Insurance firms must utilise AI and not make Microsoft Office mistakes

Insurance firms have been urged to utilise artificial intelligence (AI) and not make the mistakes that were made when Microsoft Office was introduced.

That was according to Crescens George, chief executive at Wiser Academy, who told Insurance Times that firms will “truly be left behind” if they do not understand AI.

George made the comments after his firm launched a new AI academy programme, which has been designed to help colleagues adopt AI across claims, underwriting, broking, HR, finance, compliance, marketing and training.

He said that if an area of a business needs automating, people need to understand AI if they are to come up with ideas and use cases – hence the need for the academy.

He added: “From our point of view, we don’t want the insurance industry to fall back into the trap when Microsoft Office was rolled out – it’s present everywhere, everyone is using it, but it is totally underutilised.

“Most of us are not half competent in using the various Microsoft packages. But AI doesn’t give people and business that leeway.

“If you don’t understand this, you are truly going to be left behind.”

Study routes

The academy will offer two study routes, Flexi Track and Fast Track, covering nine units including AI fundamentals, prompt engineering, ethical practice, digital and data risk, governance, automation concepts, process improvement and managing human impact.

Flexi Track courses will take place over 15 months, with two-hour live virtual sessions each week, while Fast Track will take place over nine months, with three two-hour sessions taking place each month and once monthly seven-hour face-to-face session.

The programme will launch with a full apprenticeship pathway, with the first learner cohort expected to start in June. A shorter leaders-focused option is planned for a later phase.

The end goal is to create AI champions within insurers and brokers.

George said: “We want every business – if it’s a small business, at least one person from a particular department – [to have] an AI champion.

“That individual can enrol themselves onto this course and they will learn the behind the scenes aspect, the framework of the technology [and] they can see all the applications that are available within the technology.

“Putting [those] elements together and their understanding of the role, they can identify use cases to improve journeys, improve performance.”