This is the second installment of sharing our insights from Insurtech on the Silicon Prairie. We chose two sessions for a deeper dive and the second one was Leveraging AI and Technology for Digital Acceleration and Innovation. The panel discussion moderated by Lisa Wardlaw of 360 Digital Immersion and included Senan O’Loughlin, EVB Head of US Individual Life RGA; Eric Huls, Chief Data Officer at Allstate Insurance Company; and Allyson Laurance, VP Strategic Initiatives at Prudential Financial. 

Panelists emphasized that all types of AI offer a valuable opportunity to streamline operations, reduce repetitive tasks, and enable better-informed decisions. 

Underwriting Transformation 

Senan O’Loughlin pointed out that AI can simplify routine tasks and enhance the speed and accuracy of underwriting. “Things around underwriting processes… where there’s lots and lots of data, lots of information, is a little bit overwhelming for the people that have to work with it,” he said. He explained how AI helps manage this complexity by automatically processing and analyzing data from numerous sources. AI-powered underwriting can reduce turnaround times, improve accuracy, and reduce leakage and allow underwriters to dedicate more time to customer engagement and product development.

For example, Axis cut application processing time by 97% using the Sixfold AI solution, and Hiscox has shortened its lead underwriting journey for the London Market sabotage and terrorism book from three days to three minutes through the use of GenAI. Hiscox’s group chief information officer said, “Where successful, [AI] allows our underwriters to focus more of their time on sales, engaging with clients, and using the AI insight to create even better products,” validating the claim that leveraging AI does enable underwriters to dedicate time to high-value activities. 

Streamlining Claims Processing 

Claims processing is another area where AI has a transformative impact. “We all know some claims processes aren’t the speediest or most responsive,” O’Loughlin acknowledged. AI helps by automating many aspects of claims intake and evaluation, drastically reducing processing times and improving customer satisfaction. For example, AI-driven image recognition can assess photos of damages, instantly analyze the severity, and facilitate quicker decisions. This streamlined approach means that claims processing, which could take days or weeks, can often be resolved in hours. 

We heard a great example of this at ITC Vegas a few weeks ago where Solera and CARSTAR drastically reduced the time required to process non-drivable claims—from 90 minutes down to just 20.

Enhancing Data Management and Accessibility 

Data accessibility remains a core challenge in the industry, especially given the prevalence of legacy systems. The panel highlighted the need for a centralized, accessible data repository that is the foundation for effective AI integration. Our team on the ground in London heard this same sentiment at Insurance Innovators, “One of the problems that still exists in insurance is businesses inside each company work in silos. Collaboration and sharing of data is the key to drive automation other than AI,” said Katie Sutton from Salesforce.

By breaking down data silos, insurers can create a feedback loop that continuously integrates underwriting and claims data, resulting in more intelligent and adaptive AI models. The panelists stressed that aligning business goals with AI strategy is essential to successful AI initiatives.

As these industry leaders shared, the future of AI in insurance will be built on a foundation of strategic alignment between the business, IT, and data science. This is the reason OverseeAI designed our platform to deliver transparent model performance across business leaders, data scientists, and other stakeholders.

If you want to accelerate AI adoption and gain a competitive edge, we’d love to hear from you.