The AI in Business Podcast Leveraging AI for Better Insurance Outcomes From Risk Management to Customer Care - with Mark McLaughlin of IBM
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Dec 10, 2024 In this discussion, Mark McLaughlin, Director of Insurance for IBM with over 30 years of experience, shares insights on how AI is revolutionizing the insurance landscape. He highlights the shift from reactive to proactive services, emphasizing personalized risk management. Mark also addresses the need for insurers to transform into risk partners, enhancing customer interactions through AI while balancing technology and human touch. He covers the importance of specialized AI models and robust data governance to foster innovation in the industry.
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Challenges and Opportunities in Insurance
- Insurers face competition from insurtechs and evolving consumer demands.
- Consumers now expect personalized experiences and proactive risk management.
AI-Powered Customer Service
- IBM has worked with Allianz and Generale to build interactive AI assistance for policyholders.
- These AI assistants enable natural language conversations and automate many responses.
Proactive Risk Management
- Insurance companies should move beyond reactive claims processing and become risk partners.
- Proactive risk management and personalized advice are key.