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What Makes the Insurance Industry Not Boring at ALL The insurance industry is perceived by a majority of people to consist of mountains of paperwork and a lot of legal terms. At least this was my perception when I started my career here. I pictured a person who has a load of papers knocking door to door to sell insurance. However, in a recent conversation with our SVP of Sales Nikolina Babicic, I did share a few credible points where the perception of the industry might look a little different when you scratch the surface. 1) A sector full of opportunities and ideas especially for intelligent young minds 2) The abundance of advancements in AI, machine learning, and data analytics 3) The transformation from legacy ecosystems to modern technologies, typically carried by next-gen brainiacs For the past 11 years I’ve been around OIP Team, the landscape significantly changed, and we just got used to operating in a digital environment, forgetting how we ended up there. This is an industry that is suited for its innovative nature, which undoubtedly attracts tech-savvy individuals who wish to take on tough challenges and move things forward. The insurance industry is an electrifying, dynamic environment that welcomes people with progressive minds. I am proud that we as an organization are one of the industry-transforming organizations, thanks to all the brilliant minds we gathered around our vision - "Be the driving force transforming the insurance of tomorrow." #insurance #innovation #OIPTeam #AI #ML #career

The future of GenAI isn't about picking winners - it's about staying flexible. That's why our partnership with Griptape and their open framework approach resonates so deeply with what we're building at EDB. Think about it: Just 12 months ago, who could have predicted today's AI landscape? This pace of change isn't slowing down. That's why building open, adaptable GenAI applications isn't just good engineering - it's crucial business strategy. What does this mean in practice 🤔 ? ➡ The freedom to swap AI models as technology evolves ➡ Flexibility in data storage and processing locations ➡ Open workflows that can adapt to changing business needs ➡ Strong partnerships that enhance rather than restrict options We're seeing insurance companies learn this the hard way - rebuilding applications after getting locked into closed systems that seemed convenient at first. The real cost isn't just in dollars - it's in lost agility and missed opportunities. That's why we're committed to keeping EDB Postgres AI open and flexible, working with partners like Griptape who share this vision. Because in the GenAI space, the only certainty is change. The winners will be those who build for adaptability from day one. #GenAI #Innovation #Contactcenter #Partnership #Postgres #Insurance

Ever wondered, how Tractable is using AI to make an impact not only on businesses but also - individual lives? 🤔 Have a read of the article below, explaining how AI disrupted the auto insurance market! If you want to work on interesting Research problems, that also have a direct implementation into an amazing product - reach out to myself or apply directly to one of our roles. We are actively hiring Researchers for our hub in Romania! 🇷🇴 #aiapplications #aiinnovation #wearehiring

Most of the insurers in the emerging and frontier markets doesn’t have a dedicated leadership role or person for: 1.     Chief Design Officer 2.     Chief Empathy Officer 3.     Chief Product Officer 4.     Chief Culture Officer 5.     Chief Innovation Officer 6.     Chief Strategy Officer 7.     Chief Customer Advocate 8.     Head of Organizational Change 9.     Chief Customer Officer 10.  Chief Transformation Officer 11.  Chief Digital Officer 12.  Chief Data Officer 13.  Chief Analytics Officer 14.  Chief AI Officer   From 1-7  cant even survive or will be ineffective/irrelevant in the present operating model of these insurers (essentially they will continue to operate in heavily commoditized segments (motor, health and mid market etc) which will remain the game of distribution channel by incentivizing them higher than your competitors. A handful of them have come out with Chief UW/Claims and Insurance Officer roles, these roles will only delivery incremental impact and not a transformative impact due to poor/legacy business designs. From 8-14, it’s mostly a shared responsibility between or co-headed by -       Chief Technology Officer -       Chief Information Office -       Chief Distribution officer -       Chief Operating Officer When it’s a shared responsibility or co-headed by same person, it means insurers have no visibility on this segment or they don’t emphasize the sheer importance of these dedicated function in their journey of transformation and even designing, executing and operationalizing the AI-Journey, Data-Journey, Design-Journey, Culture Journey, Digital-Journey lacks prominence in their holistic reinvention. #insurance #Insurtech #transformationjourney #businessdesign #leadership

> InsuranceDekho has 100,000 #agent #partners, serves 6.6 million #customers and has handled 35,000 claims to date. It has deep #integrations with 46 #insurers covering 600 #insurance plans. > Its technology team comprises 130 professionals, including #software #engineers, product managers, designers, QA specialists, and data scientists. > The company is is focusing on digital #innovations and leveraging technology to streamline every aspect of the insurance value chain. More insights in this article by Dr. Ravi Lalwani in Banking Frontiers based on an interaction with Ish Babbar, the company's CTO. CLICK HERE >> https://lnkd.in/eVTFujmf If you like this kind of #content, please follow me on Linkedin.

Discover the power of conversational analytics in achieving customer success with our latest blog post. Learn how it provides valuable insights into customer needs, preferences, and issues, enabling you to enhance satisfaction levels effectively. Dive in now and unlock the potential for improved business functions in customer support, marketing, and sales! Learn More: https://buff.ly/3OWHGqI Connect With Us Today! https://buff.ly/48DbrE6 #ConversationalAnalytics #CustomerSuccess #DataInsights #DataDrivenDecisions #BetterDataBetterResults #DataAnalytics #analytics #data #LeadGeneration #OnlineMarketplaces #Marketplaces #AI #CallTracking #SpeechAnalytics #hiring #werehiring

We want you! (And by "you" I mean Data Scientists with focus on Econometrics, GIS, LLM Engineering and MLOPs in the US and UK) #recruting #datascience

I was in different discussions with my colleagues about GenAI impact on industry verticals in the last few weeks. It was very interesting to listen to different perspectives of the impact of this tech on a particular business domain. One of the domains we talked about was P&C Insurance. Typical large scale P&C Insurance systems are very heavy in the core processing systems in terms of rules. There are so many rules the underwriters typically check before issuing a policy or renewal etc. These rules are massive in number with an undefined and yet clearly followed hierarchy. They are traditionally run with a finite number of parameters. The data related to these parameters may also be spread across systems and hence the landscape is so heavy. New age insurers were able to give good competition to traditional players due to the lightweight nature of their rules and the seamless integration of data with rules at run time. This gave them great advantage in terms of speed and different premium slabs that can be offered on the fly to increase customer base. It will take considerable time for traditional insurers to build this agility in their IT landscape due to the legacy nature of it. I think these insurers can use GenAI to read data from many different sources along with claims data to start creating efficient underwriting systems which can calculate on the fly during quoting stage to compete better with new age insurers. These systems can also be taught to improve themselves with machine learning techniques. #genaistories #hiladg #infosys Ramakrishna Reddy Nandha Venkateswaran Ajay Bhagwat Dilip Bhatt Sathish kumar Saminathan Krishnamoorthy Acharya S. Digambar Daund Edwin Fernandez Angeline G Swarnalata Baliga

Huge shoutout to Andreas Bayerstadler and the amazing team at Munich Re! Their approach to empowering users and unlocking the power of AI for not only improved automation and efficiency but also better data-driven decision-making is truly inspiring. You're setting new industry standards! The entire Dataiku team and I are thrilled to partner with you, and we're looking forward to the further exciting advancements we are going to achieve together. #AI #democratization #MunichRe #Dataiku #CitizenDataScientist #GenerativeAI #partnership

Recently Alex Cook, EMC Member and Head of Strategic Capabilities at New York Life, spoke to Computer World about how the insurance industry and New York Life are continuing to evolve, driven by GenAI and other transformative technologies. In his post about the interview, he highlights the key points he discussed and provides a link directly to the article. Check it out and be sure to add your thoughts in the comments section of his post! #NYLInnovation #GenAI #AI