How the Insurance Industry is Scaling with AI
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How the Insurance Industry is Scaling with AI, with ChatGPT, copilot, microsoft
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How the Insurance Industry is Scaling with AI
- 1. April 5th, 2024 Speaker: Peter Ward How the Insurance Industry is Scaling with AI
- 2. April 5th, 2024 Speaker: Peter Ward How the Insurance Industry is Scaling with AI
- 3. April 5th, 2024 Speaker: Peter Ward How the Insurance Industry is Scaling with AI
- 4. What Everyone Is Trying To Do Carriers Brokers Reinsurance Scaling Insurance Models Agenda
- 5. This is Me – Peter Ward { • background : “former CTO now CEO", • employee : “SoHo Dragon", • skill : “Microsoft , CoPilot", • books : “Co author of 4 Microsoft books” • writing : “Write for Forbes magazine” • location : “New York” • old school : “Like projects on time and on budget” • hobbies : “Yoga, cooking vegetarian food", }
- 6. This presentation is on my LinkedIn HTTPS://WWW.LINKEDIN.COM/IN/PETERWARDNYC/
- 7. This is what I’m going to tell you HOW THE INSURANCE INDUSTRY IS SCALING WITH AI
- 9. What makes me qualified to talk on this subject? Reinsurance Brokers Carriers
- 10. What everyone is trying to do
- 13. Land Grab – First To Market
- 15. Let’s Talk About Speed of Scaling Average 26.6 million viewers 9 sessions Average 140 million viewers in 23 days
- 18. How Does AI Scale Insurance Business Models? BETTER THAN AN EXISTING PROCESS CHEAPER FASTER
- 19. Carriers? Claims:- FRAUD- In the past, people did not look at the photos Costs of admin the claim Speed of the claim- swipe left / swipe right Virtual Agent – Resource Pro / Staff Boom
- 20. Brokers / Agents Knowledge of all the products
- 22. Reinsuranc e Super manual / decision making process of unpredictable
- 23. Words of warning Insurance is state-regulated- So there are 50 flavors State regulator is appointed or elected by the governor, so things change every 5 years With Generative AI – There’s Ethical, closed issues Hype- The direct consumer model. Isn’t going away. Subject matter expertise - You need these frontline underwriters People want long term relationships- Think of a Doctor Knowledge Relationship
- 25. Run Away from any AI Solution Ethical It does not address regulation in all 50 states No business need
- 26. But There’s More PREDICTABLE BEHAVIOR ACCOUNTABILITY NETWORK EFFECTS INFO ABSTRACT
- 27. Examples of AI Scaling Business Models?
- 31. Who thinks this is safer than a helmet? 8X SAFER
- 32. Think of the impact A total of 843 bicyclists were killed in crashes with motor vehicles in 2019
- 33. Average cost of an ambulance ride $330
- 34. Challenges Unstructured data https://www.lula.com/ - Do seem to have their act together
- 36. Challenges Unstructured data https://www.lula.com/ - Do seem to have their act together
- 38. Performance
- 41. Behavior
- 42. Behavior
- 43. Summarize- Scaling PREDICTABLE BEHAVIOR ACCOUNTABILITY NETWORK EFFECTS INFO ABSTRACT
- 44. Summarize- Scaling PREDICTABLE BEHAVIOR ACCOUNTABILITY NETWORK EFFECTS INFO ABSTRACT
- 45. Takeaway
- 46. Questions
Editor's Notes
- Thank organizers
- Thank organizers
- Thank organizers
- This photo hasn’t been photoshopped
- I am witnessing
- Everyone is using AI or trying to use AI
- Straight-through processing (STP) is a system that uses electronic transfers to process financial transactions without manual intervention. STP is used in payment processing, securities trades, insurance, and loan processing
- 20 years ago the internet 10 years ago mobile Now it’s AI
- 9 sessions Friends averaged 23.6 million viewers Squid Game Platform | Data
- This is the topic When a business scales there is normally an existing biz model, where a technology is applied.
- AI on it’s own isn’t enough Value agents
- This is the topic When a business scales there is normally an existing biz model, where a technology is applied.
- This is the topic When a business scales there is normally an existing biz model, where a technology is applied. I look a this as a doctor…
- This is the topic When a business scales there is normally an existing biz model, where a technology is applied.
- This is the topic When a business scales there is normally an existing biz model, where a technology is applied.
- Look at Lemonade share price
- Look at Lemonade share price
- Look at Lemonade share price
- This is the topic When a business scales there is normally an existing biz model, where a technology is applied.
- Predictable - ML - you think of invoices Lets look at Bicycle Accidents Over 800 deaths in the US each year. If you could prevent this …Solve a problem before it starts What if we could look at thousands of accidents Swedish company did this And create a near perfect digital world, 1 sec. before the human being falls from the bicycle Air bag inflats in 1/10 of a sec
- Predictable - ML - you think of invoices Lets look at Bicycle Accidents Over 800 deaths in the US each year. If you could prevent this …Solve a problem before it starts What if we could look at thousands of accidents Swedish company did this And create a near perfect digital world, 1 sec. before the human being falls from the bicycle Air bag inflats in 1/10 of a sec
- Verified at Stanford Uni. Head injury If you are wearing a helmet- 90% change that you will end of with head trauma . This 2% Certain, in an uncertain world
- Free beds
- Google search has the auto complete.
- Google search has the auto complete.
- Monitoring Omar ring tells my sleep patterns Notice these are consumer products. Not in the business…. Well not yet
- Has any one of these devices . I used to have a MS health band. Data, pools together The Peloton app uses many artificial intelligence features, including predictive analytics, with its software engine. The general rule is that the rider's position on the bike dictates the rider's ability to deliver higher energy output Peloton want to offer high-intensity cycling community of SoulCycle at lower cost, eliminating the traditional barriers to entry and access ailing competing cycling studios.- PREDICTION The Peloton bike collects a variety of usage data such as cadence, resistance, distance, calories burned, heart rate etc.. The entire data set is available in real-time via the touchscreen and can of course be analyzed later on Peloton has bought up three companies that will now give it expertise in wearable devices, artificial intelligence (AI), digital voice assistants, and interactive workout mats. Fitbit owned by Google: Of course it’s using AI Google and Fitbit Some of the apps are oriented toward health plans, employers and clinical researchers, and intended to help them support users' health outside of clinical settings, including some that use healthcare AI. ... “And we're leveraging Google's AI and analytics capability Google has partnered with hospitals
- Peloton- Saw where the market was going. Home exercise bikes aren’t new - Joke – expensive tie rank Fitness Soulcycle – group - CULT Is being your coach / Personalization Fitbit/ Apple watch –Monitoring – Heart Rate
- Technology isn’t enough
- Technology isn’t enough
- Google search has the auto complete.