In this episode, Amir Bormand talks to Will Ross, the CEO and co-founder of Federato, about how insurance companies are adopting AI. They discuss the transformative impact of AI on the insurance industry, particularly in underwriting. Ross underscores the significant role of underwriters in influencing both the top and bottom lines of growth in insurance companies. He then explains how Federato leverages AI technologies to help underwriters optimize their process. The conversation also delves into the future of AI, the evolving definition of AI, and the importance of understanding its potential applications beyond popular mainstream concepts like ChatGPT. Ross shares real-life examples of how AI can substantially enhance efficiency in the insurance industry, such as 'win ability' modeling. Ultimately, he envisions AI as bolstering human capabilities in the insurance sector rather than replacing jobs.

Highlights:

00:30 Understanding Federato and its Role in the Insurance Industry

02:41 The Evolution and Impact of AI in Various Industries

03:38 The AI Paradox and its Implications

05:19 The Role of AI in Insurance

06:20 Understanding the Perception and Application of AI in Different Industries

10:48 The Role of AI in Optimizing Business Processes

18:49 The Future of AI in Job Roles and Industries

Co-Founder & CEO at Federato

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