A.M. BestTV: Get Set for Algorithm-Driven Product Development, Says AmTrust COO

Business Wire

OLDWICK, N.J.--(BUSINESS WIRE)-- In this ^A.M.BestTV episode, Christopher Longo, executive vice president and chief operating officer, AmTrust Financial Services, Inc., said evolving artificial intelligence (AI) technology will allow insurers to use customer interaction to shape new insurance offerings. Click on http://www.ambest.com/v.asp?v=longo817 to view the entire program.

Longo highlighted how AI is impacting the insurance industry. He sees 30%-40% of tasks today performed through AI.

“AI is playing a huge role in almost every industry,” said Longo. ”It is taking care of that fundamental first touch point and getting people routed to the appropriate group or answering the most fundamental basic questions that the system can handle, such as, billing- and accounting-related questions.”

Longo said he believes AI, in any particular field, has the potential to distribute learned wisdom and new experiences to everyone in that field.

“As an individual has a new experience, AI would allow every individual to gain that same level of wisdom. It is like a hive mentality, and that is what can make it so powerful,” he said.

Longo also addressed the issue of unintended consequences.

“Technology is configured by people, and people are not perfect; therefore, systems tend to have problems. When there is an issue and if it is a new piece of technology, you do not necessarily have a person with 10 years' experience that knows it through and through, which does present a problem. Consequentially, we have to be very cautious as an industry about embracing technology too quickly.”

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^A.M.BestTV covers exclusive A.M. Best information and reports, targeted topics and key developments in the (re)insurance industry every Monday, Wednesday and Friday. Sign up for alerts of episodes at http://www.ambest.com/multimedia/ambtvsignup.html. View ^A.M.BestTV episodes at http://www.ambest.tv.

A.M. Best is the world’s oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com.