Pyramid Analytics' 5 main takeaways from the Insurance AI and Analytics USA conference in Chicago
Pyramid Analytics was thrilled to participate in the Insurance AI and Analytics USA conference in beautiful Chicago, May 2-3. The goal of the conference was to provide education to insurance leaders looking for ways to use AI and ML to extract more value out of their data. In all of their conversations, the eagerness to do more with data was palpable, but a tinge of frustration could be detected beneath the surface.
Curious to understand this contradiction, they started most of their conversations with the same basic question: 'What brings you to the show?' Followed by a slightly deeper question: 'Where are you with your AI and ML initiatives?'
The responses varied. However, a common thread emerged: despite the desire to incorporate AI and ML capabilities into routine business practices, roadblocks remain, regardless of carrier type. Chief among the concerns of the attendees was the ability to access data, it appears that data silos are alive and well. We also heard many express frustrations with the tools used to derive AI and ML insights.
Here are some observations of the most common reasons for attending the show into five groups, organized by persona:
1. Data scientists looking for deeper access to data
The data scientists seemed to struggle with data access, which is often trapped within departments throughout the organization. To do their jobs effectively, data scientists need to access data so they can unlock trapped business value. They were seeking solutions that would help them bridge the gap between data and analytics.
2. Executives from traditional organizations trying to understand the way forward
To varying degrees, the insurance executives had AI and ML programs in place but weren’t satisfied with the results. They attended the conference to learn how they could extract more value from their AI and ML initiatives.
3. Sophisticated insurers seeking technology to gain an edge on the competition
This was a general takeaway from indivivuals from newer insurance companies who fit squarely in the “early technology adopter” category. Lacking the constraints of typical insurers (legacy processes and systems), these individuals were seeking information on new technologies and hoping to build partnerships with vendors to achieve further differentiation.
4. Data and technology vendors looking to build meaningful partnerships
There were many representatives from data and technology companies seeking out insurance partners looking to advance their businesses at the margins, either by enriching existing data store or by finding new or unique data streams.
5. Consultants promoting their unique approach to AI and ML initiatives
It’s clear that AI and ML initiatives require more than just tools, people, and processes. They require strategic direction and a roadmap that builds consistency and accountability. There were a number of consultants making themselves available to insurers.
Author: Michael Hollenbeck
Source: Pyramid Analytics