Insurance Unplugged with Lisa Wardlaw

By Lisa Wardlaw

"Insurance Unplugged," offers a candid look behind the scenes of the insurance industry. Host Lisa Wardlaw brings a wealth of experience from numerous C-suite roles, including CFO, COO, CSO, and Chief... more

· Technology

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FAQs about Insurance Unplugged with Lisa Wardlaw:

How many episodes does Insurance Unplugged with Lisa Wardlaw have?

The podcast currently has 77 episodes available.

Insurance Unplugged with Lisa Wardlaw episodes:

May 15, 2024 In the Hot Seat with Pranav Pasricha
Summary:
In this episode of Insurance Unplugged, Lisa Wardlaw interviews Pranav Pasaricha, the founder and CEO of BluePond.ai. They discuss Pranav's background in the insurance industry and his journey in creating technology, specifically machine learning-enabled technology, for insurance and reinsurance. They also explore the challenges in the insurance industry, such as fragmented customer experiences and slow technology adoption, and how BluePond.ai aims to address these challenges with its end-to-end solution. Pranav emphasizes the importance of providing frictionless and value-driven solutions to clients, and the need for vendors to have skin in the game. In this conversation, Lisa Wardlaw and Pranav discuss the importance of treating every dollar entrepreneurially, the unique business model of GEN.AI, and the role of AI in enabling decision-making. They also explore the concept of dynamic data exchange and the need for automation in the insurance industry. Pranav shares his thoughts on the hype around AI and provides a call to action for the industry to embrace true automation. The conversation concludes with a discussion on the speed and cost-effectiveness of implementing AI solutions.

Takeaways:
Pranav Pasaricha has almost 20 years of experience in the insurance industry and has worked across the globe.
BluePond.ai is a technology company that focuses on creating machine learning-enabled solutions for insurance and reinsurance.
The insurance industry faces challenges such as fragmented customer experiences and slow technology adoption.
BluePond.ai aims to address these challenges by providing an end-to-end solution that is frictionless and value-driven.
Pranav emphasizes the importance of vendors having skin in the game and guaranteeing results for their clients. Treat every dollar entrepreneurially, regardless of its size.
GEN.AI offers a unique business model that focuses on solving business problems and enabling decision-making.
Dynamic data exchange is crucial for true automation and unlocking value in the insurance industry.
The industry should shift its focus from digitization to automation.
AI is not a hype, but there are exaggerated promises surrounding it.
Implementing AI solutions can be faster and cheaper than expected.

Chapters:
00:00 Introduction and Background
03:23 Inception of BluePond.ai
07:41 Building an End-to-End Solution
10:27 The Importance of Frictionless and Value-Driven Solutions
13:05 Rethinking Insurance with Gen AI
22:53 Treating Every Dollar Entrepreneurially
25:21 Enabling Decision-Making through AI
29:24 Shifting Focus from Digitization to Automation
33:00 AI: Not a Hype, but Exaggerated Promises
38:43 Faster and Cheaper Implementation of AI Solutions

Sound Bites:
"I remember looking at you and you were kind of looking at me and I was like, wait, you're taking your level of thinking to like a whole nother visionary level."
"We talk about distribution, first of all, being the part of the value chain that was ignored for so long in this whole digitalization."
"We were going to build our own broker, but it's better that we build this as a tech company and sell this to all our, sell this to the broker."
"Like money is money no matter how big or how small, it's still actual money and to treat every dollar entrepreneurially as though it's your own."
"We're gonna actually come at this from solving a business problem for the business, and then we're going to get into a monetization split."
"What should true AI guided decision-making look like in today's world?"

Keywords:
insurance, technology, machine learning, BluePond.ai, challenges, solutions, end-to-end, frictionless, value-driven, skin in the game, entrepreneurship, business model, AI, decision-making, dynamic data exchange, automation, insurance industry
...more
39min
May 08, 2024 In the Hot Seat with John Standish
Summary:
John Standish, Chief Innovation and Compliance Officer at Charlee.ai, discusses the intersection of AI ethics and insurance. He highlights the six pillars of ethical AI in the insurance industry: factual, accurate, explainable, articulate, transparent and testable.
Standish emphasizes the importance of training AI to eliminate bias and ensure compliance with regulations. He also shares examples of how Charlee.ai's AI solutions are being applied in insurance, such as predicting claim severity, identifying fraud schemes, and mitigating litigation. Standish calls on the industry to identify gaps in the claims process and explore the power of AI while staying compliant and transparent.
Takeaways:
The six pillars of ethical AI in the insurance industry are factual, accurate, explainable, articulate, transparent and testable.
Training AI to eliminate bias and comply with regulations is crucial for ethical AI implementation.
AI can be applied in insurance to predict claim severity, identify fraud schemes, and mitigate litigation.
The industry should identify gaps in the claims process and explore the power of AI while staying compliant and transparent.
The talent gap in the industry can be addressed by properly training AI to capture the knowledge and processes of experienced professionals.
Chapters:
00:00 Introduction and Background
04:00 The Six Pillars of Ethical AI in Insurance
22:00 Examples of AI Solutions in Insurance
26:59 Addressing the Talent Gap with AI
32:01 Conclusion
Sound Bites:
"You can't know everything, but you need to know how to think."
"There is no such thing as a black box in AI. It's a glass box."
"The AI must be transparent so the practitioner and end user can understand how it works and how the user can arrive at their decision."
Keywords:
AI ethics, insurance, six pillars, transparency, accuracy, explainability, articulation, testability, bias, compliance, claim severity, fraud schemes, litigation, talent gap
...more
33min
May 01, 2024 In the Hot Seat with Rose Hall
Summary:
Rose Hall, Senior Vice President and Head of Innovation Americas at AXA XL, discusses the importance of innovation in the insurance industry and how it goes beyond just technology. She shares her journey from construction to risk management and explains how she transitioned into an innovation consulting role.
Rose emphasizes the need for a holistic approach to risk management and the integration of innovative technologies to help clients reduce risk. She also highlights the role of underwriting and claims in the evolution of the industry, as well as the importance of maintaining stability and discipline while embracing innovation.

Takeaways:
Innovation in insurance goes beyond just technology and requires a holistic approach to risk management.
The integration of innovative technologies can help clients reduce risk and improve their business outcomes.
Underwriting and claims play a crucial role in the evolution of the industry, particularly in the shift towards predict and prevent.
Insurance companies need to maintain stability and discipline while embracing innovation to ensure their viability and support for businesses in the long term.

Sound Bites:
"Stop thinking about insurance and risk management as being the same thing."
"We're virtually weaving them in together for maximum effectiveness."
"Risk is constant, continuous, and holistic."

Chapters:
00:00 Introduction and Background
08:18 The Importance of a Holistic Approach to Risk Management
25:39 Breaking Down Separations and Embracing Continual Risk Management

Keywords:
insurance innovation, risk management, technology, business model, client service, ecosystem, underwriting, claims, predict and prevent, holistic approach
...more
38min
April 24, 2024 In the Hot Seat with Pradeep Singh
Summary:
In this episode of Insurance Unplugged, Lisa Wardlaw interviews Pradeep Singh, the Global Head of Insurance Digital Core at Capgemini, about the role of AI in insurance. They discuss the current state of insurance in relation to AI and the potential for AI to transform the industry. They emphasize the importance of focusing on the core of digital transformation and building core strength before implementing AI solutions.
They also explore the concept of customer-led design and the need for intuitive and seamless customer experiences. Pradeep highlights the potential of AI and GenAI to improve efficiency, innovation, and personalization in insurance.

Takeaways:
Focus on building the core of digital transformation before implementing AI solutions.
Strive for intuitive and seamless customer experiences.
AI and GenAI have the potential to improve efficiency, innovation, and personalization in insurance.
Partner with other organizations to leverage AI capabilities.
Consider the balance between personalized information and privacy concerns.

Sound Bites:
"Gen .ai prime time is here"
"AI is the actual call to action that says, like the iPhone, right? You didn't do anything the same after you had the iPhone"
"Risk has always been dynamic. Risk is never static. It's just that our systems and our infrastructure and processes were a point in time"

Chapters:
00:00 Introduction and Background
03:00 The Core of Digital Transformation
06:03 Customer-Led Design and Intuitive Experiences
11:13 The Potential of AI and GenAI in Insurance
20:21 Breaking Down Silos and Creating Seamless Experiences
28:02 Building a Strong Core for the Future

Keywords:
AI, insurance, digital transformation, customer experience, core strength, customer-led design, efficiency, innovation, personalization
...more
38min
April 17, 2024 In the Hot Seat with Denise Garth
Summary
Denise Garth, Chief Strategy Officer at Majesco, discusses the importance of a holistic approach to AI in the insurance industry. She emphasizes the need for a robust data strategy and foundation, as well as access to clean and valid data. Garth highlights the challenges faced by insurers with legacy systems and the importance of modern technology architecture. She also discusses the role of core systems in enabling AI and the need for data ownership and stewardship.
Garth concludes by emphasizing the value of AI in revolutionizing and transforming the insurance industry. The conversation explores the importance of data ownership and governance in the insurance industry. It emphasizes the need for collaboration between IT and business teams to ensure accurate and valuable data.
The discussion also highlights the significance of curiosity and cognitive dexterity in leveraging AI and driving innovation. The speakers discuss the challenges of finding talent with both technical and business expertise. They stress the need for organizations to develop a data and analytics strategy, reallocate resources to prioritize important initiatives, and stop investing in outdated systems. The conversation concludes with a call to action for the industry to embrace a new operating model and technology foundation to stay competitive.

Takeaways:
A robust data strategy and foundation are crucial for successful AI implementation in the insurance industry.
Legacy systems pose challenges in terms of data access and consistency, highlighting the need for modern technology architecture.
Core systems should go beyond transactional data and enable access to raw data for advanced analytics and AI.
Data ownership and stewardship are essential for effective AI implementation.
AI has the potential to revolutionize and transform the insurance industry. Data ownership and governance should be a collaborative effort between IT and business teams.
Curiosity and cognitive dexterity are essential for leveraging AI and driving innovation.
Finding talent with both technical and business expertise is a challenge.
Organizations should develop a data and analytics strategy and reallocate resources to prioritize important initiatives.
Investing in outdated systems hinders progress and innovation.
The industry needs to embrace a new operating model and technology foundation to stay competitive.

Sound Bites:
"We as an industry have so much depth, but we're missing the latitudinal cross-section."
"I personally do not see GEN AI as a point solution. I think it minimizes the potential of GEN AI tremendously."
"Your technology foundation is absolutely critical in making decisions because it's going to allow you to do things or not allow you to do things."
"No, the business owns the data. It's about the business."
"That stewardshipness and that governance require some discipline and require some understanding of technology. But it more so requires an understanding of the business and the definitions and the value of the data and how it's being used."
"I forced myself, I was like, I can't run my business without technology, almost as a linguistic foundation, like Latin, like I needed to know technology the way somebody studying language would need to know roots."

Chapters:
00:00 Introduction and Background
03:02 The Importance of a Holistic Approach to AI in Insurance
05:25 GEN AI as a Holistic Solution
10:42 Technology Foundation and Decision Making
16:12 Enabling AI through Data Access and Architecture
23:16 The Potential of AI in the Insurance Industry
23:57 Data Ownership and Governance
26:43 Curiosity and Cognitive Dexterity in AI and Innovation
29:45 Challenges of Finding Talent with Technical and Business Expertise
35:02 Developing a Data and Analytics Strategy
36:02 Reallocating Resources for Priority Initiatives
37:47 Moving Away from Outdated Systems
41:15 Embracing a New Operating Model and Technology Foundation

Keywords:
AI, data strategy, data foundation, legacy systems, technology architecture, core systems, data ownership, data stewardship, insurance industry, data ownership, data governance, collaboration, IT, business, curiosity, cognitive dexterity, AI, innovation, talent, data and analytics strategy, resource allocation, outdated systems, operating model, technology foundation

...more
43min
April 10, 2024 In the Hot Seat with Rory Yates
In this episode of Insurance Unplugged, Lisa Wardlaw and Rory Yates discuss the importance of leveraging dynamicism and human-first thinking in the context of AI. They emphasize the need for a more adaptive and value-creating world, where AI plays a critical role. They highlight the challenges of addressing the enterprise design in the insurance industry and the need for a shift in mindset and talent. They also discuss the limitations of incremental improvement and the importance of redefining business models to fully leverage AI. The conversation touches on the concepts of circularity, co-creation, and the role of data in humanizing the insurance industry. The conversation explores the need for a shift in business models to fully leverage the potential of AI in the insurance industry. It emphasizes the importance of AI in creating new products, improving quality, and reducing costs. The discussion also highlights the need for a shift from a value chain to an ecosystem business model, where knowledge of the customer and the ability to act on it are crucial. The conversation calls for a new playbook that embraces AI as a catalyst for solving business problems in a different way. It emphasizes the role of humans in driving dynamicism and hypothesizing unknown futures.

Keywords
AI, dynamicism, human-first thinking, adaptive, value-creating, enterprise design, incremental improvement, business models, circularity, co-creation, data, insurance industry, AI, business models, insurance industry, new products, quality improvement, cost reduction, value chain, ecosystem business model, customer knowledge, human-centered dynamicism, hypothesis

Takeaways
AI can play a critical role in creating a more adaptive and value-creating world in the insurance industry.
Addressing the enterprise design challenge is crucial for the successful implementation of AI in insurance.
Incremental improvement is not enough; redefining business models is necessary to fully leverage AI.
Circularity and co-creation are important concepts to consider in the context of AI and insurance.
Humanizing data and considering the human element are essential in the transformation of the insurance industry. AI has the potential to create new products, improve quality, and reduce costs in the insurance industry.
A shift from a value chain to an ecosystem business model is necessary to fully leverage the benefits of AI.
Humans play a crucial role in driving dynamicism and hypothesizing unknown futures in the AI-driven world.
The old playbook in the insurance industry needs to be replaced with a new playbook that embraces AI as a catalyst for solving business problems in a different way.

Sound Bites
"How do we leverage dynamicism? Which is humans by definition are dynamic. We are not static."
"Hope is never a strategy, right? It's just, we're all going to be hopeful. But so..."
"The real problem is that AI will only be successful if we address the enterprise design challenge and insurance."
"The machine did a lot more than industrialize in productivity terms. It created new products. It created improved quality."
"The big unlock for insurance is still absolutely pinned to this problem."
"You still have to solve the same business problems, but you have to actually solve it in a new way."

Chapters
00:00 Introduction and Background
02:21 Leveraging Dynamicism and Human-First Thinking
06:34 Addressing the Enterprise Design Challenge
10:14 Moving Beyond Incremental Improvement
21:29 Humanizing Data: The Key to Transformation
25:08 Unlocking the Potential of AI
26:16 The Core Problem in Insurance
28:57 Solving Business Problems in a New Way
31:37 AI as a New Player on the Field
33:36 The Role of Humans in Driving Dynamicism
38:33 Hypothesizing Unknown Futures

...more
45min
March 28, 2024 In the Hot Seat with Margeaux Giles
Summary
In this episode, Lisa Wardlaw interviews Margeaux Giles, CEO of IRYS InsurTech, about disrupting the insurance industry. Margeaux shares her background in insurance and how she became motivated to solve the industry's problems. They discuss the challenges of navigating the insurance industry and the barriers to innovation.
Margeaux emphasizes the importance of distribution in insurance and explains why she decided to start with Agent Management Systems (AMS). They also explore the reasons why many attempts to implement new AMS have not succeeded.
The conversation explores the challenges and complexities of implementing technology in the insurance industry, particularly in the context of distribution and agent operations. It highlights the limitations of the agile mindset in insurance and the need for architectural scalability. The discussion also emphasizes the lack of visibility, analytics, and business management tools in the industry.
The conversation concludes with a rallying cry for the industry to recognize the importance of distribution and put it at the center of insurance.
Takeaways
The insurance industry lacks cutting-edge technology and innovative solutions, creating opportunities for disruption.
Success in the insurance industry requires a willingness to learn, adapt, and overcome challenges.
Distribution is a critical aspect of insurance, and the industry needs better technology to facilitate communication between carriers and agents.
Implementing new agent management systems can be challenging due to the complexity of the insurance industry and resistance to change.
The insurance industry faces unique challenges in implementing technology, particularly in distribution and agent operations.
Architectural scalability is crucial for success in the insurance industry, and failing to plan for it can lead to technical debt and limitations in functionality.
There is a lack of visibility, analytics, and business management tools in the insurance industry, hindering effective decision-making and growth.
Resistance to change and complacency are prevalent in the industry, but the COVID-19 pandemic and changing demographics are forcing a shift.
Distribution should be recognized as a critical component of the insurance industry and given the attention and investment it deserves.
Chapters:
00:00 Introduction and Setting the Stage
01:03 Margeaux’s Background and Journey in Insurance
05:22 Navigating the Insurance Industry
08:31 Barriers to Innovation in Insurance
12:22 The Complexity of Insurance and Learning Curve
15:05 The Importance of Distribution in Insurance
20:15 Challenges in Implementing New Agent Management Systems
21:44 Challenges of Agile Mindset in Insurance
23:22 Complexity of Agent Operations
24:50 Technical Debt in Insurtech
27:07 Importance of Architectural Scalability
28:04 Failures in Implementing Core Systems
29:30 Lack of Visibility and Analytics in Insurance
30:21 Workarounds and Data Challenges
31:35 Lack of Business Management Tools
32:03 Inability to Manage Insurance Business
33:17 Lack of Understanding Financial Metrics
36:29 Resistance to Change in Insurance
39:16 Distribution as the Center of Insurance
40:09 Rallying Cry: Distribution Matters
41:28 Future of IRYS and Distribution
...more
43min
March 27, 2024 AI in the City with Taffy Jo Mayers
This week's episode of the AI in the City series, Lisa Wardlaw is joined by Taffy Jo Mayers, Chief Commercial Officer of Neuron, to discuss AI through her lens.
Subscribe now for more episodes this season on Insurance Unplugged with Lisa Wardlaw.
Learn more about our sponsor Expert.AI https://www.expert.ai/
Visit www.360digitalimmersion.com for more information on how to work with Lisa.
...more
36min
March 20, 2024 AI in the City with Kevin Gaut
This week's episode of the AI in the City series, Lisa Wardlaw is joined by Kevin Gaut, CTO at Instanda, to discuss AI through his lens.
Subscribe now for more episodes this season on Insurance Unplugged with Lisa Wardlaw.
Learn more about our sponsor Expert.AI https://www.expert.ai/
Visit www.360digitalimmersion.com for more information on how to work with Lisa.
...more
41min
March 14, 2024 In the Hot Seat with Sri Ramaswamy & Lisa Wardlaw
On this Special episode of “In the Hot Seat with Lisa Wardlaw," she’s joined by Sri Ramaswamy, Founder & CEO of Charlee.AI. In the Hot Seat today's episode, we will discuss AI and how it can enable a holistic customer-centric claims experience. We will break down Lisa's now famous accident and Sri talks our listeners through how this entire experienced can and should be improved through her lens.
Subscribe now for more episodes this season on Insurance Unplugged with Lisa Wardlaw.
Learn more about our sponsor https://charlee.ai/
Visit www.360digitalimmersion.com for more information on how to work with Lisa.
...more
46min

FAQs about Insurance Unplugged with Lisa Wardlaw:

How many episodes does Insurance Unplugged with Lisa Wardlaw have?

The podcast currently has 77 episodes available.