Podcast
Questions and Answers
What is the greatest challenge for insurers in adopting AI?
What is the greatest challenge for insurers in adopting AI?
What is the technical control that is deemed the most important by security decision makers?
What is the technical control that is deemed the most important by security decision makers?
What percentage of insurers trust AI and ML results strongly?
What percentage of insurers trust AI and ML results strongly?
What percentage of organizations believe that the current cost-of-living crisis will increase the risk of a cyber threat occurring in their organization?
What percentage of organizations believe that the current cost-of-living crisis will increase the risk of a cyber threat occurring in their organization?
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What is being blamed for organizations facing rising cyber insurance rates?
What is being blamed for organizations facing rising cyber insurance rates?
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Study Notes
- 62% of insurers have cut staff due to AI and ML implementation in the past 12 months.
- A talent and skill shortage in AI is the greatest challenge for adoption, cited by 67% of insurer respondents.
- 90% of insurers have grown their AI and ML workforce in the past year.
- 52% of insurers have realized substantial benefits from AI/ML, including risk reduction, increased sales, and personalized marketing.
- 56% of insurance IT decision makers have received pushback or scrutiny over the penetration of AI in their business.
- 38% of insurers strongly trust AI and ML results, while 42% only slightly trust them.
- 44% of insurers think there is sufficient governance in place to safeguard against AI and ML misuse.
- Insurers face other challenges including a lack of new business use cases, algorithm or model failure, and lack of technology infrastructure.
- 81% of insurer respondents said that AI and ML now lead their IT and business strategy.
- Blockchain, IoT, and cloud technology were said to be more important than AI and ML two years ago, but these have since slid down insurers’ lists of priorities.
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Description
Are you curious about how AI and ML are impacting the insurance industry? Take this quiz to test your knowledge on the latest trends and challenges facing insurers as they adopt these technologies. Learn about the talent and skill shortage in AI, the benefits and pushback from implementing AI/ML, and the top priorities for insurers' IT and business strategy. Keywords: insurance, AI, ML, talent shortage, benefits, challenges, governance, strategy.
