In the Hot Seat with Bhaskar Kalita

In this episode of Insurance Unplugged, Lisa Wardlaw interviews Bhaskar Kalita (BK), the Global Head of Financial Services and Insurance at Quantifi, about the adoption of AI in the insurance industry. They discuss the importance of understanding the foundational elements of AI, empowering the workforce to explore and experiment with AI, and the need for productized offerings in the market. They also touch on the shift from proprietary solutions to white-label solutions and the focus on time to market in deploying AI solutions. The conversation explores the demand for generative AI in the insurance industry, with a focus on efficiency and cost reduction. It discusses the need for reorganizing firms and identifying leaders to drive AI initiatives. The use cases of generative AI are highlighted, including developer productivity and modernization initiatives. The importance of reimagining business processes and the potential for generative AI to revolutionize them is emphasized. The conversation also touches on the silver tsunami of retiring experienced professionals and the role of generative AI in preserving and transferring their knowledge. The call to action is for developers to try code generation tools, for technology providers to incorporate generative AI into their offerings, and for insurance companies to adopt an AI-first mindset and educate their C-suite.keywordsAI, insurance industry, adoption, applied AI, AI first mindset, time to market, productized offerings, generative AI, efficiency, cost reduction, reorganization, use cases, business processes, silver tsunami, legacy knowledge, code generation, technology providers, AI-first mindset, C-suitetakeaways Understanding the foundational elements of AI is crucial for insurance firms to effectively adopt and implement AI solutions. Empowering the workforce to explore and experiment with AI can lead to increased productivity and innovation. Productized offerings and white-label solutions can provide a faster time to market and reduce total cost of ownership for insurance companies. The focus should be on deploying AI solutions in a tangible and realized way, rather than just as a hype or investment. The competitive advantage in the insurance industry lies in identifying and writing risks, designing products, and serving customers, while peripheral operations can be streamlined through white-label solutions. Generative AI is in high demand in the insurance industry, primarily for driving efficiency and reducing costs. Firms need to reorganize and identify leaders to drive AI initiatives and implement generative AI use cases. Generative AI has the potential to revolutionize business processes and increase productivity. The retiring experienced workforce creates a need for generative AI to preserve and transfer knowledge. Developers should try code generation tools, technology providers should incorporate generative AI into their offerings, and insurance companies should adopt an AI-first mindset and educate their C-suite. Deploying AI Solutions: Tangible and Realized Impact Competitive Advantage in Insurance: Focus on Core Business Reorganizing Firms and Identifying AI Leaders Revolutionizing Business Processes with Generative AI "The actual application of AI." "You've got months, you've literally got months." "The capability to satiate the way our brains were trying to design things that we couldn't quite, we just didn't quite have access to." "How do I get that to market quickly?" "There are definitely certain firms who have made this a real priority, reorganize their firms." "Generative AI has created a plethora of new use cases that never existed in the past."