Join us for a special episode of Unstructured Unlocked as we look back at the highlights of 2024! With new co-host Indico Data CEO Tom Wilde joining Michelle Gouveia, VP at Sandbox Insurtech Ventures, we’ve had fascinating conversations across 16 episodes and reached over 1,300 listeners.
Relive the best moments from our incredible guests who shared diverse perspectives and expertise, shaping the insurance sector and beyond. From groundbreaking insights to thought-provoking discussions, we’ll revisit the episodes that made 2024 truly unforgettable so far.
Michelle Gouveia: Welcome to Unstructured Unlocked, a podcast where listeners discover how insurers are entering the decision era, utilizing artificial intelligence to refine their decision-making processes, boost underwriting profitability, and achieve premium growth. I’m your host, Michelle Gouveia.
Tom Wilde: And I’m your host, Tom Wilde. We’re at the halfway point of 2024, and Unstructured Unlocked has continued collaborating with top insurance and AI professionals. We’ve published over 50 top-ranking episodes, exploring the impact of generative AI in the insurance industry, revolutionary changes in data technology, large language models, and crucial issues like data security. We want to thank our guests from companies like EY, Intech, RSA, Apollo 1971, Deloitte, Hartford Steam Boiler, and more. Here are some of our favorite moments from this year’s podcast so far.
Speaker 3: I think it’s critical.
Speaker 4: Insurance has historically been slow to adopt new technologies compared to other financial services, but it has quickly embraced generative AI. The industry is now advancing at the same pace as other sectors.
Speaker 3: I want to do something we often do on the show—ask you to look ahead. Since technology moves quickly, let’s focus on the next six months. What do you think this conversation will be like then?
Speaker 4: I think we’ll see more examples of insurers using AI for real purposes. Some people tire of AI hype, but real use cases are emerging. I follow this closely, writing a monthly newsletter on how insurers are applying generative AI. Mid-2023 saw insurers launching pilot projects. Now, some are transitioning those projects into production, with more pilot projects being announced. We are moving from theoretical use cases to real implementation. Insurance companies seek technology partners who understand the industry. If your company employs people with insurance expertise, you gain immediate credibility—something many tech firms struggle with, especially those entering the insurance sector without prior experience.
Speaker 3: In any industry, high and low performers start to separate. I used to be a university professor, and managing a classroom with both was a challenge. When educating underwriters and insurance professionals, what are the key training aspects needed to bring the whole cohort up to speed?
Speaker 5: Currently, underwriters perform manual checks and audits to ensure compliance. As automation increases, these validations will happen earlier in the process, identifying errors or deviations more quickly. This will allow real-time corrections rather than waiting for periodic audits. We’ll also gain insights into patterns we hadn’t anticipated, improving underwriting efficiency. Training must emphasize how AI can assist rather than replace human expertise.
Speaker 3: How is the tech industry addressing these challenges?
Speaker 5: There’s growing interest in AI-driven data ingestion and automation. Many insurers are developing their own tools or seeking third-party solutions. Extracting structured data from legacy systems is a priority. Governance managers need to analyze claims trends, policy data, and underwriting decisions in a unified way. Third-party vendors focusing on seamless data ingestion will have a significant impact. Automating these processes improves efficiency, enabling insurers to process more quotes and increase profitability.
Speaker 3: Beyond efficiency, automation also ensures clean data, leading to better analytics and decision-making.
Speaker 5: Exactly. When I started, we used manual codes for policy changes. Today, AI can extract key insights from documents, assisting underwriters and claims adjusters in real-time. The goal isn’t just automating existing processes but reimagining workflows using AI-driven insights.
Speaker 3: Where are you seeing AI-driven automation having the biggest wins?
Speaker 6: Large language models and AI tools are revolutionizing claims and underwriting. For instance, AI can extract information from thousands of policy documents and claims reports, helping underwriters make faster, more informed decisions. Previously, this process could take days—AI reduces it to minutes. Instead of automating old workflows, we should rethink how AI can transform insurance from the ground up.
Speaker 3: Reimagining the middle, rather than just streamlining existing processes, seems to be key.
Speaker 6: Exactly. AI lets us redefine decision-making processes, making them faster and more effective. Insurers need to focus on outcomes and leverage AI to achieve them in new ways.
Speaker 3: What role does AI play in financial services at Microsoft?
Speaker 6: At Microsoft, we focus on high-tier AI collaborations with financial services clients. I help develop AI strategies and solutions for our biggest customers. AI adoption varies—some firms move fast, others take a cautious approach. Understanding industry-specific challenges is critical for successful AI deployment.
Speaker 3: AI adoption is accelerating, but some companies remain hesitant. How do you address their concerns?
Speaker 7: Transparency is key. Organizations need strategic roadmaps, budgets, and timelines. Addressing employee concerns about AI replacing jobs is also crucial. Clearly defining AI’s role as an assistive tool builds trust and adoption.
Speaker 3: Do insurers see data as a competitive advantage?
Speaker 7: Absolutely. Data differentiates companies. Managing internal and external data effectively is a major priority. AI-driven analytics provide insurers with deeper insights, helping them refine pricing models, assess risks, and improve customer experiences.
Speaker 3: As AI transforms insurance, what’s next?
Speaker 7: The biggest opportunity is using AI to prevent claims rather than just process them. AI can analyze risks in real-time, providing proactive solutions that help policyholders avoid losses. This shift will redefine the industry’s role.
Speaker 3: Our guests have provided valuable insights into how insurers are using AI to enhance decision-making, profitability, and growth. Thanks for joining us for this special episode of Unstructured Unlocked. You can find all our episodes on Spotify, Apple Podcasts, and other platforms. Be sure to leave a review if you enjoy our content.
Check out the full Unstructured Unlocked podcast on your favorite platform, including: