Sabine VanderLinden’s Post

GenAI has the potential to transform the insurance industry by assisting in direct customer engagements, enhancing underwriting and claims, and increasing operational efficiency. But how can insurers adopt GenAI effectively and responsibly? Our recent report "Getting started with Generative AI: A guide for insurers" may help with the initial steps: ⏰ - Take immediate action but prepare to fail fast and either pivot or discard ideas which do not bring intended value 🎯 - Do not aim for perfection. Start with small-scale experiments and pilots to test GenAI use cases and learn from failures. 📏 - Set clear guidelines and boundaries for your teams to innovate safely and ethically. ⚙ - In parallel, start developing the enterprise strategic and technical infrastructure for GenAI, enabling it to scale-up and operate in a controlled environment in the future. 🥅 - Starting with alignment with your business strategy, define your long-term vision and goals for GenAI. ⚽ - AI is a team sport and does not thrive in isolation. Build cross-functional teams and capabilities to design and deliver end-to-end solutions. 🕸 - Establish data infrastructure and governance practices to ensure quality, transparency, and compliance. 📈 - As you are building foundations, think about scaling up and industrialisation of GenAI solutions across the value chain. 🏆 - Identify and prioritise high-value use cases and treat them as your end - to - end pilot cases. 🏭 - Connect your AI strategy with your technology transformation roadmap. Leverage cloud and edge computing to deploy and scale GenAI models and solutions. 🚨 - Don't forget about your control tower. Monitor and measure the performance and business impact of GenAI solutions and continuously optimise them. GenAI is not a future conversation. It is already here and it is reshaping the insurance landscape in EMEIA and across the globe. Insurers that embrace GenAI today, tomorrow can gain a significant edge over their competitors and deliver better outcomes for their customers and stakeholders. Conversely, not considering it may mean loss of competitive edge. Rishi Vennelakanti Alan G. James Maher Marcus Gageby Ankit Malik

🚀 The Future of Insurance in the Age of Generative AI 🚀 As an Innovator in the insurance industry, I’ve always believed that the key to staying ahead is not just understanding where the market is today, but predicting where it’s headed tomorrow. The recent developments in Generative AI, as illustrated in the insightful roadmap shared by Sequoia Capital and Swiss Re, confirm that the future is approaching faster than ever. 🌐 Future Workforce: By 2030, Generative AI is projected to surpass professional writers, developers, and designers in creating final drafts, product designs, and even video games. What does this mean for our industry? A workforce that is less focused on routine tasks and more on strategic, creative, and customer-centric activities. AI will handle the complexities of data analysis, underwriting, and even customer service interactions, allowing human talent to pivot towards higher-value roles that require emotional intelligence, innovative thinking, and complex decision-making. 📚 Future Competency: The skills needed to thrive in this AI-driven landscape will be vastly different. While technical know-how will remain essential, competencies such as critical thinking, adaptability, and AI literacy will become paramount. Understanding how to collaborate with AI, interpret its outputs, and leverage its capabilities will differentiate the leaders from the laggards. We must invest in continuous learning and development, ensuring that our teams are equipped to harness AI as a powerful tool rather than be overshadowed by it. 🔧 Future Know-How: Staying up-to-date with the rapid advancements in AI will be non-negotiable. As we see more AI-driven innovations in text generation, product design, and even customer experience, the ability to anticipate and integrate these technologies into our business processes will be critical. The companies that succeed will be those that not only adapt to change but actively drive it, using AI to unlock new possibilities and deliver unprecedented value to customers. 💡 Bold Predictions: By 2025, we could see AI drafting and refining insurance policies with greater precision and personalization than human counterparts. By 2030, AI-generated virtual advisors could become the norm, offering customers a seamless, personalized, and highly efficient service experience. The insurance industry will shift from reactive risk management to proactive risk prevention, with AI predicting and mitigating risks before they materialize. The future is bright for those who embrace change. As we navigate this transformative journey, let’s commit to staying ahead of the curve, continuously upskilling, and leveraging AI not just to improve what we do, but to fundamentally rethink how we do it. 🔗 Let's drive innovation in our industry together. #GenerativeAI #InsuranceInnovation #FutureOfWork #AIinInsurance #ContinuousLearning #LeadershipInAI #Growth #CriticalThinking

🚀 Exciting times ahead for the insurance industry as we dive into the world of AI! I have recently took part in quite interesting journey with insurance company. I had to start with education to create AI and innovation awerness. Here's a quick guide on how to seamlessly integrate AI solutions into your company, boosting efficiency and customer satisfaction along the way. Let's break it down into 7 actionable steps: 1. Goal Setting: First things first, it's crucial to pinpoint exactly what we aim to achieve with AI. Whether it's enhancing customer service, streamlining claims, or beefing up fraud detection, setting clear, measurable objectives is key. 2. Data Check: Our journey begins with a deep dive into our data landscape. Ensuring our data is clean, accessible, and structured is a foundational step that can't be overlooked. 3. Choosing a Partner: The quest for the perfect AI solution provider is much like finding a needle in a haystack. Experience, compatibility, and a proven track record in the insurance sector are my go-to criteria. Many companies "guarantee" great ROI but if you ask them to give you it on paper they back off. Find a partner that agrees to give you real guarantee but finally go for a fixed price project as benefit sharing will be way more costly ;) 4. Pilot and Learn: Starting small with a pilot project allows us to test the waters, learn, and iterate. This approach minimizes risk and paves the way for a smoother full-scale implementation. 5. Empower and Adapt: Training and change management are the unsung heroes of any tech integration. Preparing our teams for the change not only involves technical training but also fostering an adaptive mindset. 6. Go Big: Leveraging insights from the pilot, we're ready to roll out the AI solution across the board. Continuous support and fine-tuning are part of the package to ensure everything runs like clockwork. 7. Never Stop Improving: The final step is an ongoing one - continuously monitoring, analyzing, and optimizing the AI solution to ensure it keeps delivering value. 💡 The Payoff? Think 20-30% faster processing times, up to 40% cost reductions, and a significant boost in customer satisfaction. Not to mention, sharper decision-making that can save 5-10% in claim payouts. 🤝 Who's Involved? This isn't a solo mission. From our executive leadership and IT wizards to our data gurus and project champions, it's all hands on deck. And let's not forget the invaluable insights and support from our AI solution provider. The journey to AI integration is a thrilling one, filled with opportunities to redefine what's possible in the insurance industry. What are your thoughts on AI in insurance? Let's chat! 🌟 #AIinInsurance #DigitalTransformation #InsurTech #InnovationInInsurance #EfficiencyBoost #Cogneo

𝐇𝐨𝐰 𝐆𝐞𝐧𝐀𝐈 𝐢𝐬 𝐓𝐫𝐚𝐧𝐬𝐟𝐨𝐫𝐦𝐢𝐧𝐠 𝐈𝐧𝐬𝐮𝐫𝐚𝐧𝐜𝐞: 𝐀 𝐋𝐨𝐨𝐤 𝐚𝐭 𝐭𝐡𝐞 𝐅𝐮𝐭𝐮𝐫𝐞 The insurance industry is entering a new era with Generative AI (GenAI) leading the way. Insurers are harnessing the power of GenAI to simplify their processes, improve customer experience, and bring innovations to the market. GenAI has the potential to reshape the industry. Leveraging GenAI, insurers aim to lower costs, speed up claims and give customers more control and choices. This has led to increased experimentation with GenAI across the insurance value chain, from product development and distribution to core operations like underwriting, claims, policyholder services, and reinsurance. As we move toward the end of 2024, there are three big ways GenAI is making a real difference: 𝐁𝐞𝐭𝐭𝐞𝐫 𝐂𝐮𝐬𝐭𝐨𝐦𝐞𝐫 𝐄𝐱𝐩𝐞𝐫𝐢𝐞𝐧𝐜𝐞 GenAI-powered chatbots and virtual assistants are transforming the way insurers interact with customers. Imagine a customer having a question about their policy or needing help with a claim. Instead of waiting on hold, they can instantly connect with a virtual assistant that provides personalized answers right away. These AI assistants are designed to understand and respond to individual needs, making interactions smoother, faster, and more satisfying. 𝐅𝐚𝐬𝐭𝐞𝐫 𝐂𝐥𝐚𝐢𝐦𝐬 𝐏𝐫𝐨𝐜𝐞𝐬𝐬𝐢𝐧𝐠 Filing an insurance claim can be a long and frustrating process. GenAI is helping to change that by automating steps that usually take a lot of time. For example, GenAI can quickly analyze documents and assess damage, such as examining photos of a car accident to estimate repair costs. By speeding up these tasks, claims are processed much faster, which means customers get their payments sooner and have a better overall experience. 𝐒𝐦𝐚𝐫𝐭𝐞𝐫 𝐑𝐢𝐬𝐤 𝐀𝐬𝐬𝐞𝐬𝐬𝐦𝐞𝐧𝐭 𝐚𝐧𝐝 𝐔𝐧𝐝𝐞𝐫𝐰𝐫𝐢𝐭𝐢𝐧𝐠 One of the most important jobs in insurance is deciding how much risk a customer presents and pricing their policy accordingly. GenAI can analyze huge amounts of data, spotting patterns and trends that might be missed by traditional methods. This ability helps insurers understand risks more accurately and offer policies that better match each customer’s profile. As a result, policies are priced more fairly, and insurers can make safer, more informed decisions. In these ways, GenAI is not only helping insurers run more efficiently but also creating a future where customers are at the center. As the technology continues to evolve, insurers who embrace GenAI will be well-positioned to thrive in the future. The insurance industry is in the early stages of its generative AI (GenAI) journey but early adoption of GenAI in the insurance industry is moving towards a smarter, faster and more personalized way of doing business, ultimately benefiting both the companies and the people they serve. #Insurance #GenAI #Claims #Underwriting #AIinInsurance #CX #Data #Technology #DigitalTransformation #Insurtech #Automation

AI for Insurance: NEW BOOK. Benefits of AI to insurers will be huge and will result in lower premiums and greater profit. 90% of insurance companies are already using AI or intend to do soon. Insurers that are slow to use AI will risk going out of business for 5 reasons: ◆ AI will mean more accurate, instant underwriting / quotes based on smarter prediction of risks ◆ Linking of premiums to live data interpreted by AI, e.g. miles driven by younger drivers, style of driving ◆ AI will allow smarter re-insurance - grouping similar risks (eg MunichRe, SwissRe) ◆ AI will mean much faster and more efficient claims handling ◆ AI will reduce fraud - flagging up claims that need further investigation 80% of actuaries are worried about not having the right technical skills for an AI-dominated future, and most underwriters are also concerned. Most underwriters and actuaries are worried that AI will replace their own jobs. In reality, more likely that AI will continue to work best alongside insurance executives with specialist skills, but it is true that highly complex number-crunching will be almost entirely AI driven in future. One of the challenges with insurance is that ‘there is always a fool in the market’. In other words, there is usually a company that is underpricing in unsustainable ways. It may be looking to buy market share at a loss, or it may be too optimistic about future claims, due to poor underwriting. Either way, "fools in the market" will continue to be a major issue for established companies, under pressure to compete on terms that make no business sense.  While AI tools may make silly pricing less likely, if all companies use them well, it will still only take one ‘deviant’ company to mess up entire local markets. For more see my new book: "How AI Will Change Your Life". https://lnkd.in/d7XBPiHJ

https://lnkd.in/gSdAp9_q “I’ve always taken the view that when I’m leading transformation projects, we’re freeing up human capital to be deployed where it’s really needed,” Yates said. “I think the insurance industry is approaching AI with the wrong mindset because it’s adopting from the position of a negative business case where you replace people in the name of efficiency. That’s based on a displacement theory, where people just bear the brunt and it won’t produce a better result for the end customers or humanity.” Think I've shared about my views on A.I taking over the insurance industry before. Someone asked me about this after I decided to make this career switch. Fact is, I'd given it alot of thought based on my own previous corporate experiences, having been in the space of Learning & Development for sales function before. No, I believe systems (A.I), no matter how intelligent, will always need human to feed it the right stuffs and use it the right way. I've so far not been impressed by the obsession behind digitalizing everything-anything, usually "top-down" and with amnesty at the top only. Yes, there are insurers seemingly on this path of "potentially replacing all front-line reps" in near future with their smart digital portals, etc. I think only the ones that understand and embrace the fact that this business is Relationship-driven and will continue to be, will be unscathed eventually. You just can't remove human out of everything, even more so in the area of insurance, where one needs real humane advisory on health and wealth management. You need trusts, dependability, integrity on the insurer as well as on the rep/agent/consultant. Use your head AND your heart together when choosing the insurer to park your wealth and health-safeguards in. Use them again when choosing the rep/agent/consultant to work with. #lifeplanning #insurance

🔥 𝗧𝗵𝗲 𝗙𝘂𝘁𝘂𝗿𝗲 𝗼𝗳 𝗗𝗶𝗴𝗶𝘁𝗮𝗹 𝗜𝗻𝘀𝘂𝗿𝗮𝗻𝗰𝗲 𝗣𝗹𝗮𝘁𝗳𝗼𝗿𝗺𝘀: 𝗪𝗵𝗮𝘁 𝗜𝘁 𝗠𝗲𝗮𝗻𝘀 𝗳𝗼𝗿 𝗧𝗿𝗮𝗱𝗶𝘁𝗶𝗼𝗻𝗮𝗹 𝗕𝗿𝗼𝗸𝗲𝗿𝘀 🔥 The insurance landscape is undergoing a seismic shift, and it’s NOT business as usual anymore. 🚨 As InsurTech takes over, AI predicts risk, and customers can buy policies with a few taps - are traditional brokers at risk of becoming obsolete? 𝗦𝗽𝗼𝗶𝗹𝗲𝗿 𝗮𝗹𝗲𝗿𝘁: The answer isn’t what you think. It’s time for brokers to evolve, not vanish. 👇 Let’s break it down 👇 𝟭. 𝗜𝗻𝘀𝘂𝗿𝗧𝗲𝗰𝗵 & 𝗗𝗶𝗴𝗶𝘁𝗮𝗹 𝗗𝗶𝘀𝗿𝘂𝗽𝘁𝗶𝗼𝗻 Startups are redefining underwriting, claims, and customer engagement with cutting-edge tech. Brokers, if you're not embracing digital, you're getting left behind. 𝟮. 𝗧𝗵𝗲 𝗔𝗴𝗲 𝗼𝗳 𝗦𝗲𝗹𝗳-𝗦𝗲𝗿𝘃𝗶𝗰𝗲 Customers now want to manage their policies at the click of a button. The days of endless paperwork are over. If their brokers still rely on outdated processes, they’ll find someone else. 𝟯. 𝗧𝗵𝗲 𝗘𝗿𝗮 𝗼𝗳 𝗣𝗲𝗿𝘀𝗼𝗻𝗮𝗹𝗶𝘇𝗲𝗱 𝗜𝗻𝘀𝘂𝗿𝗮𝗻𝗰𝗲 Data and AI are driving hyper-personalized policies tailored to individual needs. If you’re not leveraging these insights to tailor your advice and services, you’ll struggle to keep up. 𝟰. 𝗘𝗺𝗯𝗲𝗱𝗱𝗲𝗱 𝗜𝗻𝘀𝘂𝗿𝗮𝗻𝗰𝗲 𝗠𝗼𝗱𝗲𝗹𝘀 Insurance is being built directly into products and services - no broker needed. But that’s where the opportunity lies. Partnering with these platforms and integrating their APIs can keep brokers relevant and enhance customer experiences. 𝟱. 𝗥𝗲𝗴𝘂𝗹𝗮𝘁𝗼𝗿𝘆 𝗣𝘂𝘀𝗵 𝗧𝗼𝘄𝗮𝗿𝗱 𝗗𝗶𝗴𝗶𝘁𝗮𝗹 The IRDAI is backing this digital transformation, aiming for universal coverage while protecting consumers. This means new opportunities for brokers - but only if they can adapt quickly. 🚨 𝗦𝗼, 𝗪𝗵𝗮𝘁’𝘀 𝘁𝗵𝗲 𝗣𝗹𝗮𝘆 𝗳𝗼𝗿 𝗕𝗿𝗼𝗸𝗲𝗿𝘀? 🚨 • 𝗚𝗼 𝗗𝗶𝗴𝗶𝘁𝗮𝗹: Automate, adopt AI, and streamline client engagement to compete with the platforms. • 𝗔𝗱𝗱 𝗩𝗮𝗹𝘂𝗲: Shift from transactional tasks to advisory services that focus on complex, high-value insurance needs. • 𝗣𝗮𝗿𝘁𝗻𝗲𝗿 𝘄𝗶𝘁𝗵 𝗜𝗻𝘀𝘂𝗿𝗧𝗲𝗰𝗵: These firms are not the enemy - they’re allies in offering innovative solutions that can enhance your offerings. • 𝗧𝗮𝗶𝗹𝗼𝗿 𝗬𝗼𝘂𝗿 𝗘𝘅𝗽𝗲𝗿𝘁𝗶𝘀𝗲: Use data analytics to give clients personalized, strategic advice they won’t get from a self-service portal. 𝗧𝗵𝗲 𝗕𝗼𝘁𝘁𝗼𝗺 𝗟𝗶𝗻𝗲? Brokers are not obsolete. But they need to evolve. The future is digital, but the broker’s role is far from over - if they’re willing to adapt. 💬 𝗟𝗲𝘁’𝘀 𝗱𝗶𝘀𝗰𝘂𝘀𝘀: Are insurance brokers ready for this new era? Drop your thoughts below! 👇 #Insurance #DigitalTransformation #InsurTech #Brokers #AI #Innovation #CustomerExperience

GenAI has the potential to transform the insurance industry by assisting in direct  customer engagements, enhancing underwriting and claims, and increasing operational efficiency.But how can insurers adopt GenAI effectively and responsibly? Our recent report "Getting started with Generative AI: A guide for insurers" may help with the initial steps: ⏰  - Take immediate action but prepare to fail fast and either pivot or discard ideas which do not bring intended value🎯   - Do not aim for perfection. Start with small-scale experiments and pilots to test GenAI use cases and learn from failures. 📏  - Set clear guidelines and boundaries for your teams to innovate safely and ethically.⚙  - In parallel, start developing the enterprise strategic and technical infrastructure for GenAI, enabling it to scale-up and operate in a controlled environment in the future. 🥅  - Starting with alignment with your business strategy, define your long-term vision and goals for GenAI. ⚽ - AI is a team sport and does not thrive in isolation. Build cross-functional teams and capabilities to design and deliver end-to-end solutions. 🕸  - Establish data infrastructure and governance practices to ensure quality, transparency, and compliance.📈 - As you are building foundations, think about scaling up and industrialisation of GenAI solutions across the value chain.🏆  - Identify and prioritise high-value use cases and treat them as your end - to - end pilot cases.  🏭 - Connect your AI strategy with your technology transformation roadmap. Leverage cloud and edge computing to deploy and scale GenAI models and solutions. 🚨 -  Don't forget about your control tower. Monitor and measure the performance and business impact of GenAI solutions and continuously optimise them.GenAI is not a future conversation. It is already here and it is reshaping the insurance landscape in EMEIA and across the globe. Insurers that embrace GenAI today, tomorrow can gain a significant edge over their competitors and deliver better outcomes for their customers and stakeholders. Conversely, not considering it may mean loss of competitive edge. https://lnkd.in/eunw8Wez

1Fort launches AI-driven platform to revolutionise insurance broking 1Fort, a leading VC-backed InsurTech, has announced the launch of its cutting-edge AI platform that enables brokers to instantly quote from leading specialty markets. Renowned for its innovative solutions in the sector, the firm has introduced the platform to help independent brokers save time and place more commercial risks effectively. The newly launched platform allows brokers to interact with policies and answer complex questions from clients using a proprietary GPT chatbot. This AI integration saves brokers up to 8 hours per week, previously spent on manual quoting and coverage comparisons. The efficiency gained has resulted in brokers increasing their bind rates by 20% with higher-quality proposals. The reason behind the launch of this new platform is to alleviate the manual burden on brokers, allowing them to focus more on client relationships and growing their business. By automating the quoting, comparison, and recommendation processes, 1Fort’s platform significantly streamlines operations for brokers. Additionally, 1Fort’s technology supports hundreds of leading insurance brokers, including major firms such as IMA, INSURICA, and High Street Insurance Partners. With admitted and surplus licenses in all 50 states, 1Fort provides market access to major insurers across all specialty lines, enhancing the value offered to brokers and their clients. Anthony Marshi, Co-Founder and CEO of 1Fort, stated, “For too long, insurance brokers have been burdened with manually retrieving and analysing quotes, costing them hundreds of hours every year. Recent breakthroughs in AI have allowed our platform to give our broker partners all those hours back for what truly matters: strengthening client relationships and growing their book of business.” News credit FinTech Global #news #trendingnews #fintechnews #financenews #finance #viralnews

🚀 Key Insights on Generative AI (GenAI) in the Insurance Industry 🚀 Recent reports from Allianz highlight the transformative potential of GenAI in the insurance sector. Here are some key findings: 1. 📊 Financial Impact: GenAI could generate up to $1.1 trillion in benefits for the insurance industry, with a $50 billion opportunity for individual companies, leading to revenue growth of 20% and cost reductions of 15%. 2. 📈 Productivity Gains: Insurers can expect productivity improvements of 20-40% in the short term, alongside potential reductions in claims payouts by 3-4% and loss-adjustment expenses by 20-30%. 3. 🚗 Use Cases: GenAI can optimize claims processing, personalize insurance products, and enhance agent productivity through AI-driven tools. 4. 🚨 Challenges and Risks: Key challenges include data protection, ethical concerns, and the need for transparency in AI-driven decisions. 5. 🚦 Regulatory Requirements: Insurers will require proof of GenAI code provenance from software vendors to mitigate risks associated with its use. 6. 🧠 Strategic Implementation: A thoughtful approach is essential for leveraging GenAI's benefits while addressing its challenges effectively. As we navigate this exciting landscape, it’s clear that GenAI is not just a technological advancement but a catalyst for innovation within the insurance industry! Citations: 1. GenAI in the Insurance Industry: Divine Coincidence for Human Capital 2. How AI Could Change Insurance - Allianz's 3. Allianz Global Insurance Report 2024 4Enlight, AI Innovation Lab, AI Research Lab, Advanced Prompt Engineering