Oh the possibilities…and the precautions! That’s one of my takeaways from the latest episode of InsurTalk. In this episode, Shift Technology CEO Jeremy Jawish talks about the impact of artificial intelligence in claims.
I was thrilled to talk with Jeremy about all things AI in insurance, including how insurers are benefiting—faster cycle times and time to payment and closure, better fraud detection, freeing up the adjuster to deliver concierge service—and what AI will look like in five years.
The possibilities seem endless, especially if we can eliminate the biases that find their way into AI because of bad data—implicit racial, gender, or ideological biases use to train the AI. It can erode trust between humans and machines that learn. How do we eliminate AI bias? In our discussion, Jeremy touches on this active topic in the AI community.
With all of this excitement, I asked Jeremy for his advice on how insurers can prepare before implementing an AI strategy. Spoiler: First, identify the problem you’re trying to solve. Don’t get us wrong, AI is exciting and “cool.” However, the benefits it can produce and the problems it can solve is where it’s at! Be sure to listen to the episode:
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