Library: eData Information Management – The AI Advantage, whitepaper and author interview

The AI Advantage: Transforming the Insurance Landscape with Big Data and Embedded Solutions by Frederik Bisbjerg and eData Information Management provides an essential guide for incumbent insurers on the benefits and integration of AI and Big Data. Watch the full interview with Frederik on the whitepaper below.

Key Points

• Short-termism as a barrier: The insurance industry’s focus on short-term results often prevents the adoption of innovative technologies like AI and Big Data, which are essential for long-term competitiveness.
• Current State of the industry: The industry is caught between ongoing complacency and the rapid advancement of technology. The resistance to innovation and reliance on outdated systems are significant obstacles to adopting new technologies.
• Benefits of AI and Big Data: The paper details how AI and Big Data can revolutionize various functions including claims handling, customer service, and underwriting, thereby enhancing efficiency, and improving service quality.
• Challenges in adoption: Key challenges include organizational inertia, outdated IT systems, and a shortage of skilled workers. The paper emphasizes the need for cultural shifts and strategic investments to overcome these barriers.
• Strategies for integration: The report suggests pragmatic approaches such as “Lift and Shift,” “Remove the Dust from the Eyes,” and “Just Do It” for integrating AI into existing frameworks, focusing on realistic assessments and quick wins.
• Implementation framework: Lastly, it introduces a framework based on Human Resources, Process Mining, and IT Architecture to support the adoption of AI and Big Data, aiming for a smooth and sustainable transition.

Summary

Overall, the whitepaper serves as a practical blueprint for insurers at the intersection of tradition and technology, advocating for the adoption of AI and Big Data to maintain relevance and enhance operational efficiency in a rapidly evolving market.

Link to full report: click here