A new report focuses on where insurance companies stand in the ecosystem
By Mia Wallace
A new report from global financial services technology provider FIS reveals how UK financial services companies fare compared to their US counterparts when it comes to innovation, use of generative AI and investment of customer service.
The study of 800 executives at UK and US financial services companies highlighted that 58% of UK financial services company executives are increasing investment in generative AI, compared to 45% of US executives. Meanwhile, 63% of insurance executives are investing in AI and machine learning compared to 50% of US insurance executives.
The FIS report also revealed that UK insurers are investing more than their US peers when it comes to improving the customer experience. The main highlights from the research show that:
• 81% of UK insurance company executives say they invest to ensure customers have access to competitive interest rates and payments, compared to 29% in the US
• 69% of those surveyed in the UK also invest in delivering incentives for prospective customers, compared to 42% in the US
The study also found that UK-based financial services executives are investing in AI at a faster pace than in the US, with the marked exception of UK banks said to be at risk of falling behind.
Commenting on the research Himal Makwana, head of platforms, strategy, operations and business at FIS said: “With all the negative market conditions presented by respondents, UK financial services executives saying they were less severely affected than their US counterparts.
“This may be partly because the UK financial services sector is more vulnerable and more resilient to shocks, especially given the current government’s efforts to stabilize conditions.”
He added that with consumers expressing their concern over the state of the economy, especially around inflation and interest, companies are examining how they can build trust with existing and potential new clients.
He added: “Many of the executives we surveyed plan to do this with forward-looking technology, such as embedded financial services using APIs, blockchain and generative AI, to provide advanced customer experience.”
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