Wipro report: US insurers to double AI investment

Wipro Limited (BSE: WIPRO) announced findings indicating that U.S. insurers plan to more than double their AI investments, increasing from 8% to 20% of IT budgets, within the next 3-5 years. A report titled "The AI Advantage: Building Tomorrow's Insurance Enterprise," based on a survey of 100 U.S. insurance executives, highlighted that 81% of firms intend to increase AI spending in the next year. While 92% recognize AI's importance for competitive customer experience, larger firms lead in AI adoption due to robust frameworks and data resources. Underwriting is a key area for AI integration, though less than half have fully implemented AI systems in their workflows. The report underscores challenges like managing AI-related risks and integrating AI with legacy systems, with 71% of insurers citing integration difficulties. Inter-departmental collaboration and workforce upskilling are emerging as priorities.