2024: A Year in Review - Key AI & Data Milestones & the Trends Shaping Our Future

As we close out 2024 and reflect on the remarkable progress made throughout the year, it’s clear that the conversation around data, artificial intelligence, and generative AI (GenAI) is no longer just about possibility - it’s about tangible, measurable impact. Across regulated industries - from insurance and healthcare to financial services - we have seen meaningful shifts in how organizations harness data, embrace AI-driven solutions, and chart paths toward a more efficient, transparent, and customer-centric future.

At Praxi.ai, this past year has been one defined by insight, collaboration, and hands-on experience with leading innovators in our ecosystem. Through our series of eBooks (published in May and August of 2024, and with our latest next installment just released in December 2024), the Praxi Podcast episodes now airing on Apple Podcasts, Spotify, and YouTube, and our presence at industry events such as InsurTech Insights in New York City this past June and ITC Vegas in October, we’ve brought together thought leaders, practitioners, and policymakers to explore the cutting edge of AI and data strategies.

Below, I’d like to highlight some of the key wins and emerging trends that we’ve observed - both from our own work at Praxi.ai and from the broader market - during this transformative year.

1. Moving from Proof-of-Concept to Production-Scale AI

In 2023, many organizations were still dipping their toes into AI, conducting small-scale pilots and proofs-of-concept. By contrast, 2024 saw a marked acceleration from experimentation to operationalization. Both mid-sized insurers and global financial institutions have implemented production-grade AI systems to automate claims processing, detect anomalies in underwriting, and power data-driven customer engagement. Our May 2024 eBook detailed a comprehensive roadmap for scaling AI solutions in regulated environments, and we’ve since seen many companies successfully follow this blueprint, moving beyond the pilot phase and into sustained, value-generating deployments.

2. GenAI Becomes a Core Competitive Differentiator

Generative AI - once a nascent field capturing the imagination of early adopters - has rapidly evolved into a powerful differentiator for organizations seeking to improve product development, policy drafting, and customer support. Our Executive Guide, published in August 2024, shifted focus to the practical application of GenAI, to help Executives understand the opportunity. Following, our Data Curation: Fueling the Future of Responsible AI Webinar along with Roberto Maranca, Jon Hammant, Maxwell Rebo, Andrew Ahn and Andrew Turner, we created our latest December 2024 eBook as a curated guide on what our expert panel saw as key considerations for 2025 and beyond, as GenAI becomes as integral to daily operations as legacy core systems are today.

3. Regulatory Alignment and Compliance-First Design

2024 brought improved alignment with regulatory authorities, guided in part by clearer frameworks on how AI and data tools can be ethically and securely deployed. At the conferences we sponsored - InsurTech Insights in NYC and ITC Vegas - one of the most common themes was the importance of compliance-first design. Instead of viewing regulation as a barrier, innovative companies and compliance teams are working hand-in-hand from day one. By embedding robust audit trails, explainable AI models, and privacy-preserving data techniques, organizations are ensuring that regulatory requirements are met without stifling innovation. We’ve seen advances in federated learning, synthetic data generation, and zero-knowledge proofs as key technologies that help organizations maintain compliance and trust.

4. Cross-Industry Collaboration and Ecosystem Building

The Praxi Pod Podcast, we kicked off in March 2024 underscored the importance of ecosystem building. We hosted guests from our Leadership team, Advisory Board and a number of domain experts from the Data, AI and GenAI industry. What emerged from these conversations was a clear mandate: the power of AI and data lies in the ability to connect stakeholders across silos, but also that getting your data in a great place is a critical success factor. Stay tuned for expansion of our guest roster as we move into 2025. 

5. Driving Efficiency and Personalization at Scale

Efficiency no longer stops at automating back-office processes. The real shift in 2024 was personalization at scale. As we highlighted in our May eBook, companies that leverage high-quality, ethically sourced data can feed AI models that tailor products, coverage options, and services to individual customer segments in real-time. Insurers, for instance, are using predictive analytics to dynamically adjust risk profiles and offer hyper-relevant policy recommendations. Healthcare providers are personalizing care pathways by analyzing patient history, social determinants of health, and real-time biometric data. Meanwhile, FinTechs are delivering financial guidance uniquely tuned to each user’s habits and goals. This blend of efficiency and personalization is swiftly becoming table stakes for market leaders.

6. The Rise of Responsible AI and Ethical Data Use

Conversations at ITC Vegas in October 2024 frequently returned to the topic of Responsible AI, just after our joint Webinar about Responsible AI with Amazon Web Services (AWS). With increasing adoption comes the imperative to ensure models are fair, transparent, and unbiased. Our December eBook highlighted key items for Responsible AI governance and the need for organizations to conduct model audits, bias assessments, and human-in-the-loop reviews. Over the course of the year, we’ve seen an uptick in Chief Ethics Officers, dedicated fairness committees, and cross-functional teams tasked with ensuring AI tools align with organizational values and societal obligations. This trend represents not only a moral imperative but also a risk management and brand-building strategy.

Looking Ahead: 2025 and Beyond

As we prepare for sharing our 2025 predictions before Christmas, the beta release of our CaaS [Curation as  a Service] on the AWS Marketplace and Praxi ROI calculator early next year, we anticipate the narrative will center around scaling trust, expanding GenAI’s reach, and deepening cross-sector collaboration. 

Thank You for a Transformative Year

To our clients, partners, and team members: Thank you for trusting us in 2024. Your collaboration drives our innovation and fuels our mission to empower regulated industries through the responsible use of AI. 

Stay tuned for more insights, capabilities and innovations from Praxi.ai. The best is yet to come.

Warm regards,
Andrew Turner
GM and Chair of the Advisory Board
Praxi.ai