Unleashing gen AI’s potential in banking, healthcare, and insurance

As we stand on the brink of the AI revolution, a new era of leadership is emerging – one that demands foresight, agility, and a readiness to disrupt traditional thinking. Today's leaders are not just adopting new technology but reinventing how their organizations operate to rise above the competition.

To explore how leading enterprises are charting the course with generative AI (gen AI), we partnered with HFS Research, gathering perspectives and insights from 550 senior leaders across industries. Our research reveals a consistent thread: those who dive into gen AI early are carving out a competitive edge that others can only aspire to match.

In this blog, I'll explore why the banking, healthcare, and insurance sectors are at a critical juncture and are prime candidates for gen AI transformation.

With a wealth of data, banking leaders are using gen AI to set new benchmarks for customer and employee satisfaction, marrying efficiency with personalization.

Recently, we partnered with a global financial services company to launch a generative AI-powered chatbot, transforming information access for about 16,000 financial advisors. By simply asking questions, users can quickly search through thousands of documents on investment products, strategies, and market insights. Within seconds, advisors receive responses with source links, allowing them to focus on what matters most: client interactions.

This practical application of generative AI aligns with insights from our research, in which we asked banking executives to select their top three benefits. A third (33%) of enterprise leaders in banking cited improved productivity and efficiency, along with better customer engagement and satisfaction, as the top benefits of gen AI.

Notably, 31% of respondents also said enhanced agility in aligning operations with market strategy is a significant benefit. Banking executives recognize that true success comes from rapidly adapting to market demands. Those who adopt this mindset can expect to push ahead of the competition.

Thanks to gen AI, the healthcare industry is witnessing a radical shift in its approach to patient care.

With biotech companies like Tempus – a genetic testing and medical data firm – life sciences companies can use AI to create bespoke treatments, drugs, and therapies that consider a patient's unique genetic profile. By harnessing this technology and making data-driven decisions, physicians can deliver more personalized and effective care.

From identifying early-stage cancer to predicting patient outcomes with unprecedented accuracy, AI in healthcare could pave the way for faster revenue growth and increased market share, especially for organizations that make AI the foundation for their operations.

According to our research, 40% of healthcare executives believe that faster revenue growth and increased market share are the leading benefits of gen AI. Better customer engagement, improved competitiveness, and enhanced employee satisfaction are also high on the list.

Additionally, nearly half of healthcare executives (45%) anticipate new revenue streams and business models to emerge within the first year of gen AI adoption. Embracing these opportunities can position healthcare and life sciences companies as industry pioneers.

Gen AI is revolutionizing insurance by refining risk assessment, streamlining claims processing, and combating fraud. By analyzing vast amounts of data to detect fraudulent behavior patterns, gen AI helps insurers settle claims faster and tackle the billions lost yearly due to fraud.

Insurance executives are particularly optimistic about gen AI's potential, with 78% viewing it as a driver of new and disruptive ways of value creation.

Consider how AI in insurance is reshaping underwriting. We recently teamed up with a leading global reinsurer to overhaul the underwriting processes using advanced AI and machine learning technologies. Developing a robust cloud-based data infrastructure and implementing AI-driven risk prediction models enabled the reinsurer to respond to ceding carrier inquiries in under two hours, a dramatic reduction from previous timelines.

This transformation streamlined operations and empowered underwriters to make rapid, informed decisions through a user-friendly dashboard that enhances data-driven insights. As a result, the reinsurer has positioned itself to attract more business, improve customer satisfaction, and grow its revenue.

In our research, we asked insurance executives to select their top three benefits of gen AI. Over a third (35%) said that competitive advantage was the top business benefit from gen AI. Close behind were new revenue streams and business models and improved productivity and efficiency. They also anticipate enhanced creativity, innovation, and improved employee engagement and satisfaction.

Generative AI isn't just on the horizon – it's here, transforming industries at their core. As our examples in banking, healthcare, and insurance demonstrate, the key question isn't when but how quickly you can harness its power to drive unmatched growth and success.