Read the LIMRA and Equisoft research report to find the answers.
Artificial Intelligence (AI) has the potential to transform the life insurance industry by improving customer experiences, driving growth, and optimizing operations. However, data preparation remains a significant barrier for many insurers.
At Equisoft, we understand that in order to leverage AI effectively, insurers must first address their data challenges. That's why we partnered with LIMRA to conduct in-depth research on the state of data preparation in the global life insurance industry.
Key insights from our research
This report addresses critical questions insurers face regarding their data readiness for AI implementation. Specifically, investigate:
- Data Preparation Continuum: How can organizations assess where they are in terms of data preparation?
- Key Dimensions of Data Preparation: Which dimensions most significantly impact data preparation?
- Regional Variability: How do data capabilities differ by region?
- Priority Use Cases: What are the most data-critical use cases that insurers should prioritize?
- Data Governance: What role does data governance play in establishing and maintaining a strong data foundation?
- Enterprise-Level Data Literacy: How does data literacy affect an entire organization's readiness for AI, especially in well-established insurance companies?
Methodology
To gain a comprehensive understanding of the current state of data preparation in the life insurance industry, Equisoft commissioned LIMRA to conduct this pivotal research. The methodology involved:
- Surveys: Extensive surveys were distributed to life insurers in multiple regions, gathering insights into their current data practices, challenges, and AI readiness.
- Comparative Analysis: The research includes a comparative analysis to assess data maturity across six key dimensions: Organizational Alignment, Infrastructure, Sourcing and Integration, Quality and Integrity, Governance, and Analytics.
- Global and Regional Analysis: The data collected was analyzed at both the global and regional levels to provide actionable insights tailored to specific market conditions.
Sections Key to the Report:
This report is structured to provide clarity and actionable insights for insurers looking to improve their data preparation.
Key sections include:
- GlobalData Preparation Benchmark: An overview of the data maturity model that helps insurers assess their data preparation and compare their position to that of their peers in the industry.
- Insightsand Insights: A detailed analysis of the current state of data preparation in the life insurance sector, including global maturity scores and regional performance comparisons.
- Challengesand Opportunities: Identification of the most significant challenges faced by insurers in terms of data quality and readiness, along with opportunities for improvement.
- Recommendations for Improvement: Practical recommendations for insurers to improve their data governance, quality, and overall readiness for AI, including strategies for communicating and aligning data initiatives with business objectives.
