More insurers are dipping their toes into the AI pool. In fact, 57 percent of insurance organizations think AI will be the most important technology over the next three years.
Executive Summary
AI Insurance COOs and senior leaders are under growing pressure to implement AI quickly—without compromising trust, security, or regulatory standards. When the stakes are high, especially in areas like policy and claims review, should they build or buy AI solutions? Here, Dan Schuleman, CEO of Qumis, and an insurance attorney-turned-InsurTech founder who's built an AI tool for legally sensitive workflows, offers his take on benefits and drawbacks of both potential answers.But a lot of that momentum is not in claims work. When it comes to policy review and interpretation—an area where AI could help streamline a complex workflow—they’re more hesitant. Part of the issue is the nature of the work, which demands deep industry and legal knowledge, as well as frequent judgment calls.
Still, the promise of streamlining policy review and interpretation with AI is compelling. The question is how: by buying a third-party solution or building one in house? Build or buy is one of the oldest questions any company considers. But the nature of both the work and technology in question present a few unique aspects for insurers to keep in mind.
Here are some pros and cons to consider on both sides.
BUILD: Benefits and Drawbacks of an In-House AI Solution
