Louw Hopley, co-founder of Root, discusses how insurers could gain 10x productivity if they switched to a low code insurance platform, at the recent ITI Conference in London.

In the ever-evolving landscape of insurance technology, the journey from paper-based processes and legacy systems, such as the AS400, to cutting-edge Artificial Intelligence (AI) solutions, bespoke software and low code platforms, has been nothing short of transformative. The quest for efficiency and innovation is relentless. 

At the recent ITI 2024 Conference in London, Louw Hopley, co-founder of Root, shed light on how AI, particularly ChatGPT, is bridging the gap between low code platforms and complex insurance processes, thereby revolutionising the way insurance companies operate. His presentation covered the following three areas: collaboration, communication, and optimisation. 

Collaboration

The key to success, as Louw explained, lies in effective collaboration, and AI can streamline this process. By harnessing the power of tools such as Miro or PowerPoint for collaborative whiteboarding, professionals can visualise user journeys effortlessly. Using the example of a product design process during the presentation, Louw demonstrated how once the product design is finalised, ChatGPT steps in to convert visual representations into actionable configuration files for low code platforms. With its ability to process images and generate configurations swiftly, ChatGPT simplifies what would otherwise be a time-consuming task.

Chatting to Your Data as a Human

‍Another area Louw covered in his presentation was that of communication. Understanding and leveraging complex data structures can be a daunting task; however, as Louw explained, ChatGPT can make this process remarkably simple. By providing it with the database schema, insurers can converse with the relevant data in plain language. Whether it is querying the number of policies sold or deciphering intricate concepts like lapse ratios, ChatGPT acts as a virtual data analyst, offering core insights within a matter of minutes.

Optimising Claims Processing

‍As any insurer will agree, the sheer volume of claims documents flooding insurance companies daily can overwhelm traditional processing methods. Enter AI – with its unparalleled ability to extract and summarise information from handwritten or scanned documents, such pain points can be overcome. By employing off-the-shelf AI solutions, Louw said, companies can automate claims processing with both accuracy and efficiency. From transforming handwritten notes into digital text to summarising the claim details from those notes, AI simplifies what was once a labour-intensive task.

As Louw explained in his presentation, embracing AI isn't just about adopting new technologies; it's about embracing a new way of thinking. Root believes in being "AI First" – leveraging AI to enhance productivity and drive innovation across all aspects of the sector. Whether it's collaborating on user journeys, conversing with data, or optimising claims processing, ChatGPT can serve as a trusted advisor, guiding the sector towards smarter, more efficient operations. However, Louw offered a word of caution, that any outputs should always be cross referenced with human intervention, and to treat AI as a hyper competent intern, who has an 11 out of 10 rating for attention to detail.

So, what are the key takeaways?

  1. Context is Key: Provide ChatGPT with context to enhance the accuracy of its responses.
  2. Engage in Dialogue: Encourage ChatGPT to ask questions and function as a virtual panel of advisors.
  3. Embrace Experimentation: Don't be afraid to explore the capabilities of AI and integrate it into your daily workflows.

To delve deeper into this topic, watch the full presentation here.