This new report looks at how AI will transform the back office functions of many insurance brands;
The banking, financial services, and insurance (BFSI) sector stands at a crossroads. According to new global research from HFS Research in partnership with Iron Mountain, 52% of UK executives warn organisations failing to aggressively digitise their back-office operations now, risk becoming permanently irrelevant in the competitive landscape.
The study of more than 500 senior executives at BFSI firms in the UK, US, Canada, France, India, Brazil, and Australia spotlights both the urgency and the challenges facing the industry’s digital transformation efforts. The report showed that in today’s market, UK insurance firms need to transform their back-office abilities to maintain a competitive advantage.
50% believe the back-office as we know it will cease to exist within three years, and 33% expect a substantial workforce reduction or reallocation due to increased back-office transformation and AI autonomy.
45% feel like their workforce is partially prepared for digital takeover, but feel that significant training is needed. At present, only 22% stated they’ve implemented the use of GenAI across the business.
Despite bold ambitions and growing investment in the sector, the research pinpoints that UK firms are up against major roadblocks before reaching full back-office digitisation.
The full report can be found here.
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