Artificial intelligence (AI) is one of the most frequently discussed future fields, not only at ERGO but in the entire insurance industry, which is why we have dedicated a separate section to it at //next. And yet it is not an end in itself: without a clear definition of the use case, AI does not automatically become a problem solver. Decision-makers in the insurance industry, but also in other sectors, should therefore define exactly which challenges they want to meet - and which employees, tools, experience and technologies are needed for the solution. A new white paper from FRISS, a partner of the Munich Re Group, to which ERGO also belongs, aims to help decision-makers in this respect.
Technology itself is not the only important aspect to consider. The right culture is also a significant success factor in the decision for AI and a suitable solution provider. According to FRISS, well thought-out change management is therefore necessary for the implementation of an AI system, because ultimately the culture is decisive for success: "The use of AI affects many processes, systems and employees. Your employees must therefore be motivated and committed," says the twelve-page PDF (see below).
This is also one of the big challenges - because although everyone wants change, no one wants to change themselves. The success of a project, however, stands and falls with the employees. Data, skills and tools come second: "If you are considering introducing AI systems, you need good change management."
From a business perspective, IT costs are often perceived as expenses. However, if AI takes work off our plate - whether in underwriting, claims processing or pricing - it should be "viewed more holistically as an asset", according to FRISS. After all, it provides growth and innovation, new customers and stable sales. "While AI is all the rage at the moment, weigh all aspects carefully to ensure you get the best possible benefit from this technology."
According to FRISS, fraud prevention is particularly well suited as a starting point for the introduction of AI. Read why after a short registration and download of the PDF:
Text: Ingo Schenk