In this (AI generated) episode we explore AI in Insurance!Because there's a more engaging way to g through reports - someone telling you the key take aways, like a short story. So this is what I've done with the help of Google NotebookLM!This week this is our report of choice: KPMG. Advancing AI across insurance: Unlocking transformation with speed and agilityDownload HERE We ask notebook to answer the following: How does the insurance industry approach AI transformation?What are three key findings from the KPMG Insurance CEO Outlook?What are three risks associated with AI adoption in the insurance industry?AI Strategy BreakdownIs it as good as taking 30mins to read through the report in detail? Nop! Is it a great way to stay up to speed with what's going on in AI in the FinTech and Financial Services Industry? Definitely Yes! Efficiency and practical works.Key Takeaways (Of the pod & report - manually extracted):Gen AI is expected to become a US$1.3 trillion market by 203247% of insurance organizations that are experimenting with AI have set up AI centres of excellence.Identify your data sources and assess their quality as part of the internal review. It’s important that insurance organizations have accurate and reliable data before building and training machine learning models to rely on thisOperational effciency (including task automation and employee experience), along with advanced pattern detection, are the top two short-term AI goals identifed by insurance organizationsKPMG proposes an "AI maturity assessment framework" assessing 6 elements (see page 19)61% of organizations are wary about trusting AI systems, with 84 percent citing cybersecurity as a top concernRemember that AI works best when it is supporting and augmenting people and processes — not replacing them. Keep a human in the loopKPMG's Trusted AI Framework is a set of ethical standards for the technology to act for the public's interest, based on principles for AI that are values-driven, human-centric, and trustworthy.Strategy: Assessment of your current AI capabilitiesDefine vision and goals. What you actually want to achieve with AI and how it will actually help you achieve your business objectivesPilot with a specific use caseUpskill your workforce!RisksBias. Perpetuate existing bias based on existing data.Privacy. Systems rely on a lot of persona data -- needs to be secured.AI decision making with unintended consequences. Ensure AI is aligned with human values!Use casesEnhancing actuarial processes though Gen AICase studies: PassportCardIsraeli financial services groupBeazley Successful adoption is about people, processes and considerations! Don't be afraid to experiment and iterate, be willing to try and learn! This is a journey, not a destination, enjoy!Don’t forget to like and subscribe for more episodes like this!👉 My Socials:LinkedIn:

Ver todos los episodios