Key Takeaways
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AI is currently being used across the insurance chain to support human interaction and drive efficiency, but not to replace people
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AI can revolutionise the customer journey; via segmented marketing, curated communications and chatbots delivering ‘human-like’ responses
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AI will soon become accessible to a less skilled, less technical set of users, as large firms develop wholesale data science tools
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With these new tools entering the market, data remains absolutely crucial. What data can you pull from every customer interaction, and how might you store it in an easily referenceable way?
Quotes of the Episode
“We aren’t at a generally useful tool [that can] just handle any insurance task. So, each of these discrete units of work, you have to kind of build a bespoke tool, even if it’s a general LLM like Chat GPT, you still have to box it in and make sure that you’re doing the correct product engineering, and [that] you’ve engineered a pipeline that makes it respond to only your document. So, you have to find the areas where it’s giving you either uplift and efficiency, or insights that would take a long time for a human to generate this… We don’t put the decision in the hands of the tool. We support the human.”
“If you don’t have a data trust that’s organised in a way that’s like useful or easy for folks to access, whether that’s within your firm, or if you’re trying to work across firms, that’s going to materially inhibit your ability to use the tools. They do not know anything about your particular business, about your customers, about your software, about your decisions, without an input. The better the input, the better decision tools you’re gonna get; the better automations you’re gonna get. So, you have to start thinking about every interaction as an opportunity to collect data. And you have to think about every opportunity to collect data as an opportunity to get higher resolution data.”
About the guests
Eleanor Brodie
Eleanor is a Data Science Manager with LexisNexis Risk Solutions for the UK and Ireland market. In this role she helps customers unlock the value of their data, and to incorporate that knowledge into their workflows. Lexus Nexus also assess new data sources and build tools to supplement AI and machine learning models for insurers and brokers.
Eleanor’s LinkedIn Profile: https://www.linkedin.com/in/eleanor-brodie/
Joe Lettween
Joe is the Chief Innovation, Data Science and Technology Officer for Fortegra, a delegated authority carrier, where he has worked since November 2022. He will be attending BIBA Conference this year and looks forward to meeting new people and discussing the future of AI and underwriting.
Joe’s LinkedIn Profile: https://www.linkedin.com/in/joe-lettween-3996a03/
About the Host
Sarah Myerscough is the Chief Ideas Officer at Macaii, formerly Boston Tullis. She hosts/co-hosts several podcasts and is known for her knack in connecting with people. Sarah excels in bringing out the best for video, podcast, and live events, helping clients showcase the human side of their business.
Sarah is passionate about the evolving dynamics of the insurance industry and enjoys conversing with innovators, trailblazers, and long-term advocates of change.
Resources
https://thebibaconference.org.uk/
