Five Sigma - AI-Native Claims Management’s Post

In this latest Thought Leadership piece, Dani Katz, Co-founder and Director of Optalitix, discusses the role of the underwriter in a landscape increasingly peppered with AI tools and solutions. He writes: "In today’s increasingly AI-driven world, underwriters now have a host of new tools at their disposal that can optimise these processes for speed and efficiency – sometimes achieving a three- to fourfold improvement. Whilst at the same time, according to Accenture, 40% of underwriters’ time is spent on non-core and admin tasks, creating between $17-32bn of annual underwriting efficiency losses." Read the full story here: 👉 https://lnkd.in/eVyK9zUH #insurtechinsights #insurance #underwriting #ai #lloydsoflondon

A recent survey by the National Association of Corporate Directors revealed that while 95% of directors recognise AI's pivotal role in shaping the future of businesses, only 28% actively discuss AI in board conversations. Boards must seize this moment to evaluate the opportunities and risks presented by AI, addressing everything from D&O insurance to overseeing its implementation. With impending government regulations on the horizon, boards have a chance to turn this imperative into a strategic advantage. #AI #BoardLeadership #FutureOfBusiness

Following our Infuse episode: Finding and Keeping the Best Underwriting Talent, the Canadian Underwriter digested the importance of effective knowledge transfer as underwriters retire and the role of AI in enhancing, not replacing, underwriting talent. The first article, "Rethinking Knowledge Transfer as Experienced Underwriters Retire," delves into the critical issue of transferring knowledge as experienced underwriters retire. It highlights the importance of preserving valuable expertise and ensuring a smooth transition within the insurance industry. The second article, "Is AI a Threat to Underwriting Talent?", examines the role of AI in the future of underwriting. It provides an interesting perspective on how AI can enhance the efficiency of underwriting while still valuing the indispensable human element. Thank you Canadian Underwriter for featuring us! These articles offer valuable insights into the evolving landscape of the insurance industry. Be sure to check them out! Articles: https://lnkd.in/erSay-nn https://lnkd.in/eZTw3GBx Infuse episode: https://lnkd.in/ecMcBvvz #Talent #Recruitment #Underwriter #AI #Insurance

Insurance is a complex, regulated business built around data, IT – and people. Generative AI promises to unlock the productivity transformation that has eluded the sector for years, argues BCG’s Dr. Christopher Freese. #generativeAI #artificialintelligence #insurance More insights on #GenAI from BCG - https://on.bcg.com/3YgPwip

Insurance is a people and data business! To transform the business requires attention on both.

A recent article in Forbes discusses how in the rapidly evolving insurance industry, selecting the right technology partner is crucial for success. Here are seven essential questions to guide your decision, and Plnar’s responses to these important decision making questions! Check our website: https://lnkd.in/e9Zc8XE4 #Plnar #VirtualEstimates #VirtualClaims #AI #InsuranceInnovation #PlnarSnapshot #ClaimsProcessing #InsureTech #PolicyholderEmpowerment #EfficientClaims #SelfService

AI is rapidly transforming processes across the enterprise. This survey provides insights. AI is predicted to reshape processes across the entire insurance lifecycle and value chain. Its transformative potential spans multiple stages of the insurance customer journey and internal operations, including claims processing and underwriting. Read the survey on what technology leaders in the industry think AI will have the biggest impact on and more: https://ow.ly/LU4L50QzZfY #insurance #AI #survey

How is artificial intelligence impacting the underwriting process? Anthony Shapella, Deputy Chief Underwriting Officer, will join the team at Insurance Insider for a panel discussion that will uncover the evolving skills underwriters of the future will need to succeed. Find out more and register below. #artificialintelligence #underwriting #AI

An interesting and insightful report from Oxbow - whilst there's no shortage of potential Gen AI use cases in specialty (re)insurance, the practical challenges described by market participants perhaps explain some of the reason Gartner currently positions Gen AI in the 'trough of disillusionment' stage of the hype cycle.   As ex-insurers, we know which use cases drive real business value, we understand the vital importance of AI model accuracy and data security, we have first-hand experience of real-world challenges such as AI skills shortage and internal change capability.   That's why from day 1 our approach has been to combine deep insurance expertise with world class technologists to build enterprise grade, pre-trained AI solutions that 'just work', making them easy to adopt and quick to deliver value. And it's why many of the world's biggest (re)insurers have chosen mea Platform to automate submissions and claims ingestion.   https://lnkd.in/eeXKEH2B

Insurance is a complex, regulated business built around data, IT – and people. Generative AI promises to unlock the productivity transformation that has eluded the sector for years, argues BCG’s Dr. Christopher Freese. #generativeAI #artificialintelligence #insurance More insights on GenAI from BCG - https://lnkd.in/gTr9NS7T