AI (Artificial Intelligence) is set to bring innovations at organization and employee productivity. According to Microsoft and IDC survey – The AI innovation rate at organization will be x2.2 times and in employee productivity x2.2 by 2021 in India.
The Microsoft and IDC survey conducted with 1,560 business decision maker executives of mid and big size companies revealed that 77% of business leaders polled agreed that AI is instrumental for their business growth and competitiveness, only one-third of organizations in India have embarked on their AI journeys. Those companies that have adopted AI expect it to increase their competitiveness by 2.3 times in 2021.
In 2018, Businesses adopted AI saw tangible improvements in those areas in the range of 8% to 22% and expecting further improvements of at least 2.1 times in the three-year horizon, with the biggest jump expected in higher margins, and higher competitiveness.
Adopting AI in insurance institutions can help in vehicle insurance claim and renewing policies more efficiently.
Speaking with Girish Nayak, Chief – Service, Operations & Technology, ICICI Lombard General Insurance Company Ltd – one of India’s leaders in implementing AI in the BFSI space “We recognized the potential of AI in providing high quality car damage evaluation services. With data being generated at an exponential level, this technology will help us derive insights to inspect and process claims with utmost efficiency. Using Microsoft’s AI expertise is helping us bring about this transformation, allowing us to meet customer demands quicker without compromising on service excellence.”
The AI innovations survey evaluated six dimensions critical to ensuring the success of a nation’s AI journey. According to the findings, India needs to build upon its investment, data, and strategy in order to accelerate its AI journey. The study also underlines the need for cultural changes and skilling and reskilling workforces to make AI work for the country.
“To succeed in the AI race, India needs to substantially improve its readiness. Leaders should make AI a core part of their strategy and develop a learning agility culture. Investment in this transformative technology has to be continuous for the long-term success. There is an urgent need for talents and tools to develop, deploy and monitor AI models, along with the availability of a robust data estate with the adequate governance,” according to Ranganath Sadasiva, Director, Enterprise, IDC.
