Insurers and financial services organizations across North America are under increasing pressure to integrate AI into their operations to drive new efficiencies, both internally and for their customers. Actually, 80% of insurers are considering adopting AI or have already started to do so. Despite this appetite for mass adoption, the majority of insurers (69%) and financial institutions have yet to see significant results from their AI initiatives, citing inaccuracies and biases in the technology. These challenges can be linked to a fundamental problem: disparate data.
It is in this context that GFTa global digital transformation company, partners with Data bricksthe data and AI company, to provide both the data architecture and data analytics processes that insurers, banks, credit unions and capital markets companies need to lay the foundation of successful AI implementation. Their initial work together leverages GFT’s 13-year history in Canadian insurance to equip one of the country’s ten largest insurers with the data infrastructure needed to develop new insurance applications. business intelligence.
For the majority of banks and insurers, organizational data is siled by industry, creating barriers that prevent AI applications from accessing the data needed to drive new efficiencies across the organization. Some organizations have attempted to break down these silos by consolidating all of their data into data “lakes.” Databricks Data Intelligence Platform goes one step further by not only consolidating organizational data, but structuring it into a platform on which AI use cases can be easily built. With this increased accessibility, GFT can then create the workflows and frameworks businesses need to ingest their data and use it to train advanced AI models to generate dynamic insights in real-time.
“It is no longer enough for financial institutions to offer generic and superficial AI capabilities. » said André Gagné, CEO of GFT Canada. “To meet customer demand for personalized experiences (from hyper-specific claims monitoring to real-time fraud detection), insurers and banks need AI to be their right hand, rather than a background assistant. But this first requires accessible and structured data.
Initial client of GFT and Databricks, a multi-line insurer offer Auto, home, life, agricultural, travel and commercial insurance, as well as investments, needed a structured data environment to take advantage of new business intelligence tools across all these departments. GFT and Databricks have organized data from each of these categories, as well as subcategories including policy management, billing, claims and more, into a single infrastructure powered by Microsoft Azure. From there, once the controllers are pushed out and the various departmental silos are broken down, the insurer can leverage AI to power real-time analytics and insights.
Through their continued collaboration, GFT and Databricks will expand their partnership across the North American market by developing customized data infrastructures for organizations based on their industry and business needs. In doing so, they will lay the foundation for financial institutions to introduce never-before-seen AI capabilities that not only match, but surpass, their competitors.