DigIn Conference 2023
Featuring: Jeff Tyler (Head of Product, Data Science & Engineering, Insurance Quantified) and David Daniels (EVP, Director of Product Development & Innovation at Minico Insurance Agency, a JenCap Company)
As AI continues to take the world by storm, user expectations for technology are rising, particularly among early-career professionals. The insurance industry is seeing unprecedented demand for easy access to information, reduced manual processing and advanced decision support tools.
In a fireside chat at the 2023 DigIn Conference, Jeff Tyler of Insurance Quantified and David Daniels of MiniCo Insurance Agency (a Jencap Company) discussed how insurers can leverage AI tools to become a preferred employer and supercharge existing and future underwriting talent. Here are a few of the highlights.
Overcoming Misconceptions of AI. There are still a few misconceptions stemming from the industry’s past experiences with next-generation tech, such as doubts about the potential of AI and fears surrounding the proliferation of data. In addition, many underwriters worry that AI will inevitably replace the role of humans, causing some to view the technology as an opponent. However, Jeff and David argued that if implemented correctly, AI can serve to complement and enhance human activity, not eliminate the need for it – freeing up more time for underwriters to focus on other tasks and add value in new ways.
Underwriting Use Cases for AI. Jeff and David also unpacked the wide array of AI use cases within underwriting, which primarily involve the automation of processing tasks. For example, when MGAs have data and AI-powered analytics at their fingertips, they can proactively approach their carriers and make recommendations upfront. AI can also streamline manual data entry intro spreadsheets while reducing errors, which protects valuable premium dollars. Finally, they discussed the unique benefits AI offers for MGAs, MGUs and program managers, enabling them to build better agency relationships, manage their books of business and stay ahead of the curve.
Leveraging AI in the War for Talent. Jeff and David also discussed how AI can be leveraged as a tool for retaining and attracting new generations of talent. Finding and retaining quality employees is a top priority for the insurance industry – particularly within younger generations, who tend to be eager to use the latest tools and expect more from their employers in terms of technology. In a recruiting context, the chance to work with AI can be a powerful draw for prospective employees who meet this description. On the flipside, if insurance firms fail to provide them with the proper tools, they will not hesitate to seek a role elsewhere.
You can view a recording of the full discussion here.