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Artificial Intelligence

Building An Effective Budget for AI Success

As AI, including generative AI (GenAI), continues to gain prominence in the financial services industry, it’s crucial for organizations to plan appropriately. Strategic planning around AI initiatives, including budgeting, can pave an organization’s road to innovation and success.

  INSIGHT

When asked how much of their organization’s budget is going towards intentional AI, including GenAI and “traditional” AI investments embedded within business units, members responded:

71-percent.png
of carriers are experimenting with AI/GenAI at varying levels

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are budgeting 5%-10% of their budget to AI or GenAI

When comparing AI spend this year versus last year, 71% report an increase in spending.

Lastly, 65% AIGG members project slightly higher or higher AI spend next year versus this year.

  IMPLICATION

Growing Investment in AI Drives a Competitive Advantage

An increased investment in AI can create a competitive edge. As more organizations increase their budget and allocate resources for AI implementation, companies that fail to invest will risk falling behind in innovation, efficiency, and customer experience.

 


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

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