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AI Implementation: Efficiencies Over Errors

Implementation of Artificial Intelligence (AI) is a focus across the financial services industry today. As companies recognize both cost reductions and productivity gains, they’re seeing few inaccuracies with their implementations — suggesting these innovations are opportunities for growth.

INSIGHT

Recognizing Benefits of AI Implementations

Consisting of over 70 business and technology executives, representing nearly 40 member companies, the LIMRA and LOMA AI Governance Group (AIGG) recently surveyed group members on several AI-focused topics.

It’s clear the implementation of AI and GenAI is a focus across our industry today. As companies begin GenAI implementations, they’re recognizing both cost reductions and productivity gains, and seeing few inaccuracies with their implementations — suggesting these innovations are opportunities for growth.

Regarding AI Implementation, % of companies that:

And, when asked about inaccuracies with GenAI implementations, companies responded:

IMPLICATION

Cost Reductions & Productivity Gains: The Future of Innovation & Growth?

The explanations for recognition of cost reduction and productivity gains with few experiences of inaccuracies in GenAI implications is twofold. First, increases in productivity and decreases in cost are measurable and can be tied directly to companies’ financial performance. In contrast, inaccuracies in GenAI implementation are viewed as challenges or risks that need to be managed. A focus on productivity gains and cost reductions are drivers of innovation and business growth.

Learn more about the Artificial Intelligence Governance Group. Find additional thought leadership on AI at www.LIMRA.com/AI.