News | Munich | 18.09.2024

MORESOPHY at the AI Insurance Conference 2024

This year’s AI Insurance Conference in Cologne was an impressive event with a high-caliber line-up of German insurers and renowned speakers. Our CEO, Prof. Dr. Heiko Beier, gave the opening keynote and provided exciting insights into the safe and reliable use of artificial intelligence in the insurance industry.

Keynote: Reliable use of AI

Under the title “Reliable use of AI in the insurance industry – secure and reliable”, he used selected use cases to present how insurers can simultaneously:

  • Increase efficiency,
  • Automate processes and
  • improve customer satisfaction .

Artificial intelligence offers the opportunity to make companies more agile and individual while still reliably responding to customer needs.

Success factors for the use of AI in the insurance industry

Three key factors are decisive for the successful use of AI:

  1. Data transparency: A clear overview of the data used is necessary in order to understand and control the inputs and outputs of the AI.
  2. Process integration: Success depends on the cooperation of interdisciplinary teams that are guided by clear business KPIs.
  3. Hybrid use of AI: The combination of classic machine learning and generative AI, tailored to the respective use cases, opens up new possibilities.

Using three specific examples, Prof. Dr. Heiko Beier showed how insurers can use a hybrid approach in digital channels:

  • gain new customers,
  • Automate testing processes and
  • accelerate the internal transfer of knowledge.

Insights into the AI strategies of leading insurers

The keynote speech was the prelude to numerous exciting contributions from well-known insurers. A common thread running through all the presentations was the triad of data strategy, AI strategy and process integration. Nevertheless, each insurer followed its own individual path – particularly in the areas of “make or buy” and cloud strategy.

Highlights of the conference

Particularly noteworthy are the contributions of:

  • Dr. Michael Zimmer (W&W Group)
  • Felix Wenzel (ERGO Group AG)
  • Benjamin Geißler (Gothaer)

Marek Rydzewski, CDO of BARMER, convinced the audience with clear, sometimes controversial statements about how he is transforming a large statutory health insurer culturally.

On the second day, Thomas Körzdörfer impressed the audience with his presentation on how he has developed HUK-COBURG into a consistently data-driven company over the years. Dr. Klaus Driever from Allianz highlighted the opportunities of hyper-personalization in marketing and sales, particularly with regard to addressing the next generation.

Challenges for medium-sized insurers

For medium-sized insurers, the challenge remains to find the right path between quick successes and a sustainable approach. This is particularly important:

  • Regulatory risks
  • Dependencies and
  • Cost risks of a cloud-only AI strategy.

Thanks to the organizers

Many thanks to the organizers of BF21, especially Anna Bergmann and her team, for the excellent organization. Special thanks also go to Alexander Bernert, who guided us through two intensive days full of exciting discussions about the AI-supported transformation of the insurance industry.

The conference showed that artificial intelligence has arrived in the insurance industry and is actively shaping the future. It remains exciting to see what innovations await us!

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