The collaboration aims to address persistent challenges in the industry, including siloed data and limited AI effectiveness, by creating robust data architectures and analytics frameworks that support AI-driven efficiencies.
The urgency for AI adoption is evident, with 80% of insurers planning to integrate AI or already doing so. Yet, a staggering 69% of insurers and financial institutions report limited success, often due to issues like data inaccuracies and biases. The root cause, GFT and Databricks assert, lies in fragmented organisational data, which inhibits AI’s ability to deliver meaningful results.
To tackle this, GFT and Databricks are leveraging their expertise to help financial service providers, including banks, credit unions, and insurers, break down data silos. Their solution combines Databricks’ Data Intelligence Platform with GFT’s data structuring and workflow-building capabilities, providing the foundation for AI applications that deliver real-time, actionable insights.
Andre Gagne, CEO of GFT Canada, highlighted the importance of accessible, structured data. “It’s no longer enough for financial institutions to offer generic, surface-level AI capabilities,” Gagne said. “In order to align with customers’ demand for personalised experiences—whether it’s hyper-specific claims monitoring or real-time fraud detection—insurers and banks need AI to be their right-hand assistant, not just a background tool.”
The partnership’s inaugural project involves one of Canada’s top ten multi-line insurers, offering services in auto, home, life, farm, travel, and commercial insurance, as well as investments. GFT and Databricks designed a unified, Microsoft Azure-powered data infrastructure for the insurer, consolidating data across policy management, billing, claims, and other departments. The single platform eliminates gatekeeping and departmental silos, enabling the insurer to leverage AI for real-time analytics and business intelligence across all divisions.
Databricks’ Data Intelligence Platform plays a critical role by not only pooling data into a unified repository but also structuring it for seamless AI integration. Allowing GFT to implement workflows and frameworks that enable financial institutions to train advanced AI models and unlock powerful new capabilities.
Building on their success in Canada, GFT and Databricks plan to expand their partnership across North America, tailoring custom data infrastructures to meet the unique needs of financial organisations. The initiative is set to introduce unprecedented AI-driven solutions, giving insurers and financial institutions a competitive edge in an increasingly digital marketplace.
By bridging the gap between fragmented data and cutting-edge AI, GFT and Databricks are paving the way for insurers and financial institutions to redefine customer experiences, enhance operational efficiencies, and secure their place as industry leaders in the AI revolution.
