My new perspective on AI.

I met some really smart guys last week when I moderated a panel discussion on Insurtech and Artificial Intelligence (AI) at a conference in Washington, DC.

I have attended – and participated in – over two dozen such events over the past 10 years. This one was by far the best.

The panelists were Tony Lew and David Gritz, co-founders and managing directors of InsurTech NY . In just 25 minutes, they provided the best overview of Insurtech and AI that I have ever seen, including a brief history of key developments and practical examples of applications in use today.

Businesses have been using AI – in the form of Robotic Process Automation, Machine Learning, and other applications – for at least 20 years. However, the introduction of Generative AI has truly captured the public imagination. Tools like Chat GPT went from zero to one hundred million users in less than a week.* Now, everyone is talking about the need to take action.

The audience of insurance executives was highly engaged in the Q&A session that followed the presentation. Tony and David shared a lot of valuable information, as well as some personal stories. But, for me, the biggest impact was how they changed my perspective on the whole topic.

To paraphrase Tony:

“In a few years, asking organizations if they are using AI will be like asking them if they are using the internet.”

In other words, AI will be a tool for everyone. It will become more accessible and easier to use. And, like any tool, it’s how AI is applied that will determine your success. In other words, you don’t need an “AI strategy;” you need a business strategy where AI may play a helpful role.

Towards the end of our discussion, David provided some great advice for organizations who are starting to adopt AI. Start with basic governance and rules. Like any tool, AI could be dangerous if not used with care. He suggested finding a simple “use case” that’s also a genuine business problem/opportunity. Then select the appropriate AI tool (or AI partner) to address the issue. Measure, debrief and iterate.

During the Q&A, one of the attendees commented: “That was the first time an AI presentation didn’t make me want to run for the hills!” ??

It's easy to get caught up in the hype of new technologies. But they’re just tools to be mastered. Set some ground rules for your organization and then jump in. The water’s fine.

Thanks. - Paul

*Note: Of course, providing a free (limited) version of the tool was very helpful in getting quick adoption. I think this will end up being a brilliant marketing strategy.

S.T.A.R.T. stands for Strategic, Tactical And Random Thoughts. And you can find it Here.

? 2024 Paul Mlodzik Consulting Inc.