Artificial Intelligence as a Collaborative Force in Commercial Insurance

Industry experts discussed the role of artificial intelligence (AI) in commercial insurance at the 2023 Women to Watch Awards and Conference, underscoring its potential to enhance efficiency while retaining the indispensable human element, according to a recent article in Business Insurance. Leah Cooper, the global chief digital officer at Sedgwick Claims Management Services, traced AI’s origins to the 1950s but emphasized its contemporary daily use due to technological advancements.

Panelists addressed user concerns about AI, promoting a collaborative approach described as “human with machine versus human without machine.” Veronique Grenon, Healthcare Risk Advisors’ vice president of data strategy, highlighted the utility of generative AI in processing unstructured data prevalent in commercial insurance, unlocking valuable insights.

Gia Sawko, director of claims for Gradient AI, outlined AI’s role in expediting claims through techniques like data mining and neural networks for pattern recognition. While AI may automate manual processes, Sawko emphasized the enduring need for human perspectives in a thorough review.

Lori Seidenberg, Blackrock Inc.’s global director of real assets insurance risk management, stressed the enduring importance of the human component in insurance. Despite AI’s advantages in streamlining operations, Seidenberg affirmed that the intrinsic nature of insurance, reliant on human judgment, ensures an ongoing need for human involvement.

While the panelists envision AI as a potent tool augmenting insurance professionals’ capabilities, enhancing efficiency through data processing and pattern recognition the consensus is that the human touch remains essential in the industry, with AI serving to complement rather than replace human efforts in the evolving landscape of commercial insurance.