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Shot?! Who’s Throwing Away Their Shot??

black man in sunglasses looking up at data

As first seen in Insurance Jouranl

By Garrett George, Customer Success Manager at CLARA Analytics

No, I’m not talking about a negligent security case.

I was a little late to the party but recently had the opportunity to see “Hamilton” on Broadway. While the play showcased American history, it was easy for me to draw parallels between Alexander Hamilton and Aaron Burr seizing their time in history and the opportunity to seize and harness the power of artificial intelligence. I acknowledge that one story is human history and the other relates to technologies that influence history, but I think the premise and stories line up. Just like AI, “Hamilton” created a buzz and was in the headlines of many publications. Let’s take a look at four key factors to consider when applying AI to the insurance industry.

Awareness. Let’s face it, people have been saying tech is coming for our jobs as far back as I can remember. Sound familiar? Almost like the quote from Hamilton’s time, “The Brits are coming, the Brits are coming.” Technology does influence the way we perform our jobs and, in some cases, replaces human activities. AI has made it easier for organizations to automate basic tasks in the claims process, allowing them to improve operational efficiency, increase accuracy, and enhance customer service. Some of the best advice I received early in my career was to “never rest on my laurels and always be willing to reinvent myself.” Little did I know that this would be a driving force in my career.

Desire. GenAI is developing at breakneck speeds and will enhance our work product for years, if not generations, to come. The improvements we’ll experience in the insurance industry will allow us to do what we do best – deliver on the promise within the insurance policy, show empathy to those involved in life-altering events, and reach favorable claims outcomes for all involved. A career in claims is a noble one, and AI can enable us to best show up in a time of need.

Knowledge and Ability. AI gives us the augmented intelligence to make optimal decisions. With AI, claims professionals glean intelligence from large volumes of data, which they can then use to quickly process claims with minimal human intervention, freeing up staff to focus on more complex tasks. Imagine reducing the time of two hours to review an average legal demand down to 10 minutes, employing a claims intelligence platform that allows you to gain insights on that specific demand in a matter of minutes, and then being able to act immediately. We no longer need to feel backed into a corner when a plaintiff attorney demands an unreasonable time limit. You can move from defense to offense swiftly and work toward an amicable resolution or identify if it is a case to defend rigorously.

Reinforcement. To capitalize on the capabilities of AI, we need to challenge ourselves to lean in. Identify an area in your life that you think AI could aid – time management, writing, organization, photo creation, budgeting, etc. Then, identify an AI solution you can engage to help improve this area. Use it for a month and then assess the value added. A simple pros and cons analysis will work. Did it save you time; did it allow you to focus on more important tasks; did it save you money? I’m not much of a betting person, but I wager you’ll find value. If not, don’t give up. Lean in and try again, one size doesn’t fit all. Looking at insurance organizations, companies are using AI in various processes such as underwriting, risk management, claims processing, and customer service. As AI solutions begin to infiltrate the workplace, this simple step now can set you up for success – especially as it creates a paradigm shift in the way we do business.

Many of us watched as the internet changed the world, and most of us have and are still experiencing how the smartphone met needs we didn’t even know we had. Let’s not be passive bystanders as AI transforms the way we do life and work. Lean in, challenge it, question it, wrestle with it, but please don’t throw away your shot at accepting technology that is sure to have revolutionary impact on our lives.What a time to be alive right now – join the AI revolution!

Team CLARA Analytics

CLARA Analytics is the leading AI as a service (AIaaS) provider that improves casualty claims outcomes for commercial insurance carriers and self-insured organizations.

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