Insurance Unplugged with Lisa Wardlaw

• 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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  49:46
• In the Hot Seat with Christian Lau

  Summary:In this episode, Lisa Wardlaw interviews Christian Lau, co-founder and chief product officer of Dynamo AI, discussing the intersection of AI, security, and governance in the insurance industry. They explore the challenges enterprises face in deploying generative AI, the importance of security measures, and the evolving landscape of centralized versus decentralized AI architectures. The conversation highlights the need for tailored governance frameworks and the identification of blind spots in AI security as organizations adapt to rapid technological advancements. In this conversation, Lisa Wardlaw and Christian Lau delve into the evolving landscape of AI, focusing on decentralized computing, the implications of Agenic AI, and the pressing need for robust security governance in AI systems. They discuss the challenges organizations face in implementing AI securely and the importance of establishing clear roles and responsibilities for stakeholders involved in AI governance. The conversation culminates in actionable insights for CISOs and security leaders on how to navigate the complexities of AI security and compliance.Takeaways:Enterprises need to demonstrate robust technical controls for AI.Generative AI poses unique security risks that must be managed.CISOs face challenges in monitoring multiple AI use cases.Centralized governance may not be feasible for all AI applications.Decentralized approaches can empower teams to define their own rules.Shadow AI presents risks that organizations must address.The landscape of AI security is rapidly evolving.Embedded AI is becoming integral to enterprise systems.Organizations must identify and catalog all AI processes.Future AI architectures will require hybrid models for efficiency. Decentralized AI is becoming essential for real-time processing.Localized AI compute nodes are emerging as a solution.Agenic AI introduces new security risks that need to be managed.Organizations must establish clear governance structures for AI.CISOs should engage with AI initiatives early on.Security and compliance in AI come with significant costs.Prompt engineering is crucial for secure AI implementations.AI systems require continuous monitoring and governance.The role of the CISO is evolving with AI advancements.Dynamic security measures are necessary to keep pace with AI developments.Sound Bites:"What excites you the most about AI security?""Embedded AI is changing the landscape.""Shadow AI is a challenge.""Each team should define their own rules.""Decentralization is not built for the era of AI.""The utilization is going to go up so high.""It's infeasible to manage everything centrally.""How can people not see this?""Just do it."Keywords:AI, insurance, security, governance, generative AI, compliance, decentralized architecture, enterprise risk, technology, data privacy, Decentralized AI, Agenic AI, AI Security, Governance, AI Implementation, AI Risks, AI Compliance, AI Management, AI Technology, AI Future

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  44:16
• In the Hot Seat with Evan Bogardus

  Summary:In this episode, Lisa Wardlaw and Evan Bogardus discuss the transformation of insurance accounting, focusing on the integration of AI, the misconceptions surrounding the field, and the importance of collaboration between different sectors of the insurance industry. They explore the future of accounting, the role of data, and the need for a shift in how ROI is perceived in the context of accounting systems. The conversation emphasizes the necessity of dreaming big and investing in people to navigate the evolving landscape of insurance accounting.Takeaways:Insurance accounting is often misunderstood as boring and complicated.AI is transforming the insurance value chain and enhancing data analysis.Collaboration between front and back office is crucial for success.The life and annuity insurance sectors are evolving with market demands.Data quality and accessibility are foundational for effective accounting.Rethinking ROI is essential for justifying investments in accounting systems.AI can streamline data processes and improve efficiency.Future accounting will focus more on projections than historical data.Investing in talent is critical for navigating industry changes.Transformation in accounting requires a cultural shift within organizations.Sound Bites:"Accounting is not just about debits and credits.""Transformation is more than just a buzzword.""Data is foundational for future success.""AI can clean data within minutes.""The future of accounting is in projection capabilities.""We need to dream big in accounting.""Stop gathering data without a purpose.""Invest in your people for future success."Keywords:insurance accounting, AI transformation, financial reporting, actuarial science, data analysis, accounting misconceptions, insurance industry trends, collaboration in finance, future of insurance, ROI in accounting

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  41:06
• In the Hot Seat with Mark Miller

  Summary:In this episode of Insurance Unplugged, Lisa Wardlaw and Mark Miller Director InsightSoftware, delve into the transformative concept of event-based accounting. They discuss how this approach reshapes traditional accounting practices, emphasizing the importance of real-time data and the evolving role of the CFO as a data architect. The conversation highlights the impact of digital transformation and AI on accounting, particularly in the insurance industry, and how these changes drive better financial insights and decision-making. In this conversation, Lisa Wardlaw and Mark Miller discuss the evolving role of finance in the insurance industry, particularly in the context of event-based accounting and the integration of AI technologies. They explore the challenges and opportunities presented by real-time data, modular approaches to accounting, and the importance of visibility in revenue and margin analysis. The discussion emphasizes the need for finance leaders to adapt to changing landscapes and leverage technology to enhance decision-making processes.Takeaways:Event-based accounting allows for granular transaction-level insights.The CFO's role is evolving to include data architecture responsibilities.Real-time accounting enhances visibility and decision-making.AI can leverage event-based accounting for better insights.Digital transformation is a catalyst for adopting new accounting practices.Robust financial data reduces reconciliation overhead.Dynamic pricing requires timely and accurate accounting data.Event-based accounting provides a single version of the truth.Quality assurance in data is crucial for effective accounting.The insurance industry is catching up with other sectors in accounting practices. Finance is integral to any process involving currency signs.The insurance industry must adapt to lower margins and faster changes.AI and streamlined platforms are essential for competitiveness.Event-based accounting can transform operational processes.Real-time data provides immense visibility into financial activities.Margin analysis can be conducted in real-time, allowing for better control.Event-based accounting offers flexibility in data segmentation.CFOs must think unconstrained by traditional accounting limitations.Technology transformation plans are crucial for modern finance.Collaboration with technology providers is key to successful implementation.Sound Bites:"The world is changing massively fast.""Robust financial data saves overhead.""You can see the same thing in real time.""The CFO is the new data architect.""It's a finance process.""Real-time, like real time.""The flexibility is limitless.""Start talking to a technology provider."Keywords:event-based accounting, CFO, data architecture, real-time accounting, digital transformation, AI in finance, IFRS 17, insurance industry, financial reporting, accounting practices, finance, event-based accounting, insurance industry, AI transformation, real-time data, revenue visibility, margin analysis, technology transformation, modular approach, CFO strategies

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  44:56

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