However, major protection gap is an opportunity for both life and property and casualty insurance companies.

The right data architecture is needed to deliver efficiencies and business value.

However, issues related to risk, compliance, data security, and privacy have slowed the pace of adoption.

To realize savings in claims, insurers need to scale up their artificial intelligence efforts.

Analysis suggests less than 10 per cent of carriers consistently capture value from their data.

Firm estimates that artificial intelligence applied to distribution could unlock $50-billion annually.