Doug McElhaney is a Partner at McKinsey & Company and will be the opening Keynote Speaker at In2Risk 2023. Doug is the global leader of McKinsey’s dedicated group of AI practitioners serving P&C and life insurance companies. In this role, Doug leads a global team of data scientists, AI experts, and data engineers that help leading insurance companies build next-generation analytics solutions and centers of excellence, helping insurers expand their use of external data in their AI models and solutions. He has also helped both life and P&C insurers develop innovative new pricing and underwriting capabilities using third-party data and machine learning. In today’s episode of the In The Know podcast, Chris Hampshire sits down with Doug for a discussion about the application of AI, the advancement of data analytics, and other timely topics in the insurance world.

 

Key Takeaways

• Solving a variety of problems has been the aim of Doug’s career journey.

• A lagging utilization of innovation in insurance has presented opportunities for growth.

• As a consultant, Doug has found an excellent alternative way to apply his skill.

• Doug’s definition of the potential and hype of artificial intelligence.

• An overview of the positive and potential negative applications of AI.

• Could AI help address the talent gap in the insurance industry?

• Advice and sources for keeping up with technological innovations.

• Tactics for preparing the future workforce with needed skills.

• Appealing to people who might be considering a career in the insurance industry.

• A five-year look at the future of the insurance industry.

• Doug’s wise advice to his early career self.