Given the amount of change and technological evolution in AI that we’ve experienced just in the last 11 months, it’s no surprise that we’re already thinking ahead to what’s next.
The “Future of Insurance” was the theme at last week’s ITC Vegas, arguably the industry’s single largest event. But it’s also an issue that has been front and center for Bryan Falchuk, who has written extensively on the topic. His four-volume series, “The Future of Insurance: From Disruption to Evolution” highlights how insurers can move forward with confidence at such a critical moment in the industry.
Bryan is the first guest to sit down with Lisa Wardlaw on the expert.ai sponsored podcast series, Insurance Unplugged. Bryan Falchuk is the Founder and Managing Partner of Insurance Evolution Partners, a best-selling author and speaker with 20 years in P&C Insurance.
In this inaugural episode, Bryan and Lisa talk candidly about AI, the scale of transformation available to insurers and what AI adoption requires (hint, it’s not just about technology) and we come away with some real calls to action for insurers.
The Future of Insurance
Here are some highlights from the conversation:
- Insurers cannot wait out the current changes. The technologies and approaches coming online today represent fundamental changes: a whole new way of thinking and addressing things
- Understand that you can’t solve today’s problems with yesterday’s technology or yesterday’s mindset. Being successful, moving ahead in this competitive environment will take a real shift in thinking: a couple of lines about AI in the annual report are not going to cut it.
- Outpacing the competition will require insurers to prioritize the right goals and the right use cases. Writing faster, organizing documents better are good, but not game changing. So, think about what would be game changing. Using AI for risk selection and pricing, identifying issues in claims before they become claims—that’s game changing. Taking the generation-creation capabilities of AI to learn from documents, decisions and reports and applying that to underwriting, product design—that’s game changing.
Listen to the full conversation between Lisa Wardlaw and Bryan Falchuk on the Insurance Unplugged podcast.
