Insurance Unplugged with Lisa Wardlaw

• In the Hot Seat with Christian Toft-Nielson

  Summary:In this episode of Insurance Unplugged, host Lisa Wardlaw engages with Christian Toph Nielsen, SVP of Predictive Modeling and AI Strategy at Ascot Group, to explore the transformative role of AI in the insurance industry. They discuss foundational tenets of AI, the importance of democratizing access to AI tools, and the challenges of managing unstructured data. The conversation also delves into strategic decisions around building versus buying AI solutions, the significance of data governance, and the need for event-driven architectures. Christian emphasizes the growing AI literacy within the industry and calls for a shift in mindset regarding AI implementation.Takeaways:AI is not just for data scientists; it's for everyone.Establishing a strong foundation is crucial for becoming an AI-driven company.Data quality is essential; without data, AI cannot function.AI literacy is increasing in the insurance industry.Organizations must stop viewing AI as just software.Capturing data upfront can unlock new insights.The insurance industry is still in the early stages of AI adoption.AI will fundamentally change pricing and risk management.Building internal AI capabilities is necessary for effective implementation.A collaborative approach to data governance is vital for success.Sound Bites:"AI isn't just for data scientists, it's for everyone.""No data, no AI.""You have to have your own AI muscle.""Think of it like weaving a fine tapestry.""Capture everything upfront if you can.""Stop thinking about AI as a software.""AI literacy is way up compared to when I started.""We're still in the infancy of AI in our industry."Keywords:AI, insurance, data governance, unstructured data, democratization, predictive modeling, event-driven architecture, build vs buy, business strategy, AI literacy

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• In the Hot Seat with Mike Wise

  Summary:In this episode of Insurance Unplugged, host Lisa Wardlaw welcomes Mike Wise, founder of Rainmaker and IoT Sandbox. They discuss Mike's extensive background in technology and insurance, his journey into blockchain and IoT, and the importance of decentralized foundations in the insurance industry. The conversation delves into the concept of post-quantum resilience, exploring how blockchain, AI, and quantum computing are converging to create a secure future for technology. They emphasize the need for innovative solutions in the face of evolving cybersecurity threats and the role of AI in enhancing data security and integrity. In this conversation, Lisa Wardlaw and Mike Wise explore the transformative impact of quantum technology, AI, and blockchain on the insurance industry. They discuss the challenges posed by legacy systems, the innovative potential of parametric insurance, and the importance of adapting to a rapidly changing technological landscape. The dialogue emphasizes the need for continuous learning and curiosity in navigating these shifts, as well as the critical role of insurance in society's functioning.Takeaways:Mike Wise has a rich background in technology and insurance.Blockchain can facilitate secure operational AI.Decentralized foundations may be more appealing than the term blockchain.Post-quantum resilience is crucial for future cybersecurity.Quantum computing will revolutionize current computing standards.Blockchain technology is evolving to become quantum resistant.AI is becoming more accessible and integrated into everyday use.Data architecture is essential for secure AI applications.The convergence of AI and blockchain is a significant trend.MIT is a hub for innovative thinking and technology development. Quantum technology is essential for future decision-making.Legacy systems in insurance create significant challenges.AI can accelerate coding and development processes.Parametric insurance offers innovative solutions to traditional claims.The herd mentality in insurance can lead to failure.Continuous learning is crucial in adapting to new technologies.The insurance industry must embrace change to remain relevant.IoT devices will significantly impact the insurance landscape.Education on new technologies is vital for executives.Collaboration and open-mindedness are key to innovation.Sound Bites:"The best use of blockchain is for AI.""I'm getting there first.""Blockchain is a hammer looking for a nail.""It's just architecture. Data architecture.""We have more comfort level with AI.""You should store them. You should secure them.""You can't blockchain enable a Web2 process.""AI can now do your coding a lot faster.""The herd mentality will get you fired."Keywords:Insurance, Blockchain, IoT, AI, Quantum Computing, Cybersecurity, Decentralization, InsureTech, Technology, Innovation, quantum technology, insurance, parametric insurance, AI, blockchain, IoT, legacy systems, risk management, technology trends, insurance industry

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  46:47
• In the Hot Seat with Scott Shapiro

  Summary:In this episode of Insurance Unplugged, host Lisa Wardlaw and guest Scott Shapiro discuss the transformative impact of AI on accounting and financial operations. They explore how AI is not merely a technological advancement but a fundamental shift in business strategy, emphasizing the importance of embedding AI into workflows to enhance productivity and achieve ROI.The conversation also delves into the challenges of operational efficiency, the need for process transformation, and the future of process mining in the context of AI integration. In this conversation, Scott and Lisa explore the evolving landscape of AI tools, emphasizing the importance of understanding their limitations and potential. They discuss the necessity of auditing and trust in AI governance, the future of auditing with AI, and the balance between human oversight and machine efficiency.The dialogue also touches on the challenges of real-time accounting and the psychological aspects of change management in organizations. Ultimately, they encourage industry professionals to adopt an AI-first mindset and embrace the opportunities presented by these technologies.Takeaways:AI is a business reckoning, not just a tech play.The era of AI is enhancing productivity in finance.Embedding AI into workflows is crucial for adoption.ROI from AI is not just about cost savings.Operational efficiency should not be the sole investment strategy.Automating bad processes is counterproductive.AI is integrated into new platforms and processes.Transformation requires a coordinated approach of technology, process, and talent.Process mining can reveal inefficiencies in workflows.Dynamic AI interactions need to be considered in process mining. AI tools are primarily backward looking but need to evolve.Understanding the strengths and weaknesses of AI tools is crucial.Trust and governance are essential in AI implementation.Real-time accounting can transform financial practices.Change management is more about mindset than technology.Human oversight remains critical in decision-making processes.The future of auditing will leverage AI for efficiency.Organizations must focus on behavioral change for successful adoption.AI can enhance productivity but requires a shift in thinking.Industry professionals should embrace an AI-first mindset.Sound Bites:"AI is in the new platforms.""It's a backward looking tool.""We live in this hybrid world.""Trust is essential.""It's hard work, Lisa.""That's a new world.""Lean into it, have fun with it.""Stay curious, stay informed.""Thank you, Lisa."Keywords:AI, accounting, financial operations, productivity, ROI, operational efficiency, process mining, insurance, technology transformation, business strategy, AI tools, auditing, trust, governance, real-time accounting, change management, insurance, technology, productivity, innovation

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  50:10
• In the Hot Seat with Rohit Puranik

  SummaryIn this episode of Insurance Unplugged, host Lisa Wardlaw engages with Rohit Puranik from Tech Mahindra to explore the transformative impact of generative AI in the insurance industry. They discuss the definition and significance of generative AI, its current applications in underwriting, claims processing, and customer experience, as well as the challenges and risks associated with its implementation. The conversation emphasizes the need for insurance leaders to act quickly and strategically to leverage AI while addressing compliance and governance issues. Rohit shares insights on the future of AI in insurance, advocating for a shift from pilot projects to robust platforms that can handle the evolving demands of the industry.TakeawaysGenerative AI can create human-like text and assist in decision-making.Insurance companies are using AI for personalized policy recommendations.AI can significantly reduce claims processing time.Bias in AI can lead to discriminatory practices in underwriting.Regulatory compliance is crucial for AI adoption in insurance.Generative AI enhances customer experience through virtual assistants.Insurance leaders must act quickly to leverage AI technologies.The future of insurance requires a digital-first approach.AI can optimize underwriting and risk assessment processes.Investment in governance and tech talent is essential for success.Chapters00:00 Introduction to Generative AI in Insurance03:25 Understanding Generative AI and Its Importance06:21 Current Applications of Generative AI in Insurance10:04 Challenges and Risks of Implementing Generative AI16:10 Balancing Innovation with Compliance and Governance22:29 The Future of AI in Insurance: Infrastructure Needs29:12 Call to Action for Insurance Leaders

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  33:50
• In the Hot Seat with Heather Wilson

  Summary:In this episode of Insurance Unplugged, host Lisa Wardlaw speaks with Heather Wilson, CEO of Clara Analytics, about the intersection of AI and the bad faith epidemic in the insurance industry. They discuss how AI can help manage claims and prevent bad faith situations, the challenges faced by adjusters in a rapidly changing landscape, and the importance of operational intelligence in claims management. Heather shares insights on the current state of litigation, the role of AI in augmenting adjuster capabilities, and the need for carriers to adapt to the evolving environment. In this conversation, Heather Wilson and Lisa Wardlaw discuss the integration of AI into core systems, addressing the workforce crisis, and the importance of designing for defensibility and trust in claims management.They emphasize the need for real-time data and the role of AI in enhancing decision-making processes, while also exploring future visions for AI in the insurance industry.Takeaways:AI can serve as a strategic tool in preventing bad faith claims.The insurance industry is facing an epidemic of nuclear verdicts.Adjusters are overwhelmed by the complexity of litigated claims.Operational intelligence is essential for effective claims management.Plaintiff law firms are leveraging AI to gain an advantage.Insurance carriers must adapt to the changing landscape of litigation.AI can help identify patterns in claims and litigation strategies.The competition between AI tools is intensifying in the legal space.Insurance started as a safety net for unforeseen events.Carriers need to collaborate and share knowledge to combat litigation challenges. Clients want integrated solutions that combine document intelligence and workflows.AI must be embedded in daily operations for effective use.Real-time data is crucial for managing claims effectively.The insurance industry has lagged in adopting real-time processes.APIs alone are insufficient for modern challenges in claims management.The core systems must evolve to incorporate AI capabilities.There is a significant talent crisis in the insurance industry.AI can help manage cognitive load for adjusters.Explainability in AI is essential for building trust.The future may see AI agents taking on roles traditionally held by humans.Sound Bites:"The competition of the bots is real.""You have to level up in the era of AI.""They want all of it together.""It can't be this side process.""The intelligence has to be served up.""It's triaging a human as a patient.""Real time or near real time on the cases.""APIs are killing me.""You have to have all that instrumentation."Keywords:AI, bad faith claims, insurance, operational intelligence, litigation, Clara Analytics, Heather Wilson, claims management, data analytics, insurance technology, AI integration, workforce crisis, document intelligence, claims management, insurance technology, real-time data, agentic AI, litigation strategy, explainability, trust in AI

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  44:21

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