Trip Hazards

Can you learn from the mistakes of others?

Five years at the cutting edge of what (Gen)AI and related technologies can deliver and working with the largest commercial insurers we’ve learnt a thing or two about what it takes to deliver exceptional results, realise quantifiable benefits, drive adoption and manage the innovation pipeline…

There are issues to overcome…

• Use Cases / Processes range from the highly industrialised that demand absolute accuracy, in volume, consistently to the interrogatory, decision support of critical decision makers with pricing and risk authority. Providing an ability to support all use cases, documents and processes protects the organisation from creating expensive siloed solutions and legacy in a rapidly advancing landscape.
• The concept of ‘Big D’ and ‘little d’ decisions has been coined to help firms determine when to apply GenAI and related technologies and how to align that application with their risk appetite as they delegate levels of decision making. Making active design decisions for this Human in The Loop is critical if firms are to both retain control and maximise value.
• The appetite for information is unrelenting. All documents, all processes, all role types but also needs to be transformed into the format ready needed by business, systems, processes, data structures. Constant accuracy assessment, application of business rules both industry ‘norms’ and client specific and integration with client specific reference data all drive accelerated and deep benefits realisation.
• Adoption from process owners is of course key to change management and benefits realisation. Early engagement of process owners at the design stage is a clear best practice but recognise confidence in the accuracy, consistency explainability of results is just as important. Incorporate an Operating Model that includes a feedback loop for continuous improvement, and include it in the run budget.
• Buy vs Build decisions when assessing specific use cases, processes, information sets requires high level skills, organisational alignment, consistency and appetite; specifically Build which requires an appetite to invest for the long term. Hardening inhouse ‘Build’ is difficult to fund in the long term for all but the largest and typically only then when the capability is truly differentiating and aligned to the business strategy.