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AI Not Just for Expense Management
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The insurance industry is experiencing the infancy of general AI — not generative AI, but general AI, according to thought leader Bryan Falchuk. He’s an author, speaker and CEO of PLRB. “Specific AI is like having a cake recipe, all the necessary ingredients, and you bake the cake. General AI is asking, ‘Here is what’s in the fridge; figure out what to cook.’ It’s looking at the world around you and thinking of paths forward.” Bryan says viewing AI for expense management is not the path to profitability and change. “If we think of AI as just an efficiency tool, we won’t get the full value out of it. Because even if you squeeze a few more points out of the expense ratio, that won’t change the game. The path to ultimate success…Is where there are things that humans can never see as pieces of a disparate jointed puzzle, but humans could help orchestrate the coming together of that puzzle with the right AI tools. For us that means more coverage at a lower price for more risks, underwriting profitability and claims excellence, which is ultimately what we should be doing.” Brian also argues what is required to retain talented younger workers. Hint: Invest again in training!
