insights for insurers aiming to enhance their data readiness.
Key sections include:
- Global Data Readiness Benchmark: An overview of the data maturity model that helps insurers assess their data readiness and compare their position with industry peers.
- Findings and Insights: A detailed analysis of the current state of data readiness in the life insurance sector, including global maturity scores and regional performance comparisons.
- Challenges and Opportunities: Identification of the most significant challenges insurers face regarding data quality and readiness, along with opportunities for improvement.
- Recommendations for Improvement: Practical recommendations for insurers to enhance their data governance, quality, and overall readiness for AI, including strategies for communicating and aligning data initiatives with business goals.
