AI in Insurance and the Power of People with Lou Bonanno

Tha- thanks for that, Lou.

And I think that you mentioned the AIAI and, and that, that dovetails right into where I wanna go next, which is talking about what is the current state of data and technology in the insurance sector?

We are at the beginning of something pretty amazing and pretty cool.

I'll be honest and tell you, I don't know where it's gonna go because, uh, it's, there, there's just so many different things we can, we can do with it.

But I also realize that the, the term AI and some of the, uh, machine learning and large language models and things like that and, uh, agentic AI, right, all of these different terms.

You know, we've been using AI in some way for actually quite a bit of time.

Uh, there's something called the RPA, robotic process automation, that had been around, you know, for, for quite a few years, um, which is, is, was a form of AI.

And so, y- you know, we've, we've had some experience with it.

I think that each, each company has a, is in a different place with it right now, and it, it really depends on what their management and, uh, honestly their legal team feels about AI and, and what it can do.

I think the ability for it to increase our capacity for work, right, not capacity as in, in, in insurance capacity.

To increase our capacity to get more done is really, is really gonna be interesting.

To look at large volumes of data, uh, especially unstructured data.

So in, in our world, we receive, um, you know, large SOVs, uh, statement of values, uh, which aren't always in a standardized format.

So the, you know, the ability to have a, you know, an AI pull that in and make sense of it quickly is, is a big help.

The one thing, and I don't think it should or will ever replace, is a decision-maker.

Whether it be on the underwriting side, whether it be on the claims side.

Ultimately, the decision does need to come from a, a human, a, a, a human with authority, a, a human with that experience.

But the ability for it to be kind of a sidekick and do things for you that would normally take hours and kinda synthesize it down into five, 10 minutes is just really...

That's where we are now.

In the future, who knows what'll happen.

I, you know, I'll wake up in the morning and, and b- get onto the computer and my AI assistant will s- you know, say, "Good morning," and we'll- I'll just talk to it all day and do my work that way.

I don't know.

You know, that's kind of a, that's in the world of the creatives 'cause I, you know, I, I can do a lot of things, but design and creation is definitely not a, a strong suit of mine.

But, um, you know, so really we're, you know, to answer your question again, it's we're, we're, we're at the beginning and it's a, it's a new frontier, which is, which is awesome.