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Technology entrepreneur Hena Karuna, in a recent conversation with CM guest editor Michael Fitzgerald, said that effective use of artificial intelligence (AI) requires a collaborative approach among insurance companies. emphasized the need for Karna, who has a rich background in technology and insurance at Google and other major companies, believes the real competitive advantage lies not in creating basic AI models, but in understanding new risks. , claims to be about managing.
Shift focus to core skills
Karna suggests that the insurance industry should pivot to innovations that align with fundamental skills in risk assessment and management. “We want to set up a consortium to create base layer AI models in our industry. They are not IP layers. They are just the base that everyone needs to have. ‘Because it’s not supposed to be,’ I invented zip codes 500 times,” she said. This idea counters the common notion in the industry that technological inventions like geocoded data provide a unique competitive advantage.
Building a common infrastructure
According to Karna, establishing a shared base of AI models will benefit all stakeholders in the insurance value chain by focusing on the ability to deal with nuanced risks that is the true hallmark of insurers. may result in Her experience developing open source products for the insurance industry at Google highlights the potential benefits of such collaborations. By combining resources, insurers can avoid wasted efforts in technology development and invest in areas where they can truly differentiate.
Looking to the future: a change in mindset
Karna is optimistic about the future and urges the industry to think differently towards a more collaborative approach when leveraging AI. “How can we change that mindset now?” she pondered, expressing her enthusiasm for the potential transformation of the industry. Her vision includes an insurance industry where companies are no longer isolated in technological advances and come together to improve the industry’s ability to more effectively serve customers and close protection gaps around the world. Includes perspective.
The consortium’s call represents a major shift in how the insurance industry approaches technology adoption and innovation. By focusing on collective progress and shared resources, insurers may be able to find more efficient paths to enhancing services and meeting evolving customer needs.
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