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April 5th, 2024
Speaker: Peter Ward
How the Insurance Industry is
Scaling with AI
April 5th, 2024
Speaker: Peter Ward
How the Insurance Industry is
Scaling with AI
April 5th, 2024
Speaker: Peter Ward
How the Insurance Industry is
Scaling with AI
What Everyone Is
Trying To Do
Carriers
Brokers
Reinsurance
Scaling Insurance
Models
Agenda
This is Me – Peter Ward
{
• background : “former CTO now CEO",
• employee : “SoHo Dragon",
• skill : “Microsoft , CoPilot",
• books : “Co author of 4 Microsoft books”
• writing : “Write for Forbes magazine”
• location : “New York”
• old school : “Like projects on time and on budget”
• hobbies : “Yoga, cooking vegetarian food",
}
This
presentation is
on my LinkedIn
HTTPS://WWW.LINKEDIN.COM/IN/PETERWARDNYC/
This is what
I’m going to
tell you
HOW THE
INSURANCE
INDUSTRY IS
SCALING WITH AI
What makes me qualified to talk on
this subject?
Reinsurance
Brokers
Carriers
What everyone is trying to do
Straight Through Processing
First Move Advantage
Land Grab
– First To
Market
Unfair Competitive Advantage
Let’s Talk About Speed of Scaling
Average 26.6 million viewers 9
sessions
Average 140 million viewers in 23 days
Scaling
Insurance
Business
Models with AI
How Does AI Scale Insurance Business
Models?
BETTER THAN AN
EXISTING PROCESS
CHEAPER FASTER
Carriers?
Claims:- FRAUD- In the past, people did not
look at the photos
Costs of admin the claim
Speed of the claim- swipe left / swipe right
Virtual Agent – Resource Pro / Staff Boom
Brokers /
Agents
Knowledge of all the products
Reinsuranc
e
Super manual / decision making process of unpredictable
Words of
warning
Insurance is state-regulated- So there are 50 flavors
State regulator is appointed or elected by the governor, so things
change every 5 years
With Generative AI – There’s Ethical, closed issues
Hype- The direct consumer
model. Isn’t going away. Subject
matter expertise
- You need these frontline underwriters
People want long term
relationships- Think of a Doctor
Knowledge
Relationship
Regulation
and
Technology =
Unintentional
Consequences
Ethical
Available
Rate Rule Guide
Run Away
from any AI
Solution
Ethical
It does not address regulation in all
50 states
No business need
But There’s More
PREDICTABLE BEHAVIOR ACCOUNTABILITY
NETWORK EFFECTS
INFO ABSTRACT
Examples of AI Scaling Business
Models?
Who thinks this is safer than a helmet?
8X
SAFER
Think of the impact
A total of 843 bicyclists were killed in crashes with motor vehicles
in 2019
Average
cost of an
ambulance
ride $330
Challenges
Unstructured data
https://www.lula.com/ - Do seem to have their act
together
Challenges
Unstructured data
https://www.lula.com/ - Do seem to have
their act together
Products or Services
Performance
Performance
Behavior
Behavior
Summarize- Scaling
PREDICTABLE BEHAVIOR ACCOUNTABILITY NETWORK EFFECTS
INFO ABSTRACT
Summarize- Scaling
PREDICTABLE BEHAVIOR
ACCOUNTABILITY
NETWORK EFFECTS
INFO ABSTRACT
Takeaway
Questions
Connect with me
HTTPS://WWW.LINKEDIN.COM/IN/PETERWARDNYC/

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How the Insurance Industry is Scaling with AI

Editor's Notes

  1. Thank organizers
  2. Thank organizers
  3. Thank organizers
  4. This photo hasn’t been photoshopped
  5. I am witnessing
  6. Everyone is using AI or trying to use AI
  7. Straight-through processing (STP) is a system that uses electronic transfers to process financial transactions without manual intervention. STP is used in payment processing, securities trades, insurance, and loan processing
  8. 20 years ago the internet 10 years ago mobile Now it’s AI
  9. 9 sessions Friends averaged 23.6 million viewers Squid Game Platform | Data
  10. This is the topic When a business scales there is normally an existing biz model, where a technology is applied.
  11. AI on it’s own isn’t enough Value agents
  12. This is the topic When a business scales there is normally an existing biz model, where a technology is applied.
  13. This is the topic When a business scales there is normally an existing biz model, where a technology is applied. I look a this as a doctor…
  14. This is the topic When a business scales there is normally an existing biz model, where a technology is applied.
  15. This is the topic When a business scales there is normally an existing biz model, where a technology is applied.
  16. Look at Lemonade share price
  17. Look at Lemonade share price
  18. Look at Lemonade share price
  19. This is the topic When a business scales there is normally an existing biz model, where a technology is applied.
  20. Predictable - ML - you think of invoices Lets look at Bicycle Accidents Over 800 deaths in the US each year. If you could prevent this …Solve a problem before it starts What if we could look at thousands of accidents Swedish company did this And create a near perfect digital world, 1 sec. before the human being falls from the bicycle Air bag inflats in 1/10 of a sec
  21. Predictable - ML - you think of invoices Lets look at Bicycle Accidents Over 800 deaths in the US each year. If you could prevent this …Solve a problem before it starts What if we could look at thousands of accidents Swedish company did this And create a near perfect digital world, 1 sec. before the human being falls from the bicycle Air bag inflats in 1/10 of a sec
  22. Verified at Stanford Uni. Head injury If you are wearing a helmet- 90% change that you will end of with head trauma . This 2% Certain, in an uncertain world
  23. Free beds
  24. Google search has the auto complete.
  25. Google search has the auto complete.
  26. Monitoring Omar ring tells my sleep patterns Notice these are consumer products. Not in the business…. Well not yet
  27. Has any one of these devices . I used to have a MS health band. Data, pools together The Peloton app uses many artificial intelligence features, including predictive analytics, with its software engine. The general rule is that the rider's position on the bike dictates the rider's ability to deliver higher energy output Peloton want to offer high-intensity cycling community of SoulCycle at lower cost, eliminating the traditional barriers to entry and access ailing competing cycling studios.- PREDICTION The Peloton bike collects a variety of usage data such as cadence, resistance, distance, calories burned, heart rate etc.. The entire data set is available in real-time via the touchscreen and can of course be analyzed later on Peloton has bought up three companies that will now give it expertise in wearable devices, artificial intelligence (AI), digital voice assistants, and interactive workout mats. Fitbit owned by Google: Of course it’s using AI Google and Fitbit Some of the apps are oriented toward health plans, employers and clinical researchers, and intended to help them support users' health outside of clinical settings, including some that use healthcare AI. ... “And we're leveraging Google's AI and analytics capability Google has partnered with hospitals
  28. Peloton- Saw where the market was going. Home exercise bikes aren’t new - Joke – expensive tie rank Fitness Soulcycle – group - CULT Is being your coach / Personalization Fitbit/ Apple watch –Monitoring – Heart Rate
  29. Technology isn’t enough
  30. Technology isn’t enough
  31. Google search has the auto complete.