Episode description
Episode description
Welcome to the latest edition of the Leadership in Insurance Podcast.
In today's episode, I was joined by the CEO of Retechnica, Marco Iannone
Retechnica is a business that extracts meaning from Data using artificial intelligence offering both a technology solution and consultancy services to a wide range of clients.
We originally reached out to Marco because of his participation in Lloyd's lab. Marco had not previously applied the Ingenia service to the insurance market so I wanted to talk with him about his experience in applying AI to not just the Insurance market but other industries that may be more advanced than Insurance with respect to AI and learn about the best practice and its application to insurance.
In today's episode we talked about:
- Being invited to Lloyd's lab and how it compares to other lab environments
- How AI has progressed infancy to wide adoption
- Product creation leading to service creation
- What is Co-creation in respect of AI consultancy?
- Marco has a great example of how AI can supplement team members
- Augmentation vs automation
- AI can lead to greater work-life balance and fulfillment
- The complexity of insurance suggests a greater use case for augmentation
- Many opportunities for AI in insurance: which has the most ROI?
- Are insurance participants ready to engage with an external partner in AI?
- Challenge of large companies to automate - not just technical Embracing technological change "a muscle" that can be trained
- Importance of talent and the movement of talent to helping an industry embrace change
- The embracing of change to automation is "grittier" than expected - resilience is required
- It's key to define what success looks like!
- Automation shouldn't just be on cost reduction it can lead to new products or a premium product
- Getting the right people to champion automation/modernization is key to success
- Top-down support is required to achieve automation
- Beware SNAKEOIL in AI efforts - plenty being sold!
Thank you to Marco for being a great guest.
This podcast was brought to you by FinPro an executive recruitment business that works in the Insurance and Instech space
Our host is FinPro Director, Alex Bond
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