SINGAPORE, Oct. 30, 2024 /PRNewswire/ — Mr. Charles Han, CEO of Blue Insurance, takes the stage at the 2024 Hong Kong FinTech Week InsurTech Forum. Gilbert Leon, CEO of Novo AI. Priscilla Ng, Group Chief Customer and Marketing Officer at Prudential, explored the transformative role of AI in the insurance sector. Discussions centered around AI’s ability to improve customer experiences, increase operational efficiency, and address industry-specific challenges.
Applications and challenges of AI in insurance
From left to right: Blue Insurance CEO Charles Hung; Gilbert Leon, CEO of Novo AI. Priscilla Ng, Group Chief Customer and Marketing Officer, Prudential. and moderator Elliot Gotkin.
Priscilla Ng highlighted how Prudential uses AI to sift through the vast amount of customer feedback, allowing the team to efficiently address issues and improve customer engagement. Charles Hung from Blue Insurance highlighted the power of AI to deliver personalized and consistent service and meet customer expectations at scale. Gilbert Leung from Novo AI discussed the importance of AI in fraud detection and cost management, which is critical to managing rising expenses and protecting revenue.
However, challenges in implementing AI still exist across industries. While data quality and use case prioritization are key considerations for Prudential, Blue Insurance cited challenges in sourcing skilled talent and ensuring accurate data. Novo AI noted that a fast pace of AI development, rapid iteration, and keeping up with model enhancements are essential for long-term success. These insights highlight the need for intentional, well-structured strategies tailored to address insurance-specific challenges.
Ensure fairness and accuracy with “Human in the Loop”
A key theme throughout the discussion was the need for human oversight in AI to maintain fairness and accuracy. Gilbert Leon emphasized that human expertise is essential at each stage of AI operations and that it is important to ensure that AI systems are diligently designed to reduce bias and maintain ethical standards. . This level of human judgment is essential to building trust and accountability, especially in fields such as healthcare, where AI-driven decisions impact sensitive human outcomes.
AI as an essential tool for the future of insurance
Last but not least, this discussion ended with a mutual agreement that AI is advancing beyond the competitive advantage of survival kits. AI is reshaping insurance operations like never before with its ability to streamline claims processing, increase transparency, and fight fraud and fraud. Meanwhile, human oversight remains essential to ensure that AI-driven decision-making reflects both care and ethical integrity. This balanced approach to integrating AI sets a responsible path forward, allowing insurers to leverage the potential of AI while maintaining customer trust.
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Source Novo AI
