Autonomous AI assistants — or persona-based digital co-workers that can learn and adapt in real time — are the next evolution of generative AI. This blog discusses the emergence of AI assistants and how they can impact insurance processes.
Every industry is considering how artificial intelligence will change the way employees work, whether it’s selling more products, serving customers, communicating with employees, or other tasks. Much of the attention to date has focused on ChatGPT, predictive analytics, and enhanced data usage as companies look for ways to streamline and improve decision-making and communications with AI.
In that context, role-based AI assistants are an exciting new area of productivity, and we’re just starting to scratch the surface. They do more than analyze significant amounts of information and provide answers and advice. AI assistants also learn from their work and can make inferences. They can be trained to ingest knowledge, connect the dots to past activities and interactions, and suggest logical next steps.
Autonomous AI assistants can help expedite and improve risk assessment in the insurance industry. At NeuralMetrics, we help insurers assess the risks of business customers to provide them with the right insurance coverage. We recently launched a Smart Adaptive Multifunctional Systems Agent (SAMA) platform featuring AI assistants focused on helping underwriters process applications for insurance more quickly and effectively. The assistants can be trained to look for specific risk factors that meet the underwriting guideline criteria specified by insurance companies.
In working with insurance organizations to implement AI assistants, here are four considerations for insurers as they think about utilizing this technology:
- Consider autonomous AI assistants as well-qualified interns with distinct, workflow-driven personas and human-like reasoning. At NeuralMetrics, for example, we’re developing assistants skilled in a variety of tasks, from risk analysis and in-appetite risk selection to premium audits. One key to their effectiveness is that the AI assistants can take on distinct roles while learning instantaneously and adapting to their tasks.
- The AI assistants need to be trained. Just like humans don’t enter a new job being proficient at all tasks, autonomous assistants don’t start that way either. They learn as they go. That means they need to be developed and trained for specific roles, told what’s working and what they can do better. Agents can follow guidelines, scan volumes of data, and make inferences, but it takes time to train them, so they perform tasks accurately.
- Autonomous AI assistants don’t operate in a vacuum. They are only as valuable as the people who teach them. They can enhance human capabilities, improve efficiency, and solve complex problems, but they need experts and data input to guide them in the roles they will assume.
- There’s a shortage of qualified employees in many industries. Underwriting and claims are particular areas of need in commercial insurance, and AI assistants can play an essential role in bridging the talent and capacity issues in insurance organizations.
To learn more about AI assistants from NeuralMetrics, click here.