Untapped potential of AI in the insurance sector: Genpact

Despite 69% of insurance companies having adopted AI, only 36% of US customers report improved digital experiences, highlighting the industry’s ongoing challenge to effectively scale AI to enhance customer experience and drive growth, according to a report by Genpact, in collaboration with Amazon Web Services (AWS).

The research is based on surveys of global senior insurance executives and US customers.

Adil Ilyas, Global Business Leader, Insurance, Genpact, said, “We conducted this study to shed light on the untapped potential of AI in the insurance sector.

“While many insurers have made strides in adopting AI, significant opportunities remain to scale its impact. By aligning AI strategies with customer expectations and operational goals, insurers can drive innovation, build trust, and create a more resilient future for their businesses.”

The limited impact on customers despite wide adoption of AI reveals an opportunity to align internal effort with external outcomes. The report shows that trust in the accuracy of AI-driven insurance quotes remains low, with 59% of consumers preferring live agents over AI—especially during crises.

Findings also show that only 8% of respondents believe competitive advantage will come from using AI for growth or monetisation, indicating that AI capabilities are underutilised.

Challenges in scaling AI extend beyond technology. Unlike past technology waves, governance and oversight (49%) pose significant hurdles for insurers. Concerns over data privacy (62%) and regulatory differences across jurisdictions (42%) further complicate the landscape, making one-size-fits-all approaches ineffective. Proofs of concept may succeed in some areas but fail elsewhere, requiring insurers to rethink their strategies.

Despite growing investments in training and partnerships, only 2% of insurance executives say nearly all their team members are AI fluent. In contrast, 69% report only a few or some are fluent, revealing a significant talent gap that limits the industry’s ability to scale AI effectively.

Yasir Andrabi, Agentic AI Leader, Insurance, Genpact, said, “The report highlights an industry poised for transformation, where scaling AI effectively can redefine customer experiences and build lasting trust.

“With decades of experience designing and managing end-to-end processes and collaborating with insurers around the world, Genpact is uniquely positioned to help carriers navigate their AI journeys. We are driving transformative outcomes and positioning our clients for long-term success in a competitive industry.”

The report proposes a six-point strategic blueprint for insurers to successfully scale AI: strengthening data foundations, building partnerships, empowering people, designing for scale, balancing governance and risk, and prioritizing business outcomes.

This blueprint aims to redefine customer experiences and build lasting trust in an evolving industry.

This website states: The content on this site is sourced from the internet. If there is any infringement, please contact us and we will handle it promptly.