By james art SINGAPORE, October 30, 2024 /PRNewswire/ — At the 2024 FinTech Week InsurTech Forum in Hong Kong, Charles HungCEO of Blue Insurance; Gilbert LuneCEO of Novo AI; and Priscilla Ngchief customer and marketing officer of Prudential Group explored the transformative role of AI in the insurance sector. The discussion centered around AI’s ability to enhance the customer experience, improve operational efficiency and address industry-specific challenges.
From left to right: Charles Hung, CEO of Blue Insurance; Gilbert Leung, CEO of Novo AI; Priscilla Ng, Prudential Chief Customer and Marketing Officer; and moderator Elliott Gotkin.
AI Applications and Challenges in Insurance
Priscilla Ng highlighted that Prudential is using AI to sift through vast volumes of customer feedback, enabling teams to address issues effectively and improve customer engagement. Charles Hung of Blue Insurance highlighted the power of AI in delivering personalized and consistent service that helps meet customer expectations at scale. Gilbert Lune of Novo AI discussed the importance of AI in fraud detection and cost control, which is critical to managing rising costs and protecting the bottom line.
However, challenges in implementing AI persist in the industry. For Prudential, data quality and prioritization of use cases were key considerations, while Blue Insurance cited difficulties in finding qualified talent and having accurate data. Novo AI noted the rapid pace of AI development, making rapid iterations and keeping pace with model improvements are essential for long-term success. These insights underscore the need for thoughtful, well-structured strategies tailored to address insurance’s unique challenges.
Ensuring honesty and accuracy with Humans in the Loop
A key theme throughout the discussion was the need for human oversight in AI to maintain fairness and accuracy. Gilbert Lune emphasized that the importance of human experience is integral to every stage of AI operations, ensuring that AI systems are designed with diligence, reduction of bias and adherence to ethical standards. Especially in fields like healthcare, where AI-driven decisions impact sensitive human outcomes, this level of human judgment is essential to building trust and accountability.
AI as a key tool for the future of insurance
Last but not least, the discussion ended with mutual agreement that AI has advanced beyond the competitive edge of a survival kit. With its ability to streamline claims processing, improve transparency, fight fraud and abuse, AI is changing insurance operations like never before. Meanwhile, human oversight remains indispensable to ensure that AI-driven decisions reflect both care and ethical integrity. This balanced approach to AI integration sets a responsible path forward, allowing insurers to harness the potential of AI while maintaining customer trust.
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Source : Hot from Hong Kong FinTech Week 2024: The role of AI in transforming insurance
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