Insurance Unplugged with Lisa Wardlaw

• 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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• 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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• 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
• In the Hot Seat with Kyle Geoghan

  Summary:In this episode of Insurance Unplugged, host Lisa Wardlaw and guest Kyle Geoghan discuss the transformative potential of agentic AI in the insurance industry. They explore the differences between shallow and deep agentic AI, the challenges posed by current workflows, and the future of customer experience with AI. The conversation emphasizes the need for a shift in thinking from traditional processes to innovative solutions that leverage AI technology effectively. In this conversation, Kyle Geoghan and Lisa Wardlaw discuss the complexities of insurance coverage, the transformative role of AI in enhancing access to insurance products, and the challenges faced in adopting new technologies. They emphasize the importance of generative AI in improving customer experience and the need for a strategic approach to integrating AI into insurance workflows. The discussion also touches on the future of the insurance industry, highlighting the necessity for agility and innovation in response to evolving market demands.Takeaways:Generative AI is set to revolutionize the insurance industry.Shallow AI can execute workflows, while deep agentic AI autonomously achieves goals.Current insurance processes often hinder the effective use of AI.Specific goals for AI agents increase their chances of success.The insurance industry must rethink workflows to integrate AI effectively.APIs are often inadequate for creating seamless customer experiences.Dynamic forms can streamline the data collection process.AI agents can help reduce repetitive tasks in insurance workflows.The industry has lacked the technology to create a great customer experience until now.Collaboration between carriers and agents is essential for leveraging AI solutions. Even medium-sized businesses should have multiple lines of coverage.Normalization is essential for a good customer experience in insurance.Access to information and products is crucial for insurance customers.AI can enhance quote generation and customer interaction.Dynamic forms and generative AI can streamline insurance processes.Human involvement is still necessary for complex insurance queries.Retrieval augmented generation (RAG) improves AI accuracy.AI agents can help reduce the burden on human brokers.Insurance companies must adapt to the rapid evolution of technology.The future of insurance will be defined by agility and innovation.Sound Bites:"Shallow AI vs. Deep Agentic AI.""We need to think from first principles.""Provide access to insurance.""AI agent embedded inside broker portal.""Don't throw contracts into ChatGPT.""Generative AI is a revolution.""Humans are not always easy to regulate.""Create a feedback loop for AI training.""Be prepared for a revolution."Keywords:Agentic AI, Insurance, Generative AI, Digital Transformation, Customer Experience, APIs, Workflows, Technology, Innovation, Insurance Industry, insurance, AI, generative AI, technology, underwriting, customer experience, insurance agents, digital transformation, access to information, insurance industry

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  45:52
• In the Hot Seat with Oscar Martinez

  Summary:In this conversation, Lisa Wardlaw and Oscar Martinez delve into the complexities of Robotic Process Automation (RPA) and its evolution into smart RPA. They discuss the limitations of traditional RPA, particularly in the insurance industry, and explore the potential of cognitive automation to enhance decision-making processes.The dialogue emphasizes the importance of knowledge sharing and the challenges of maintaining trust in automated systems, especially as they integrate with AI. The conversation also touches on the need for robust verification methods, such as zero knowledge proofs, to ensure process integrity in an increasingly automated world.In this conversation, Oscar Martinez and Lisa Wardlaw explore the complexities of automation, particularly in the context of AI and human judgment. They discuss the challenges of verifying AI decision-making systems, the importance of human insight in automation processes, and the future of automation as a blend of AI and human capabilities.The dialogue emphasizes the need for businesses to rethink their approaches to automation, ensuring that they are not merely shifting burdens but genuinely enhancing efficiency and effectiveness. The conversation concludes with a cautionary note for businesses to be aware of the realities of automation solutions and to understand their own capabilities and needs.Takeaways:RPA has often been a temporary solution for deeper process issues.Smart RPA needs to be defined clearly to understand its value.Insurance has been slow to adapt due to legacy systems.Cognitive automation could revolutionize decision-making processes.Knowledge sharing is crucial for successful automation.Maintaining trust in automated processes is a significant challenge.Zero knowledge proofs can enhance process integrity.The atomic units of processes need to be clearly defined.Automation should evolve beyond simple task execution.The future of automation lies in dynamic decision-making capabilities. Verifying AI systems is crucial for trust and reliability.Human judgment remains essential in automation processes.Automation should not shift burdens but enhance efficiency.The future of automation lies in integrating AI with human insight.Businesses must scrutinize their assumptions about automation.RPA may not be the ultimate solution for all processes.Companies should focus on automating complex, judgment-based tasks.Transparency from vendors is vital in automation solutions.Understanding the true value of automation is essential for businesses.Know thyself: businesses must be honest about their capabilities. Sound Bites:"RPA is glue for legacy systems.""The future is cognitive automation.""How do you verify those decisions?""We need notarized proofs of processing.""What are the atomic units of your process?""When does it get committed?""It's hard for me if I have an AI system.""Buyer beware, right?""Know thyself, right?"Keywords:RPA, Smart RPA, Cognitive Automation, Insurance, Decision Logic, Automation Challenges, Trust in Automation, Zero Knowledge Proofs, Process Integrity, AI in Insurance, AI, automation, decision-making, human judgment, RPA, technology, business processes, verification, auditing, intelligent automation

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