E180 'Redefining Insurance with AI' with Irish Life's Peter Fitzsimons

Today's guest is Peter Fitzsimons, Senior Manager - Innovation and Data at Irish Life. The application of AI is proving to be a game-changer across various industries and at the forefront of this revolution in the insurance sector is Irish Life, who recently won the 2024 AI Award for Best Application of AI in Consumer/Customer Service. In the episode, Peter tells us more about Irish Life's winning AI application CARA and its impact on the customer experience. Topics include: 0:00 His journey from actuary turned AI leader with entrepreneurial experience 2:29 Driving AI innovation through collaboration and clear communication 4:14 How CARA accelerates claim payouts, prioritizing empathy and technology 5:36 Start with the "why" and how motivated change impacts Irish society 6:47 The need to understand processes, then use AI to automate and assist 7:59 Why LLMs excel at analyzing language, but user comfort is key 10:42 Reducing Claim acknowledgment time from nine to less than three days 11:39 How AI adds a fourth layer to enhance claim assessment insights 13:06 How AI will handle small tasks, improving claims processing and personalization 14:33 Advice to start with a clear purpose, learn by doing and evolve

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