Banks and Insurance Companies Turn to AI Agents: A Strategic Shift
In today’s fast-evolving technological landscape, banks and insurance providers are increasingly opting to collaborate with external suppliers for the development of artificial intelligence (AI) agents. This strategy often proves more effective than building these capabilities in-house.
The Rise of Collaboration in AI Development
According to recent findings from the Capgemini Research Institute’s "World Cloud Report in Financial Services 2026," nearly two-thirds of over 1,000 surveyed institutions are leveraging external partnerships to gain AI expertise and develop cloud-based platforms. This collaborative approach not only accelerates AI adoption but also enables organizations to access specialized knowledge that may not exist internally.
Case Study: Vitality and Google Partnership
Taking a notable step in this direction, health insurance provider Vitality has strengthened its collaboration with Google to launch an innovative AI platform. This platform aims to empower millions of individuals to make better-informed decisions related to their health and lifestyle, showcasing the potential of AI to transform customer engagement and service delivery.
Japan’s MUFG: Embracing an AI-Native Future
In a similar vein, Mitsubishi UFJ Financial Group (MUFG)—Japan’s largest bank—is on a mission to transform itself into an AI-native organization. By adopting agentic AI and forging strategic partnerships with industry leaders such as OpenAI and Sakana AI, MUFG is reimagining its processing of data and its overall operational framework.
The Current State of AI Development in Finance
The report reveals that only 33% of firms are actively developing proprietary AI agents, while almost 49% are integrating in-house development with supplier solutions. Surprisingly, a mere 15% are purchasing AI agents off-the-shelf, highlighting a hesitancy to rely solely on commercial offerings and a clear preference for customized solutions.
A Glimpse into Future Opportunities
The Capgemini Research Institute estimates that the economic value generated through AI agents could soar to $450 billion by 2028. With a current deployment rate of just 10% in banks and insurance companies, the potential for growth is staggering. The report underscores that 80% of financial services firms are still in the initial phases of AI agent implementation, whether in ideation or pilot testing.
Industry Optimism and Future Prospects
As noted by Ravi Khokhar, Capgemini’s Global Head of Cloud for Financial Services, there is an optimistic outlook within the industry. He believes that entering this agentic era presents new market opportunities and a significant transformation ahead. Khokhar emphasizes the importance of discerning between genuine innovation and baseless hype, urging financial institutions to adopt a long-term view.
Automating Operations for Enhanced Efficiency
The findings indicate that AI agents are already making significant strides in streamlining operations. Jörgen Olofsson, Chief Information Officer at Euroclear Sweden, articulates that AI agents can automate repetitive tasks and bolster customer support functions, thus significantly enhancing operational scalability.
Insights into Current AI Usage in Banks
The survey reveals that 75% of banks are employing cloud-native AI agents primarily for customer service, while 64% utilize them for fraud detection and loan processing. Moreover, 59% are applying AI in customer onboarding processes, demonstrating the technology’s extensive applicability in enhancing service delivery.
The Insurance Sector: A Parallel Journey
In the insurance industry, 70% of organizations are leveraging AI agents for customer service. Similarly, 68% focus on underwriting processes, 65% utilize AI for claims processing, and 58% engage in AI-driven customer onboarding, reflecting the widespread adoption within this sector.
Transforming Customer Engagement: Real-World Impact
Jesse Antosiewicz, Senior Director of Technology at Liberty Mutual Insurance, notes that AI technology is already yielding noticeable improvements in customer experience. From expediting processes to fostering intuitive interactions, the transformative potential of AI is evident in how services are delivered and perceived by customers.
Building Trust in Customer-Facing Roles
William Tong, Senior Vice-President at Capital One, observes a growing trust in AI’s capabilities in customer-facing roles, attributed to robust policies and governance measures. He posits that agentic AI is poised to accelerate lengthy processes such as onboarding, resulting in enhanced efficiency and a superior customer experience.
The Emergence of AI Supervisor Roles
Despite the advancements in AI implementation, the survey reports a pressing need for human oversight. Approximately 50% of banks and insurers are establishing AI supervisor roles, addressing the skill gaps identified among business leaders. Specifically, 48% of respondents are creating positions dedicated to supervising AI agents to ensure effective integration.
Reskilling Workforce for an AI-Driven Future
To complement these supervisory roles, 46% of organizations are actively reskilling employees and reallocating them based on skill sets. This proactive approach aims to prepare teams for the demands of an AI-enhanced workplace, ensuring that human oversight remains integral.
The Importance of a Human-In-The-Loop Approach
Lloyd Scholz, Chief Technology Officer at Markel Insurance, reinforces the necessity of maintaining human involvement in AI processes, especially in regulated environments. He cites the importance of trust, explainability, and governance in the deployment of AI agents. This human-centric approach ensures that automation acts as an aid rather than a replacement for human judgment.
Conclusion: Navigating the Future of AI in Financial Services
As banks and insurance companies increasingly lean on AI partnerships, the landscape is shifting fundamentally. With compelling economic prospects and a commitment to harnessing technology responsibly, the financial services industry stands on the cusp of a transformative era. For success, firms must navigate this changing terrain with a focus on innovation grounded in trust, oversight, and the essential human touch in customer interactions. The future promises both challenges and opportunities, urging financial institutions to adapt and evolve in this exciting age of AI.
