Where is AI delivering real value today, and where is it still more promise than reality?

Cameron Scott
VP, Sales & Marketing | ISI

Transcript

First and foremost with AI, we’re focused on human in the loop. And I think most insurance companies today are certainly having policies in place where there has to be a human in the loop with any AI use.

So we see it as enabling teams to move faster with more confidence. So where it can hit the front of the life cycle of an insurance policy at submission and ingestion with triage and prioritization and also providing underwriting insights. It can surface early risk indicators, highlight missing information, rapidly get that information back from the prospective insured.

But all of that is done with a human in the loop. Where we’re seeing more promise than reality is fully automated underwriting decisions where there isn’t a human in the loop, where responses generated by AI actually are booking and binding the risk.

We aren’t seeing that as much today. And certainly without human oversight, you’re not going to be wanting to push out AI decisions.

One last piece is, again, AI layered onto poor data foundations can be a struggle. So putting that approach first can ultimately enhance the efficiency of the team.