Summary:

In this episode of Insurance Unplugged, host Lisa Wardlaw engages with Andrew Chow from FICO to explore the critical role of decision management in the insurance industry. They discuss the importance of real-time decision-making, the impact of AI on decision processes, and the concept of decision abstraction. The conversation emphasizes the need for dynamic decisioning and the future of decision exchange across the insurance value chain, advocating for a shift in leadership and technology acquisition strategies to embrace applied intelligence.

Takeaways:

Decisions are fundamental to the insurance industry.

Decision management is critical for insurers to adapt to market changes.

AI enhances decision-making by leveraging data for better outcomes.

Applied intelligence combines human and machine learning for optimal decisions.

Static rules engines are outdated and limit adaptability.

Dynamic decisioning allows for real-time responses to customer needs.

A centralized repository of analytics can improve customer engagement.

Personalized quotes can be achieved through effective decision management.

Leadership must champion change and innovation in decision processes.

Start with small use cases to build momentum in decision management.

Sound Bites:

"Decisions are the core of everything we do."

"Decision management is absolutely critical."

"AI is leveraging computer systems to perform tasks."

"Dynamic decisioning is the future of insurance."

"A single central repository of analytics is essential."

"Personalized quotes are the dream of insurers."

"Leadership needs to instill the importance of change."

"Start small and build muscle in decision management."

Keywords:

Insurance, Decision Management, AI, Decision Abstraction, Customer Experience, FICO, Business Intelligence, Operational Intelligence, Dynamic Decisioning, Insurance Technology