InsurTech Hub Munich’s Post

An interesting report by Arthur D Little delves into how the insurance industry can leverage AI technology. It talks about the use cases across the value chain and what steps insurers and insurtechs should take to maximize the benefits of AI

As the curtains close on the Uniglobal 13th Annual Insurance Claims Management Summit in Munich, I reflect on insights, conversations, and ideas I have learned. 💡💡💡 Here are my three key takeaways: 🛠️ Process before progress: AI's potential is undeniable, but it demands solid groundwork first. Streamlining our core processes un organisations is crucial before AI can be truly leveraged. 🤝 Customer experience first: AI is changing the way in how we interact with customers. It's not just about technology, but about enriching the customer journey with smarter, more personalised experiences. ⚖️ The Dual-Edged Sword of AI: With great power comes great responsibility. AI holds huge potential to both uplift and disrupt. It's up to us—humans with conscience and context—to guide its use wisely. As I leave this summit, I carry these insights back to Proof IT, where we're committed to not just embracing AI, but doing it with the intent to empower and elevate.

Exciting insights from the recent Generative AI event hosted by the Insurance Supper Club at Toronto's Microsoft offices! We explored how GenAI is revolutionizing insurance, emphasizing the importance of clear vision and guardrails for responsible adoption. Women are embracing co-pilot technology, highlighting AI's inclusive potential. This clever tech is able to take on a lot of the invisible labour that has traditionally fallen to women, freeing up capacity to take on more exciting things. The existing insurance GenAI pilots are internally focused and drive operational efficiency, but as GenAI matures there is clear potential for revenue growth. The rise of small language models which leverage deep, niche data sets and operate more efficiently than LLMs is very exciting - it’s already being deployed by Munich Re on their climate data which stretches back decades. With everything in insurance, data quality is absolutely key, especially in this case when the models only have the data that we give them. With legacy technology, incomplete and messy data that was not collected with GenAI in mind, it’s critical that there be a ‘human in the loop’ with processes that leverage this technology. Thank you Sarah Bhanji for the invite! #GenerativeAI #Insurtech #EthicalAI #womenininsurance

🤔 Did You Know That Winds of Change Are Blowing for Insurance AI! 🚀 Reading the recent Reuters report on #ai in insurance. It feels like the #insurance industry stands at an inflection point. Only 39% of respondents to a Reuters survey indicated that their organization invested in AI between 2021 and 2023. Among their top 10 investments, AI was 8 on the list! Still, AI will become a top 3 investment theme over the next three years. As #generativeai captivates headlines, insurers must separate hype from reality about how AI can transform operations. Indeed, this new Reuters Events Insurance report reveals #AI investment is growing steadily, with 1 in 3 insurers planning major AI projects by 2026. While AI won't replace human jobs, it will enhance productivity and customer experiences. The key is matching the right tools to specific needs. For example, AI excels at accelerating claims and underwriting. It also shows promise for more advanced use cases like predicting customer behaviors and powering real-time analytics. The key is having robust data infrastructure and governance. To realize AI's potential, insurers must think boldly but implement judiciously. This would include small pilots to prove value and then scale what delivers results. Partnerships with #insurance #technology players and #bigtech can accelerate capabilities while maintaining independence. The future belongs to the curious... Or insurers open to reimagining every aspect of their business will shape what comes next. AI is the wind propelling transformation, but it takes visionary leadership to set the course. The choice is ours. 📚 Report > https://lnkd.in/efGijRAW   I hope you will join us to dive into this topic at: 🎤 The Future of Insurance USA 2024 👇🏼 https://lnkd.in/esvvGFjJ 📅 When: May 15-16 2024 📍 Where: Marriott Marquis Chicago, USA  #FOIUSA

Thank you to the organizers of the Future of Insurance Conference #FOIUSA and especially the MC extraordinaire Lisa Wardlaw for her unparalleled energy, deep insight and passion for innovation. The industry at the confluence of amazing opportunities enabled by data and AI. My takeaway: AI is no longer hype, no longer the domain of deep-tech labs, no longer confined to BigTech or new startups. AI is being adopted by the insurance industry, broadly, at scale. Insurers are becoming sofisticated software companies. It is happening at all across the industry. It is driving growth, cost reductions and customer experience. It is a great time for Dialogue to build our Catalyst platform for carriers and support them with our technology and services.

⚡Mind-Blowing Fact: Maintaining legacy systems consumes up to 70-80% of the IT budgets of incumbent insurers, hindering innovation and delaying the adoption of new technologies like GenAI! ⚡ David Schapiro's article highlights how GenAI can streamline processes and, among other things, adapt to market dynamics. But integrating GenAI isn't without its hurdles. Legacy IT systems, a risk-averse culture, and rigid organizational structures can make adoption challenging. Tackling these obstacles is crucial to harnessing GenAI's full potential. Read the full article to learn more about GenAI's promise and challenges in insurance underwriting. 👉 https://lnkd.in/e99-ez2v #Insurance #InsurTech #GenAI #AI #Innovation