Virtual Late Afternoon Insurance Talk:
Data-driven optimization in insurance – Forget the hype and put the human at the center.
For some time now, AI and data have been recognized as crucial factors for the future of the insurance industry. As an industry rooted in the systematic collection and interpretation of data, many use cases have been looked at: better risk selection in Underwriting, improved next-best action proposals for risk handling, relaxed resource situations in customer service by employing chatbots, or automated in-take for increased efficiency. However, the operational reality in applying those use cases often falls behind the exciting discussions that stood at the beginning. The importance of data governance, the need for the right culture to monetize data-driven insights, and most importantly the essential role of the human experts that not only use the data-driven insights, but also feed the data capabilities are often neglected.
In this Late Afternoon Talk, our experts did a reality check, discussed AI and Data and took a look beyond the hype thus bridging the gap to the wide set of opportunities for the insurance industry.