Revolutionizing business operations. Transforming cybersecurity as fraud threats soar. Managing compliance challenges. Tapping into the power of advanced analytics. Delivering digital customer experiences. CGI’s 2023 ‘Voice of Our Clients’ research reveals that today’s Canadian insurance organizations are grappling with an unprecedented array of business priorities – as the accompanying infographic illustrates – in the race to become future ready amid the hypercompetitive and fast-changing digital economy.
CGI is leading the way as insurers pursue cutting-edge AI
As game-changing new AI capabilities proliferate, CGI’s AI specialists are addressing significant questions from Canadian industry leaders, particularly in the property and casualty segment, on how best to apply the latest in cutting-edge AI and automation to drive their businesses forward as never before. And they recognize that there is no time to lose in today’s unprecedented reality.
While robotic process automation has been in use for some time, insurers are now looking to unlock critical new advantages from AI with fast-evolving algorithms that zero in more effectively on risk management, secure data management and privacy protection. Questions to our experts also include how best to advance the use of predictive analytics and machine learning to minimize both underwriting and claims fraud along with auto thefts as insurers’ costs skyrocket. The need to solve the talent crunch and the lack of modern digital skills is also on the minds of leaders.
At the same time, more leading insurers are forging ahead with use cases for revolutionary AI and automation. The focus includes conversational bots that enhance employee knowledge management, collaboration and productivity – and customer experiences – by providing instant and precise responses to queries and information requests. CGI experts and our Insurance Information Services teams are working with leading insurers in Canada and beyond today to make them future ready as the pace of change accelerates. We are providing timely strategic guidance on how best to implement truly secure, trustworthy and effective AI breakthroughs.
Today’s insurers face unique and pressing cybersecurity challenges
The need for modern cybersecurity to protect financial and customer data and combat claims fraud is now critical. Insurance and financial firms are second only to manufacturers as the leading targets for increasingly sophisticated ransomware and phishing attacks that use authentic-looking emails to set off a domino effect of business disruption.
Combatting third-party and employee risk assessment is also a serious concern as we witness more cases of business and customer data falling into the hands of cyber criminals. As insurers increasingly pursue the power of AI, CGI is ambitiously building on our trusted AI foundation to accelerate the journey. As announced in 2023, CGI will invest $1 billion over the next three years to support continued expansion of our AI services in alliance with leading solution providers.
