The Possibilities and Importance of Data and AI for the Insurance Industry

The insurance industry thrives on data, which can drive insights and efficiencies in critical areas such as pricing, risk assessment, claims management, and fraud detection.  

But achieving this data-guided approach is not simple. Insurers are challenged by data sitting in different systems that are not joined up; reducing the business’s visibility of its best customers or products. And then there’s change. Helping people towards a different way of working or making decisions that’s supported by data.  

At Cynozure, we’re helping insurers on a journey to transform their business through data, analytics and AI. Whether building the strategy to kick it all off, providing technical expertise on platforms or growing a robust data culture, our experts understand where and how to realise the opportunities for data. 

This blog covers a range of topics, from where AI can help provide better insurance, navigating critical conversations about data with the C-suite, to data’s crucial role in M&A in the insurance industry.  

Dive into what we hope will be a valuable resource that shows you the possibilities and importance of data and AI for the insurance industry. 

Beyond theory: Generative AI in insurance

In this 2-minute video, hear how an international insurance firm partnered with Cynozure to solve the challenge ‘how do you classify how a building is constructed?. Critical for their risk models, hear how the team leveraged large language models to solve this back-office, manual headache in just one week.

Diary of a CDO: Navigating C-suite leadership  

Ibrahim Gokcen, Chief Data and Analytics Officer for Aon shares his diverse background of leadership roles and how that’s shaped the CDO he is today. They talk about how the role has evolved; creating a voice at the leadership table and taking a holistic view outside of data. The conversation highlights the power of data to foster innovation, the critical role of trust in leadership, and the necessity for C-suite executives to understand the connection between business strategy and data strategy. Listen here.

Podcast: Using artificial intelligence to provide better life insurance  

Can artificial intelligence change the future of life insurance? Glenn Hofmann, the Chief Analytics Officer at New York Life talks about how AI is reshaping risk assessment, revolutionising customer retention strategies, and optimising office spaces at one of the largest financial companies. Glenn shares invaluable insights on responsible AI implementation, governance, and the ethical considerations essential for success in the insurance sector. Listen here.

Case Study: Forecasting capital reserves with Flood Re 

Read how the team worked with Flood Re to design and build a data platform that helped provide a quick response to flood events and enable analysis of their portfolio. Read here.

Podcast: The approach to data and insight during M&A activity  

Graeme McDermott, the Chief Data Officer at Tempcover, a leading provider of temporary insurance cover discusses the importance of having data available for mergers and acquisitions (M&A) activity, while also considering other factors of a M&A that directly impact your organisation’s data team. Listen here.

 

Written by Hayley Green

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