During our conversation for the latest episode of Life Accelerated, Celent Principal Analyst Keith Raymond delves into some of his findings from his recent reports such as The Data Tsunami, in which he explores the benefits and challenges of data transformation in the life insurance industry:
Keith may have courted controversy when he said that “what used to be argued as an art is now becoming a science.” However one might defend the continuing role of art in underwriting, Keith makes a valid point in two ways:
First, his comment underscores the power of artificial intelligence, which is easy to underestimate and could bring great benefits to process automation.
Secondly, as we’ve discussed in other episodes of Life Accelerated—notably with Cissy Williams of Protective—the increasing role for technology liberates the human element to be applied to higher value tasks. And, let’s face it, there’s ample room for improvement in that regard.
This is a benefit both to the customer and to insurance company personnel who will have far more interesting and satisfying work to do as their companies continue to progress in their digital transformation journeys.
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