| Link(s): | Insurance Insider: AI progress: AI’s pull is strong, but investment must focus on talent too – MGAA AI progress | Insurance Insider |
Context
Managing General Agents Association has published a blog highlighting that investment in personnel is as critical to success as the AI technology itself. Over the summer, Insurance Insider produced its AI progress series, in which the MGAA looked at how the insurance industry is already implementing artificial intelligence, what practical gains have been made and where key concerns lie for management and staff.
Key points to note and next actions
Key messages from the blog include:
- How AI is being used – Carriers, brokers and vendors have already invested significant amounts of money in integrating AI into processes to assist staff on administrative or repetitive tasks. An AI agent could work like an assistant in a claims department, and underwriters could use AI to free up time by completing administrative, data ingestion and analysis tasks.
- Supporting staff in the AI transition – Claims agents, brokers and underwriters who use AI will still need to have the same level of understanding and industry knowledge as their pre-AI counterparts, as well as the ability to apply their knowledge across domains such as claims and underwriting, while being able to think creatively to discover new applications for the technology.
- Understanding ‘artificial intelligence’ – The industry needs to ensure it is focusing on not only training staff to work with AI, but ensuring that throughout the business the term “AI” is properly understood. There are concerns that the term is being applied to everything, including software that may or may not use AI.
The insurance industry is in a unique position to take a leading role in the development of AI, with the ability, talent and funds to invest heavily and make the most of that investment.