The IBM study highlights a stark divide in sentiment towards generative AI, with 77% of insurance C-suite executives deeming it essential for competition, yet only 26% of customers trust it to provide accurate advice.
IBM's findings suggest that while executives are eager to adopt generative AI, their customers remain skeptical, indicating a need for the industry to prioritize trust and ethical governance in AI implementations.
Investments in generative AI are predicted to rise over 300% in coming years, but organizations must navigate security concerns and customer hesitance to ensure successful implementation.
The insurance sector's reliance on generative AI is evident, yet the varying levels of trust among customers caution against premature investments without addressing data security and governance issues.