Unlocking the Potential of AI for Life Insurance Leaders with Richard Wiedenbeck

In this episode of the Life Accelerated Podcast, we are joined by Richard Wiedenbeck , Senior Vice President and Chief AI Officer at Ameritas . Richard shares how Ameritas is leveraging AI to improve productivity and operational efficiency. He discusses real-world applications of AI, the importance of proper data governance, and the potential risks and rewards of integrating AI technology.?

About Ameritas??

Ameritas is a mutual insurance organization that has been dedicated to serving individuals and families in the United States since its founding in 1887. With a diverse range of financial products, including life insurance, annuities, and retirement solutions, Ameritas strives to provide innovative options that meet the evolving needs of its customers.?

3 key pillars of this episode:??

A Hands-On Approach to Exploring the Potential of AI??

Ameritas is embracing a hands-on approach to unlocking the potential of AI by actively integrating it into key operational processes, with a particular focus on enhancing underwriting efficiency and boosting overall productivity. Recognizing the transformative power of AI, the leadership has redefined roles to concentrate on its strategic application, ensuring that the organization remains at the forefront of technological adoption.?

To further their understanding of AI, Ameritas executives have established a book club, fostering a culture of experiential learning. This initiative is complemented by a thorough risk assessment strategy, especially vital in the heavily regulated landscape of the life insurance industry.?

Prioritizing Targeted AI Solutions for Operational Challenges Before Expanding to Broader Applications?

By starting their AI initiatives in lower-risk areas, Ameritas aims to build knowledge and capabilities before expanding to more sensitive applications, ensuring responsible governance and maximizing value while addressing cost challenges.??

According to Richard Wiedenbeck, the focus is on using AI to address specific operational and service deficiencies first. Ameritas aims to leverage AI to solve real business challenges, learn from those solutions, and then gradually explore broader applications.??

Learning Through Experience?

Ameritas uncovered valuable lessons about the importance of data quality in AI training through hands-on experience. When exploring the use of AI to assist call center agents with customer inquiries, the team initially planned to use five years' worth of call logs as training data. However, they quickly realized that this approach was flawed, as the logs included both correct and incorrect answers, making it challenging for the AI to determine the right response.??

This experience taught them that the frequency of answers could lead the AI to propagate inaccuracies rather than delivering accurate information. Recognizing this, Ameritas shifted its focus to more reliable data sources, such as policy documents and administrative memos, to train the AI effectively. This journey highlighted the critical lesson that selecting the right data sources is essential for AI performance.??

Conclusion?

This episode delves into Ameritas' hands-on approach to integrating AI into their operations, as Richard Wiedenbeck shares valuable insights on enhancing productivity and operational efficiency. He discusses the significance of proper data governance and the lessons learned from real-world applications, including the importance of selecting reliable data sources. Richard also highlights how Ameritas is strategically prioritizing targeted AI solutions to address specific operational challenges before expanding to broader applications. For more on AI governance, working with vendors, and Richard's advice for executives as we enter this "fourth industrial revolution," be sure to listen to the full podcast episode.?