The pandemic has pushed IT departments to adapt quickly to various challenges. A new report,
For the insurance industry, artificial intelligence and machine learning may be key, according to the report, which was conducted by the Economist Intelligence Unit, supported by Appian, an enterprise software company. The report includes information from two surveys, conducted in May and June of this year, and responses from 1,002 IT and senior business executives, who worked across six different sectors including financial services and insurance and were from nine countries.
Forty-one percent of respondents from the insurance industry said expanding the use of AI and machine learning is the most impactful way that technology can help organizations respond to potential changes. Additionally, 34% said that AI and machine learning can improve access to data and maintain security; 33% said that AI and machine learning can increase the delivery of digital platforms for customers.
"The report shows organizations are expecting more from IT at a time when employees and enterprise data are more dispersed than ever,” said Matt Calkins, CEO of Appian, in a statement.
More than 80% of all respondents suggest upgrading IT infrastructure and using better applications are necessary to adapt to future changes. The report also highlights several technologies necessary for change and potential success including cloud computing, AI, machine learning, data science and analytics and automation.
Respondents also pointed to several areas where improvements are necessary including supporting remote workers, integrating information and workflows across organizations and using technology to adapt to changing customer needs.
Additional findings suggest that there are further challenges ahead. Respondents report that the average backlog on planned IT projects is three to 12 months and it is getting worse as demand increases.
