Summary:

In this episode of Insurance Unplugged, host Lisa Wardlaw engages with Chas Pereira, CEO of Roots Automation, to discuss the transformative role of AI in the insurance industry. They explore the challenges of unstructured data, the evolution from RPA to AI, and the importance of security and human oversight in AI implementations.

Chas emphasizes the need for accuracy, explainability, and the significance of understanding business processes to effectively scale AI. The conversation also touches on the community aspect of insurance and the call for industry professionals to advocate for the innovations within their field.

Takeaways:

AI is crucial for solving unstructured data problems in insurance.

The shift from RPA to AI represents a significant evolution in technology.

Human oversight is essential for maintaining AI accuracy and trust.

Not every problem requires AI; careful consideration is needed.

Insurance is a community exercise, relying on shared data and processes.

AI should be embedded into existing workflows for maximum effectiveness.

The last mile of AI implementation is often the most challenging and costly.

Security and explainability are non-negotiable in AI applications.

Companies must continuously refine AI models to prevent drift.

The insurance industry is innovating and should be proud of its advancements.

Sound Bites:

"We want to solve the unstructured data problem."

"The era of AI is different."

"AI is so key and so valuable today."

"You need human input constantly to refine models."

"The last mile in AI is where expertise reigns."

"Insurance is a community exercise."

"AI is just a tool, it's an enabler."

"Be proud and speak up for your industry."

Keywords:

AI, insurance, unstructured data, RPA, document processing, security, explainability, human oversight, scaling AI, AI as a service