The AI economy is accelerating and in financial services and insurance (FS&I), the stakes are higher than ever. Regulatory pressure, rising accountability and data complexity make AI both a powerful opportunity and a risk. Yet most organisations are still treating AI as a tool, rather than as part of a data-driven transformation.
The FS&I risk snapshot
AI ambition is rising across the FS&I sector, but the underlying foundations needed to deploy it safely and successfully are often fragile. Many firms are discovering that without trusted data, AI can introduce new vulnerabilities faster than it creates value. The result is a growing tension between what leaders hope AI can deliver and what their current systems can actually support.
The competitive reality
“Maturity gaps are already driving a clear performance divide. Quest’s own research shows that only 15% of FS&I firms are building intelligent, trusted data foundations that compound advantage daily, while most are still modernising or debating next steps. As AI adoption accelerates, this gap is locking in competitive advantage for AI leaders and leaving future casualites further behind.”
From future casualties to AI leaders: the three leadership levers
For firms hoping to become AI leaders, these three leadership levers highlight the organisation-wide changes and key questions that need to be addressed before AI can deliver transformative value.
Leadership clarity & accountability: Are we aligned on outcomes, owners and risk tolerance? Transformative AI requires clear governance, business accountability and a shared definition of success.
Culture & organisation: Are we prepared to redesign processes and culture? You can’t bolt AI onto legacy workflows. Operating models, decision paths and talent mindsets must evolve.
Trusted data foundations: Do we have consistent definitions, automated governance and audit-ready data? AI is only as reliable as the data it rests on. Without shared semantics, lineage and quality, risk escalates.
AI as the multiplier
Paying attention to all three levers is crucial. AI accelerates what’s already there, amplifying strengths or weaknesses. Poor data quality, inconsistent definitions and fragmented governance increase risk, distort decision-making and magnify operational weaknesses.
Turning strategy into action
AI’s potential is only realised when strategy is translated into action across the organisation. Here’s how leaders can move from strategy to execution, turning AI into a true multiplier of organisational strength.
Leadership clarity & accountability: Define risk appetite and assign clear ownership align AI strategy with business goals and appoint owners for data trust, ethics and oversight.
Culture & organisation: Redesign end-to-end processes, not just fragments, upskill teams on AI literacy and workflows and shift from “project thinking” to “product thinking.”
Trusted data foundations: Build a semantic layer with shared definitions, automate governance, lineage and quality checks and adopt reusable, audit-ready data products.
The path to success
AI rewards those who get the fundamentals right. FS&I firms with trusted data, clear leadership and an aligned culture will accelerate ahead as AI leaders, while future casualties will continue to fall further behind. The opportunity is clear: act decisively and let AI amplify your strengths.
For more information please visit www.quest.com
The AI economy is accelerating and in financial services and insurance (FS&I), the stakes are higher than ever. Regulatory pressure, rising accountability and data complexity make AI both a powerful opportunity and a risk. Yet most organisations are still treating AI as a tool, rather than as part of a data-driven transformation.
The FS&I risk snapshot
AI ambition is rising across the FS&I sector, but the underlying foundations needed to deploy it safely and successfully are often fragile. Many firms are discovering that without trusted data, AI can introduce new vulnerabilities faster than it creates value. The result is a growing tension between what leaders hope AI can deliver and what their current systems can actually support.
