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INGREDIENTS OF A SUCCESSFUL AI

Insights | Blog Post
03.03.2021





It is an exciting time to be in the insurance industry. This sector is on the
verge of a technological transformation, with a major component being AI. The
self-learning capability of AI systems allows insurers to create new product
offerings across different geographies and customer segments and
AI helps insurers to reduce costs, meet customer expectations, and stay ahead of
competitors. 

To help you get the best out of this technological leap, we would like to share
the views and experience from some industry experts joining the panel
“Ingredients of a successful AI – best practices as well as learnings from past
challenges” from Sthlm Fintech Week 2021. Here we have gathered the best
practices on how to do AI in insurance and what the different learnings are when
embarking on AI.

Panel speakers:

 * Mattias Fras, Group Head of AI Strategy & Acceleration at Nordea
 * Marcus Janback, CEO at Insurello
 * Liselott Johansson, CEO at Greater Than
 * Henrik Allert, Vice President, Industry & Product Strategy at Itello

AI CAN BE FANTASTIC, BUT IT’S NOT FOR EVERYONE AND EVERYTHING

Today, AI is a hot topic – the phrase is used freely across industries and
“everyone is using it” – and businesses worldwide are interested in how to
benefit from it. However, is AI really for everyone and everything?

We can all agree that AI is a fantastic technology, but for it to be so,
you need to start with the business case and do a deep dive investigation to see
where it could potentially fit into your business. It is a maturity step for
the insurance industry, which is becoming more and more data– centric
and data–driven. Utilizing the power of data could be done in different ways,
from smart rule-based business logic to more advanced algorithms, to the end
state of smart AI and machine learning. There is a step-by-step learning
exercise in this that the industry needs to forego. AI can be fantastic, but
it’s not for everyone – and not for everything.

GREATER THAN – A GREAT EXAMPLE WHERE AI WORKS

Greater Than provides AI that calculates and price risk for the individual
driver in real-time, helping auto insurance carriers to improve loss ratio and
supporting automotive OEMs with behavioral–based pricing for new mobility. The
AI future claims cost predictions, per the individual and aggregated for the
entire sample. Their end users don’t have to wait for the actual results since
their AI enables customers to pro-actively plan their finances.

COVID-19 FORCES BUSINESSES TO SHIFT THEIR FUTURE PERSPECTIVE

The pandemic has accelerated the need for better real–time data and the need to
be more forward thinking in your predictions is now increasing. Thus, new
pressures make it hard for insurers to keep pace and adopt AI technologies
because of long development timelines and traditionally high investment
requirements. Many companies are now looking to innovate using new technologies
to help optimize their AI investments or launch AI programs with limited
resources.

CHANGE IS COMING. HOW DO BUSINESSES STAY COMPETITIVE?

There are many dimensions to this question. AI technology is evolving to become
more standardized and accessible, and with that becoming more of a
commodity. Thus, one competitive advantage will be to pick the
right business opportunities and problems to address. Thus, it is much more
about the people, the culture and the problem–solving skill, rather than it is
about the technology since everyone has more or less the same technology. The
question is how do you leverage that technology and what are the qualifications
people must have to make the most out of it. Today, we are all competing on the
rate of learning. But one thing is clear, if you want to succeed and
stay competitive, you need to transform your business. 

WHAT ARE THE PRACTICAL CHALLENGES WITH AI – WHERE DO YOU START?

It is important to have a clear structure, a main goal and to set up different
KPIs. You also need to collect the necessary and structured data. 
Finally, you need a great team in place. Once you have a clear structure, a
goal, KPIs, good and structured data and the right team in place, you can start
to implement it.  

QUALITY DATA

For AI to be successful, you need access to high–value quality data to get
something out of the process. Today, we possess a lot of
valuable information that could be used in the process. Key to this is a
combination of standardized high–quality core applications that can feed you
high–quality data, but also a more open mindset. To stay ahead of your
competitors and be successful in this data–driven landscape, looking
for partnerships outside of your ecosystem to access other kinds of data might
be the way. You need an open mindset and you need to use the right data, rather
than being restricted to using the data you already have. 

THE ETHICAL ASPECTS OF AI

AI will have a significant impact on the development of humanity in the near
future. It has raised fundamental questions about what we should do with these
systems, what the systems themselves should do, what risks they involve, and how
we can control these. Today, there is a debate about what constitutes “ethical
AI” and which ethical requirements, technical standards and best
practices needed for its realization. 

A good thing is that AI really exposes the ethical aspects of how we do business
– but we also need to manage that. In the future, there will be more focus on
ethical standards and more AI platforms will have built–in ethical control
frameworks. We see more guidelines and principles coming out driven
by the need for algorithmic transparency and explainability, which is positive. 

Looking at L&P, it’s a bit more sensitive, because optimizing the risk of
driving is one thing, but optimizing the lifestyle is a totally different thing.
There are a number of implications from the privacy and the integrity side when
it comes to L&P.

The proactive way of utilizing information and giving proactive preventive
recommendations is a bit more neutral than having all the risks embedded into
the pricing model. So using preventive measures is the way to move forward. 

PANEL RECOMMENDATIONS WHEN IT COMES TO AI IMPLEMENTATION:

 * The industry should look holistically and use the relevant tools for the
   relevant use case. Don’t go for the technology – come up with good business
   and use cases and then go for the most appropriate and right tooling.
   Organizations must be data-centric and data-oriented to be competitive in the
   future.  
 * Use AI when relevant. Don’t do AI if you don’t have sufficient data. Start
   thinking data and AI from day one but develop it when it makes sense to solve
   the problem. 
 * Focus on trying to view AI as a state of mind, rather than as a technology
   or a tool. It’s about problem–solving in a different way. Think about how it
   can provide opportunities for you as a company. It’s really about the people
   and adding a new mindset when it comes to solving problems. AI is a small
   part of problem–solving, but it’s very powerful.
 * We are competing under the rate of learning. It’s about a cultural shift,
   reskilling and having a new mindset. We are all here to learn. Adapt this new
   way of thinking. 
 * Start from the beginning and think about how you can communicate your
   AI because that can be challenging. Learn how to communicate it, what is the
   value and how can customers understand it.
 * Change is coming and the opportunity for sustained growth lies ahead for
   those who embrace this transformation and implement an appropriate AI
   strategy.  



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