The 5 W’s of AI in Insurance and Its Future Potential

Print | PDF

Title: The 5W’s of AI in Insurance and Its Future Potential

Speaker: Dr. Chun Lei He | Global Director of Advanced Analytics (AA)/ Artificial Intelligence (AI) in Finance, Manulife

Date: October 24, 2024

Time: 4 pm

Room: Bricker building BA202, & Hybrid

Abstract

This talk explores the role of AI in the insurance industry using the “5W’s” framework: Who - insurers, customers, and AI developers; What - AI technologies like traditional models and large language models (LLMs) shaping the industry; When - AI adoption from early risk assessment to advanced claims processing and underwriting; Where - global AI integration; Why - AI’s benefits, such as efficiency and risk mitigation.

Looking ahead, traditional AI remains crucial for claims automation, fraud detection, personalized pricing, etc. However, LLMs are set to enhance customer service, automate policy reviews, and streamline claims processing. The convergence of traditional AI and LLM innovations promises to reshape or even redefine the insurance landscape, improving precision and customer experience. Ethical considerations, including transparency and fairness, will guide the industry’s adoption of AI technologies, envisioning a future driven.

Bio

Dr. Chun Lei He is the Director of Advanced Analytics at Manulife, a leading global AI/Advanced Analytics (AA) initiatives in finance. She collaborates with business, customer, and data technology partners to unlock the power of AI, aligning strategy with organizational goals. With over 13 years of leadership and hands-on experience, Dr. He has pioneered AI applications in insurance and banking, including AIDA, the first AI tool used for automated underwriting decisions in Canada. She holds a Ph.D. in Pattern Recognition and Machine Intelligence from Concordia University, with 15+ publications. In 2021, she was recognized among the ‘Top 50 Under 50 Shaping Tomorrow’ by Concordia University for her contributions to AI.