Is It Possible to Scale Knowledge? - Insurance Thought Leadership

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April 11, 2021

Is It Possible to Scale Knowledge?

Summary:

Knowledge is never a pure build-or-buy journey, but rather build-and-buy, where you can learn a lot from trusted advisers and providers.

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AI, machine learning, deep learning, natural language understanding, robotic process automation, intelligent process automation: Insurance has a lot of FUN (Frequently Used Neologisms).

The more terms are created and used, the less their meaning is clear, and this is exactly what is happening around AI. 

AI, or, better, machine intelligence, is a set of different technologies and techniques aimed at mimicking human behaviors. Not all are suitable to automate and optimize knowledge-based process such as claims or underwriting, where there are a lot of dense and complicated documents such as medical reports. So, how to scale and automate knowledge-based processes?

To define where to start, please consider:

  • Strategic Plan: Each and every AI initiative must be 100% aligned with the company strategy. All initiatives should be part of an internal ecosystem, to share knowledge and lessons learned and to redefine priorities.
  • Quick Wins: Begin where the use cases are not too complicated. Quick wins will fuel new wins and initiatives.
  • Measure, Measure and Measure: Make sure there is clarity about criteria for success.
  • The Right Skills: Pay attention to the teams and the right balance between outsourcing and internal staff, strengths and weaknesses. This is never a pure build-or-buy journey, but rather build-and-buy, where you can learn a lot from trusted advisers and providers.
  • Do, Learn and Adapt: Agility and flexibility are extremely important when it comes to projects involving technology and innovation. Mitigate the risk by understanding immediately when it’s time to adapt.
  • Organizational Impact: Do not underestimate the impact on the organization and the indirect variables that can influence the outcome of any initiative.
  • Internal and External Visibility: Make sure the initiative is well-represented both internally and externally. Doing so you will help attract the right people.

See also: Crucial Technologies for P&C During COVID

Technology adoption is no longer a choice. It is a must-have. Carriers that will not act immediately will be left behind, victims of the AI divide.

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About the Author

Pamela Negosanti is the head of sales and sector strategy for financial services and insurance at expert.ai. She specializes in helping companies execute business transformation through artificial intelligence.

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