Successful AI depends on insight, not efficiency, AXA CEO says

AI in Insurance: Insights from AXA XL's CEO

During an interview after her remarks at Insurtech Insights, Lucy Pilko, CEO of AXA XL Americas, shared key insights on the role of artificial intelligence (AI) in the insurance industry. Her perspectives highlight that while efficiency is often a focus, understanding and insightful application of AI is crucial for real progress.

Key Takeaways from Pilko’s Interview

1. Importance of Insight over Efficiency: Pilko emphasized that simply becoming more efficient through AI isn’t enough. It’s the ability to gather insights and apply them thoughtfully that will drive success in insurance operations.

2. AI’s Role in Risk Management: She discussed how AI can significantly enhance risk assessment and management, helping insurers make more informed decisions. By leveraging data analytics, insurers can better predict potential risks and allocate resources accordingly.

3. Cultural Shift Required: Pilko noted that embracing AI technologies is not just a technical change, but also demands a cultural shift within organizations. Teams must be prepared to adapt to new technologies while maintaining a focus on their core values and customer needs.

Who Will Be Impacted?

The revelations from Pilko's discussion have implications for a broad range of stakeholders within the insurance sector. Insurers, brokers, and tech providers may all need to rethink their strategies and approaches to integrate AI meaningfully. Moreover, policyholders could ultimately benefit from more tailored insurance products and better risk assessment practices.

Conclusion

In summary, Pilko's insights stress the need for the industry to prioritize understanding and insights when integrating AI technologies. As the conversation around AI continues to evolve, the focus will likely shift from pure efficiency to how these technologies can enrich the overall insurance experience.

Original Source: https://www.dig-in.com/news/insight-not-efficiency-makes-ai-successful-axa-ceo-says