Insurance companies face the dilemma of modernizing their data processes while coping with the ever-increasing volume, variety, and velocity of data.
Traditional approaches to data management can be complex, slow, and costly. Meanwhile, insurance companies often juggle multiple data warehouses and tons of unstructured data such as policies, claim documents, emails, and more. This makes managing and analyzing the vast amount of information across business functions and systems even more challenging.
Insurers can't afford to wait for insights—and this is where Generative AI (Gen AI) opens new doors.
How Gen AI Evolves Data Management for Insurers
80% of insurers are already using or planning to use AI for business decisions1, and for good reason: Gen AI cuts through the data clutter. It processes massive amounts of data fast, extracting valuable insights from any source and format.
While traditional automation pipelines often require manual updates and reconfiguration for new data formats and regulations, Gen AI can learn from existing data, make logical decisions on its own, and keep adapting to new data sources and market changes.
By shattering the walls between structured and unstructured data, Gen AI lets teams tap into a complete knowledge base faster. This also removes the bottleneck of tribal knowledge held by a few experienced team members.
Now, everyone can access the same reliable information, ask questions in plain language, and get answers fast with no technical expertise needed. Data insights become readily accessible and actionable for all.
By unifying data sources, GenAI simplifies access to essential information:
Practical Applications and Future Opportunities
By transforming how data can be used to build a knowledge base, GenAI enables endless possibilities through simplified data access not previously imagined.
From Complexity to Clarity | Simplify GenAI Implementation with Myridius
Getting AI right can be a daunting task. It involves setting up proper procedures and policies to establish a secure infrastructure, selecting the best technology, creating processes for data cleansing and accuracy, ensuring data governance standards, managing prompt engineering, and more.
Maintaining a proper GenAI system can be even more complicated. It involves ensuring technology updates are implemented securely, establishing new capabilities, and supporting business organizations’ evolving demands for access.
GenAI is a potent tool, but it requires combining specifically trained technology experts, data enablement roadmaps, and insight into the latest trends to deliver the most value from your GenAI investment.
At Myridius, we combine deep AI expertise and data know-how with the latest insurance industry practices to enable organizations to deliver business outcomes. Our rapid-pilot approach simplifies GenAI setup to demonstrate value through quick wins while building capabilities for the future.
The foundation of GenAI is data quality, which Myridius delivers with a suite of accelerators and frameworks purposely built to access digital and legacy data and infused with insurance experience to intelligently ingest data from any source.
With our combined expertise in both insurance and technology, Myridius is ready to deliver your GenAI solution based on a solid foundation of data quality. Contact us to learn more about our data and AI services.
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Works Cited
- Ethical AI in Insurance Consortium, 2024 Survey Reveals Crucial Ethical AI Adoption Challenges in Insurance Industry
- WorldMetrics Report 2024, AI in The Insurance Industry Statistics
- WorldMetrics Report 2024, AI in The Insurance Industry Statistics