Poor data quality is the biggest barrier to AI transformation

British insurers are facing a bigger AI obstacle than expected, as poor quality data is preventing underwriters from accelerating adoption.

A new report by tech firm CI&T, in collaboration with Reuters Events, revealed that nearly three-quarters (72 percent) of underwriters identified fragmented and unstructured data as the primary barrier to AI transformation.

The next top challenge was accurate risk assessment, cited by 42 percent, and pricing accuracy, cited by 36 percent of the respondents.

Mike Young, vice-president of insurance industry growth at CI&T said: “AI’s success in insurance won’t be determined by how advanced the algorithms are, but by the quality and accessibility of the data that feeds them.”

Insurers re

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