Data Management in Insurance for the AI Era
The insurance industry stands on the brink of transformation with AI, promising streamlined operations and increased efficiency. However, many companies struggle with outdated data management practices that hinder AI’s full potential. We believe a modern, agile approach to data management, in familiar tools like Excel, is the answer to ensuring insurance firms can leverage high-quality data to unlock AI’s benefits.
Business Challenge
In the AI era, the potential to automate and enhance both front-office and back-office operations in insurance is substantial. AI’s user-friendly technology can save significant time in completing key operations, representing a transformative opportunity for the insurance sector. However, harnessing AI’s capabilities heavily relies on the quality of the available data, and thus, the data operations in place.
Industry leaders often express frustration as they attempt to implement the clear benefits AI offers. Their data operations frequently fall short of meeting these challenges. We observe leaders doubling down on outdated approaches, resulting in extensive data programs, complex technology stacks, and prolonged delivery timelines that are poorly understood. These programs demonstrate action but rarely deliver results and are not designed for the AI era.
A modern approach to data operations in insurance starts with understanding complexity and applying the correct solutions. The complexity in insurance data management stems from the diversity of data sources (internal and external), various formats (structured and unstructured), and different delivery timeframes (real-time, daily, weekly, monthly) that need to be integrated and managed.
Managing this data supply is crucial in the AI context, where data provenance and explainability are key to ensuring safe deployment. Additionally, the rapid changes in suppliers, systems, and technologies in the insurance ecosystem necessitate a swift and efficient data operations approach.
The Solution
At Verodat, we have focused on this challenge and developed a lean approach to data management for AI, allowing our clients to quickly understand their data and deploy AI benefits across their organizations. Our data operations approach enables companies to deliver value at the required speed and brings their teams along on the journey.
Insurance is a highly skilled industry with deep expertise embedded in business teams, making business team adoption critical for any new innovation. Our approach empowers business users, enhancing their capabilities with AI while leveraging tools they are already familiar with.
Key Components of Verodats Approach
- AI-Ready Data Management Platform: Our platform, Verodat, manages data from suppliers to an AI-ready data layer. It is designed to be user-friendly and inclusive of business teams and partners, saving time in preparing data for AI applications.
- Excel Integration: Our Excel plugin, combined with Excel Co-pilot, enables teams to access AI-ready data, build insights, and share accurate and refreshed reports without the hassle of data preparation. This unlocks Excel’s full potential to support the entire team in building effective applications.
- LLMs Deployment: Safely deploy and use Large Language Models (LLMs) to capture natural language queries from the business, returning answers with full data provenance, thus leveraging AI’s full capabilities while mitigating risks.
- Query Bank: Over time, learn the queries your business users ask, understand what data is missing, and quickly add it to your Verodat data layer. This addresses real-world needs rather than hypothetical workshop scenarios, providing new insights into operational requirements.
- Reports and Insights: Develop reports and insights directly delivered to end-users. Utilize AI to spot triggers and alert the right people with the right information, enabling timely and informed decision-making.
- Access to Latest AI Innovations: Unlock AI innovators building new models compatible with your AI-ready data. Easily integrate these advancements into your business, accessing cutting-edge data science capabilities as a service.
Conclusion
This journey is now achievable. We work with clients across the insurance industry to help them navigate and benefit from AI-driven data operations. Reach out to learn more and start your journey with Verodat.
Contact us to discover how our data management solutions can transform your insurance operations, making them more efficient, accurate, and ready for the AI era.
