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Leveraging LLMs and automation in insurance: A webinar recap

March 14, 2024 | Artificial Intelligence, Insurance, Intelligent Intake

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We recently hosted a webinar titled “How Carriers Are Leveraging LLMs and Automation to Drive Better Decisions,” featuring industry experts Alex Taylor from QBE Ventures and Art Borden from Everest and moderated by Tom Wilde, CEO of Indico. The session delved into the transformative impact of large language models (LLMs) and automation on the insurance sector, exploring both the opportunities and challenges presented by these technologies.

Listen to the full webinar here: Unstructured Unlocked episode 42 with Arthur Borden, VP of Digital Business Systems & Architecture for Everest and Alex Taylor, Global Head of Emerging Technology for QBE Ventures

Embracing AI and LLMs in insurance

 

The session’s goal: exploring the enhancement of decision-making in the insurance industry through technology. The discussion kicked off with valuable contributions from our two industry-leading guests, Alex Taylor of QBE Ventures and Art Borden of Everest. Taylor shed light on the transformative potential of AI in addressing the complex nature of insurance products and services. By integrating AI, companies can significantly improve their capacity to manage and interpret vast amounts of data, leading to more informed, efficient, and precise product offerings. 

 

Borden then brought attention to the crucial aspect of talent management within this technological revolution. He stressed the importance of arming the workforce with AI and data analytics tools, which would not only elevate their skill set but also enhance their own ability to make swift and accurate decisions. Their insights laid a solid foundation for the remainder of the webinar, emphasizing that the strategic adoption of AI is key to achieving operational excellence and superior decision-making in the insurance sector.

 

The critical role of data and talent

 

Next, the conversation moved to the evolving role of data scientists in the era of advanced LLMs, where both speakers emphasized the technology’s democratizing effect on data analysis. This shift allows broader organizational engagement with data, reducing the need for specialized technical skills. However, rigorous data governance is still majorly important if we are to ensure the accuracy and reliability of AI-driven decisions. This part of the webinar highlighted the balance between making data more accessible across an organization and maintaining strict oversight to uphold decision quality.

Borden shared insights from Everest’s own journey with automation, emphasizing strategic planning and employee engagement as critical for successful AI integration. Taylor addressed the challenges and opportunities presented by adopting cloud-based AI solutions, including maintaining compliance and data security. This discussion pointed out that while technology offers vast potential for transformation, its successful adoption hinges on clear roadmaps, effective change management, and ensuring that technological advances align with organizational needs and regulatory requirements.

Watch the full webinar: How carriers are leveraging large language models (LLMs) and automation to drive better decisions

 

The future: Security, scalability, and regulatory compliance

 

The conversation then turned to the twin pillars of security and scalability in the deployment of AI and LLM technologies. Alex Taylor remarked on the need for continuous adaptation as technology rapidly evolves, while Art Borden emphasized building internal capabilities to effectively leverage AI tools. This segment underscored the necessity for insurance companies to find a balance between innovation and adherence to regulatory standards, ensuring that as they scale their AI efforts, they do so securely and in compliance with industry regulations.

 

Q&A session: Practical considerations and strategic decisions

 

The webinar wrapped up with a dynamic Q&A session, where attendees sought advice on the practical aspects of implementing AI in insurance. From the timing of pilot projects to the decision of building versus buying solutions, the speakers offered their perspectives on how to approach these challenges. Emphasizing the importance of defining success and understanding available resources, the session provided actionable insights for companies at the crossroads of adopting AI technologies. This concluded the webinar on a note of cautious optimism, encouraging insurers to thoughtfully navigate the evolving landscape of AI and automation.

 

Wrapping up: A call to action for insurers

 

Overall, the webinar underscored the transformative potential of LLMs and automation in reshaping the insurance industry. It pointed out the importance of strategic planning, talent management, change management, and regulatory compliance in leveraging these technologies effectively. As insurers navigate the complexities of integrating AI into their operations, the insights shared by Alex Taylor, Art Borden, and Tom Wilde offer valuable guidance on embracing innovation responsibly and competitively. You can watch the recording of our full session here or listen to it here.

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Unstructured Unlocked podcast

April 10, 2024 | E44

Unstructured Unlocked episode 44 with Tom Wilde, Indico Data CEO, and Robin Merttens, Executive Chairman of InsTech

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Unstructured Unlocked episode 43 with Sunil Rao, Chief Executive Officer at Tribble

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March 13, 2024 | E42

Unstructured Unlocked episode 42 with Arthur Borden, VP of Digital Business Systems & Architecture for Everest and Alex Taylor, Global Head of Emerging Technology for QBE Ventures

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