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Business processes are defined in large part by the data within an organization. Value-driven data, by definition, represents higher-quality data. The importance of high-quality data cannot be overlooked. Research from MIT, even from before the pandemic AI boom, showed that insufficient data can cost as much as 25% of the revenue for most companies.

As a rule, AI adoption tends to take more time for legacy industries compared to digitally-native sectors. As a profile from June 2021 in Harvard Business Review explains, insurance companies are data-rich but have long relied on actuarial approaches to data and analytics.  The insurance industry has several concerns regarding the integration of AI. Insurance companies obviously have regulatory compliance as a top priority, so any AI solution implemented needs to comply with existing regulations regarding consumer protection and data security, among others. 

The applications of AI in the healthcare and life sciences industries are vast, with data-powered algorithms and analytics promising to upend the status quo. Applications, including the use of AI to interpret medical imaging, optimize drug discovery and development, analyze large-scale data sets to identify patterns among patient populations, and streamline provider workflows, are already transforming the industry. 

Zurich Insurance Group is a multi-line insurer serving over 55 million customers in more than 210 countries and territories. The company offers various property, casualty, and life insurance products and services. Founded in 1872, Zurich Insurance Group is headquartered in Zurich, Switzerland. In 2023, the Zurich Insurance Group reported business operating profits of 7.4 billion USD, an increase of 21% from 2022. 

As new generative AI use cases continue to reshape the enterprise landscape across the global economy, many sectors are still weathering significant risks to keep pace with the adoption hype. Deloitte's "State of Generative AI in the Enterprise 2024" report found that 79% of respondents expect generative AI to transform their organizations within three years. However, companies must approach these investments cautiously with a focus on responsible implementation.