There’s no doubt that AI, and generative AI (GenAI) especially, is in a hype cycle.
Executive Summary
"We're drowning in data…but not much of it is worth using."
That's what AI experts are hearing from insurers.
Here, advisors from SAS share tips for carriers to help them to manage the data drought they're facing—a lack of usable quality data to ride the AI wave.
Unfortunately, hype cycle exuberance can inflate expectations around technologies. When the practicalities of implementing these shiny, new objects throw up roadblocks, it can lead to disappointment and disillusionment before such tech advances reach their full potential.
Case in point, many insurance leaders have hit upon a wicked problem that may make surrendering to AI fatigue seem tempting: a data drought.
If an insurance data drought sounds unlikely, it’s because this concept jars against the go-to insurance data narrative—i.e., that carriers have vast volumes of data at their disposal. All they need to do is drop AI and GenAI into the breach to cut overhead costs, make up their climate disaster losses and profit beyond their wildest dreams.