On April 18, Lumera invited representatives from the Life and Pensions (L&P) industry to join an exciting webinar about building the business of the future using AI.
Andrew Hubbard, Chief Business Development Officer at Lumera UK, moderated the webinar with Mohamed Seghir, CEO at HAYAH, Mark Salthouse, Managing Director of Salthouse Advisory Ltd, and Sami Saadaoui, Head of AI at Lumera and sponsored PhD student at City, University of London. Together, they shared their experiences and recommendations around the opportunities and challenges that L&P providers face when considering and adopting AI.
Clearly, we live in an exciting time as artificial intelligence (AI) is revolutionizing the way L&P companies operate. With the help of AI, L&P providers are now able to analyze large amounts of data in real-time, identify patterns and trends, and make more informed decisions in running day-to-day operations. This technology is also transforming the customer experience, allowing companies in the industry to personalize policies, offer real-time support, and automate claims processing. As a result, the L&P industry is becoming more efficient and customer-focused, paving the way for a new era of innovation, growth and profitability.
However, the L&P industry is also facing several challenges in implementing AI technology. One major challenge is the rapid pace of technological change, which makes it difficult for insurers to keep up with the latest developments and remain competitive. Another challenge is the lack of regulation and standards around the use of AI, which can lead to apprehension around consumer legislation and regulatory compliance. Unsupervised AI risks introducing bias and a lack of explainability of decisions made by the Ai algorithms.
Overall, successful implementation of AI in the L&P industry will require careful planning, collaboration, and ongoing monitoring to ensure that the technology is used effectively and responsibly.
- To fully take advantage of AI and exploit the business opportunities, having a centralized and unified AI target operating model (AI-TOM) is a must. This AI-TOM must have compliance and alignment with ethical standards baked into the design and development.
- Don’t dedicate AI to one single AI department, with you risk a lack of L&P knowledge and engagement with operational staff. Infusing AI throughout the entire organization is crucial. The technology can be an asset for everyone.
- Moving forward, it’s going to be much more about achieving discrete, high impact improvements, whilst building your AI capability within an AI-TOM.
- To be among the next cohort of efficient and successful L&P companies, you need to establish a sense of urgency around AI, form a guiding coalition across all departments and create a compelling vision for the adoption of AI.
- Give ALL of your employees the opportunity to be one of the a “AI cool kids”.
Watch the webinar to learn more about the best practices, challenges and opportunities that come with using AI in the Life and Pensions industry.