Digital Reality Today vs AI Tomorrow
Open an industry study, attend an online event or just refresh your LinkedIn feed and you’ll notice an interesting thing.
Delete the word “insurance” and everything said will sound closer to a Terminator 2 script or a UN Earth 2050 strategic planning session than the insurance business as we know it.
Sure, it’s helpful to peak beyond the horizon.
But it’s not practical to have that long term perspective as the key organizing principle for achieving your annual KPIs.
Or responding to the fact all your customers are already savvy users of digital technologies.
One thing that stands out in particular is the overuse of the word AI.
Because it appears that whenever we don’t know how to solve a particular and particularity challenging task, we love to say that we’ll get it done with AI. Not today of course, but soon, sooner than you think.
This answer works fine until you actually talk to someone who builds AI systems and solutions.
Their enthusiasm will not be as strong or confidence as high. Because they know that AI doesn’t work using the same technology platform as Harry Potter’s magic wand.
Instead it’s all about how you model data, teach the machine to crunch it and help it grasp how to solve complex scenarios. Suffice it to say it’s not enough to say something like “AI Happenus” and watch things materialize out of thin air with a swoosh sound and blue lightning in the background.
Now don’t get us wrong. There’s nothing wrong with expecting that AI will deliver many benefits for insurers.
But it’s naive to think it’ll have any impact if three conditions are not met before hand:
a) our back end and middle layer is supported with digital technologies
b) we have a lot of customer data and high percentage of digitally onboarded users
c) we can implement AI fast as a logical extension of already efficient workflows.
So while very smart people in lab coats are teaching machines to translate raw numbers into magic, it would behoove us to use the time and prepare our companies for next generation technologies.
There are many ways of doing that, from complex core swaps to migrating into global clouds. These work for some and less for others. In recent years, we’ve discovered that a good way of getting this done is through implementing a combination of digital platforms and over the top digital apps and solutions.
This is a simple idea. Easy to day, hard to do fast and right. We have the formula and setup to make it happen.
A low coding, pre-configured layer, plugged into existing systems with a set of predefined APIs.
Once you have that, data flows up, down, left, right and all around.
You’re using toggles to direct it, not programing web services or coding custom APIs all the time.
Once implemented, you get things done faster and cheaper because you can keep your core and build your digital presence and services through an on top platform.
This is how we manage to deploy the Remote Appraiser solution, which saves up to 80% of claims evidence retrieval costs, making the process 10x faster, 100% compliant with a 3x better user experience.
Something similar happens when we introduce claims workflows to call centers or other areas of the business.
So are you getting ready for the AI Tomorrow the best Digital Reality Today? Or are you just waiting?
Learn more about IN2 Remote Appraiser with a Live Demo Call.