4WARN’s Post

⚠️Updating and applying #businessrules in #insurance underwriting is time-consuming and error-prone if they are automated. The processes in insurance are rule-driven, but #businessrules are in the rulebook documents or hard-coded inside workflows and applications. The problem? 🔸Business rules in workflows that are outdated 🔸Backlog of work for IT to update and apply business rules 🔸Quotation and pricing rules that are inside Excel files and not centralized 🔸Ensuring, auditing, and monitoring compliance with regulations and laws are difficult Alternative? ✨Not hard-coding business rules inside processes, applications, and workflows. How does it look like? ▶️Learn more at https://lnkd.in/g5vfjqXp - Follow me if you are looking for unfiltered views into #decisionintelligence #ai. Hit 🔔on my profile and get a notification for all my new daily posts.

Honey Insurance's $108m investment highlights AI's role in transforming insurance from "priced in a very 1.0 way when 2.0 allows us to use technology to ensure that somebody who doesn’t take care of their house isn’t being subsidised by someone who has done the right thing." A compelling reason for businesses to embrace AI and future-proof. https://lnkd.in/gk8VZxau #InsurTech #AIRevolution #StartupSuccess #InnovationInInsurance #SmartInsurance

In the AI era, optimizing your Google Business Profile is crucial for standing out in search results and attracting new clients. Make sure your profile is complete, utilize relevant keywords, and keep it updated with fresh content. Taking steps to encourage positive reviews, showcase high quality photos and using the Q&A feature will help to engage potential clients in the best way possible. ✅

🏆 Congrats to all of our partners on 7/1s, you made it! What % of the time did you spend doing research, updating comparisons, calculating surplus lines taxes, or drafting emails? In seconds, Limit AI can outline, summarize, and compare your quotes, run your surplus lines calculations, walk you through claims scenarios, identify coverage deficiencies, and do whatever you need to get your job done. Ready for the future? ✅ Join the waitlist here: https://www.limit.com/ai

Are you an insurer facing the challenges of rising costs of claims, litigation, and social inflation? It's time to adapt by leveraging the power of behavioral predictions and utilizing innovative technologies and intelligence available in the market. Read more @ https://hubs.li/Q02FkkXK0 #Insurance #Technology #Innovation #PredictiveAnalytics #PinpointPredictive #AI #insurtech

Should judges be using #ai in coming to their conclusions about cases before them? Are the robots about to take over? In a fascinating opinion, an admitted textualist judge on the 11th Circuit Court of Appeals not only disclosed his use of various LLMs but explored the pros and cons of their use in assisting textualist judges in determining the ordinary meaning of words. Judges already suck at figuring out what words mean because they refuse to use any context outside of the text itself. Despite the fact that the drafters of a specific set of words, or the parties to an agreement, can and do leave breadcrumbs back to their intent in using the words they use - like legislative history, prior drafts, etc. - certain judges artificially limit their interpretive tools and, in my opinion, draft worse opinions as a result. The fact that this judge, an admitted textualist, is willing to consider broadening his set of interpretive tools is a net positive to me. He clearly understands the potential pitfalls and is wary of them. If I have learned anything from Justice Breyer's new book, it is that judges who artificially limit their tool sets do because it is the set of means most easily justified by the ends. Regressive jurisprudence is the tail wagging the dog of textualism. (If there is anything else I've learned from the book, it is that Justice Breyer is too kind to his former colleagues in assessing their motives, perhaps to the point of naïveté.) Certain judicial officers, and I'm not naming names (*𝘤𝘰𝘶𝘨𝘩*Alito*𝘤𝘰𝘶𝘨𝘩*Thomas*𝘤𝘰𝘶𝘨𝘩*), so focus on the desired end result that they will twist their own judicial philosophies to achieve it. I don't anticipate AI warming their cold, tiny hearts. But I am glad to see some textualists opening their minds to tools outside of 19th-century dictionaries that can help reach more just results.

In his annual letter to shareholders, Evan Greenberg, Chairman and CEO of global insurance giant Chubb, made the following comments about the emergence of generative AI: "In the transformational potential of artificial intelligence, the emergence of large language models (LLMs) in 2023 may prove a seminal moment. In my judgment, AI is not an instant game-changer in our industry or most industries, but rather its impact will continue to unfold over time and will be immensely powerful. It is one of those technologies, like the steam engine, that emerge and usher in a historic period of change" https://lnkd.in/gC_Ey5pZ Montoux Model Copilot - the first AI Copilot built for actuaries, provides actuarial teams with a practical, low-risk way to start on the journey of gen AI adoption. Reach out to us if you'd like to see a demo and discuss how Model Copilot can support your actuarial modeling and governance teams

It is interesting to see how despite a downturn in global #privateequity deal volumes, investments in insurance have risen. Private equity deployed $27 billion in 2024, up from $20 billion in 2022 and 2023. Private equity’s focus has shifted from volume to value creation, driven by leveraging #data, #AI, and #talentacquisition to enhance #operationalperformance and #reducecosts. #mckinseyinsights

Great insights on the impact of AI in the industry. While AI can enhance the effectiveness of sales and advice, it won't replace the trust and guidance of a human advisor or agent. At the end of the day, providing financial security and protection for clients remains crucial. Kudos to those who help individuals and families achieve that peace of mind. #financialplanning #AIimpact #clienttrust

Read this article and couldn't help but to think about ethical and ballanced use of powerful emerging technologies and the widening disballance of power that some big companies are starting to gain over their consumers. Of course, in this example, the insurance companies will argue that arial survailance programs backed by AI analysis help to keep premiums low and avoid life disrupting events for their customers. However, without a clear incentive to examine whether some of these AI-backed decisions are incorrect, a growing number of unfortunate individuals might end up paying the price for the lower rates enjoyed by the rest—while also boosting the company's profits. Meanwhile, I will be looking into installing small EMP devices around the perimeter of my property and painting my roof with patterns that make AI hallusinate :) https://lnkd.in/e554rAGg