BẢN CHÉP ÂM THANH 🔗
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Hello, I'm Josh Hollander of Horton
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International. I'm pleased today to be
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hosting another episode of the insure
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techch leadership podcast. I'm joined by
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Aaron Wright of Ernext. Aaron is a
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fellow of the casualty actual society
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who spent 20 years at USAA in pricing,
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underwriting, state management,
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catastrophe management, and data
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science. Then went to the other side of
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the table at Earnex. He now leads
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professional services across North
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America, which means he is the person
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who shows up after a carrier has bought
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the technology and has to make the
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transformation actually work.
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This conversation matters right now
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because Ernest has recently
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uh developed some research that says AI
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is embedded in most or some workflows at
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81% of insurers and that 92% of them run
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formal AI governance reviews, but fewer
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than one in three executives strongly
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agree that those reviews are keeping up
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with regulation.
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Welcome, Aaron.
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>> Thank you very much. Thanks for having
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me on.
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Yeah, absolutely. Um, you you know, uh,
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ve very interested to get your your take
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on some of these points here. Uh, before
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we kind of jump into things in a little
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bit more detail, is there anything you'd
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like to add beyond what I mentioned in
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terms of background in in in terms of
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um, you know, your your own uh, personal
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career path andor
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um, what you're doing today at Ernex?
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>> Yeah.
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Good question. So I I will say I I feel
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extreme extremely blessed uh to be where
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I am today and have had the career path
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I've had. I started off at a school with
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a you know a statistics undergraduate
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going into insurance knowing about what
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other people know about insurance which
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is I know I need to buy it. and uh
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quickly I mean I I started working at
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farmers insurance and as an actuarial
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analyst and I remember calling my wife
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after about 6 months on the job saying
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I'm only 6 months out of college I
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should be getting people coffee yet I
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was put in a position where I got to be
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on the phone with a department of
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insurance defending the mathematics
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behind a rate change and uh and I
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thought this is cool this is what I need
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to do throughout my career gotten the
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opportunity to uh to work not only in
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the pricing and actuarial space but in
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reinsurance and catastrophe management,
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state management, uh data science and
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predictive modeling. Uh and through all
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of that, you get to see how all the
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different pieces and all the different
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operational decisions really do come
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together. And it's important to
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understand across the board when you
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make a decision how it impacts
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everything. I'll also say when it comes
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to moving to earnex, I had not planned
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on leaving insurance. I had always
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thought that I would die an insurance
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executive. Uh but uh you know one thing
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I'll say is living on the other side of
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the street uh I see how much uh
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different companies are stuck in
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different ways that their technology has
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been holding them back. You've probably
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heard tale of like, you know, those
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experiments they've done with mice or
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rats where they've put uh, you know,
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them in mazes and said, you know, here's
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how you go find cheese and they do it
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enough times that they can take away the
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constraints. They can take away the
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other things that would prevent them
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from having that straight shot and
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they'll still do
Load full transcript
it because that's the
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way they're trained. I see more and more
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that the legacy technology the the ways
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that we've built to get around the
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problems to still you know be innovative
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people and do cool things uh those the
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technology we've had has forced us to go
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in certain paths and uh we really need
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to to get out of some of those uh I'll
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say mazes that we've put ourselves in in
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the past.
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You know, one thing on the on the
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statistics that I quoted in the in the
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beginning from your research is
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um
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you you know I guess in particular the
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second one the 92% but but really for
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both of them you know what does it
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really mean you know to say 81% have
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have AI embedded in most or some
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workflows like you know is that
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sophisticated is it basic and then I I
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don't know I I ort of find it surprising
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that 922%
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actually have AI governance reviews but
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again it's sort of like what's the rigor
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of that um etc. So you know I guess
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that's really the heart heart of the
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discussion today but
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>> you know maybe I'm may maybe I'm jumping
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too quick to the punchline but but I
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mean I'm really curious about those
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numbers.
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>> [snorts]
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>> Yeah, absolutely. So,
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it doesn't surprise me that uh so many
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people, so many executives at insurance
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companies say, "Oh, yes, we have AI."
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Right?
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Saying you have AI and actually having
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it be something that hits, you know, the
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balance sheet that your CFO cares about
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is a very different thing.
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there there are areas in which you know
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AI I think is truly making a difference
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and there's other areas where I think
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it's still kind of hype
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>> and and I could dig into those more
but
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but to answer the the second part of uh
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the question you asked there are a lot
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of companies that have governance
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reviews right that are looking to see
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what the regulatory space looks like out
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there we're a a really conservative
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industry because we have to be right
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people are counting on us to fulfill the
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promise and so we have to be uh that
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cautious. So we're used to doing those
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types of things.
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Uh I I actually had a conversation with
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a senior executive from one of our
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customers where we were just talking
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about the future talking about how AI
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could fit into various pricing or
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underwriting workflows.
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and
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he made a comment something to the
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effect of, "Yeah, we want to do that,
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but it's kind of on the back burner
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because we want to see what regulation
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does." And so, while there are lots of
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insurance companies that have reviews,
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what 92% I think you said, have reviews
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of what's out there,
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less than a third are comfortable that
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they actually know where this is all
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going to go and what are the regulations
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going to come from. whether it's is this
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state going to put something new on me?
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Is it going to be different across
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states? Is the federal government going
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to come in and do something? Is Europe
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going to put stricter uh requirements
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out there that are going to be adopted
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across the board? Um
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there's a lot of uh I'd say just
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uncertainty.
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And so when it comes to uh you know the
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actual operational decisions that are
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making a difference that's where
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companies seem to be stepping into this
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in a very measured pace. Um now to to go
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back to to what you or what I was
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talking about earlier there are some
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places I think that are seeing real
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changes
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>> because of AI not just hype and I'll
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give you an example. So like the uh
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maybe the contact center um things we're
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actually seeing improvements in things
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such as you know the the cost per ticket
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and the handle time that's out there
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with claim centers um because AI is able
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to step in. Ernex actually has something
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in this space as well where we look at
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vertical AI really trying to give it an
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AI the right context, give it the right
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information, the right training, the
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right boundaries, the right governance
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so that for something as simple as a
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policyholder calling in to say why did
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my premium change that a call center
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representative can have served up to
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them the right information in the right
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context applicable to that policyholder
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and give a consistent answer that makes
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sense and is right. I've uh I've led
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pricing teams. I will tell you one of
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the scariest things to do is listen to
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phone calls uh of call center
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representatives trying to explain why
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premiums changed and what they did and
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then sitting there and just putting your
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head in your hands saying, "I know
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they're doing the best they can, but
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that's not right."
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>> Yeah. And so, you know, to get that
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consistent across the board is a a huge
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lift for our call center.
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>> So,
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I'm curious, you know, obviously USAA is
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a really well- reggarded organization.
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Um, you spent a long time there. I think
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you've you've made some comments um
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about, you know, having worked in the
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industry for the time that you have.
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You've seen things work well and then
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um seeing where typical inefficiencies
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were. Are there any things that
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you know you thought were were maybe
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unique to USAA but now being on the
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other side of the table you've
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discovered are pretty widespread?
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>> Yeah, absolutely.
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So when I was going through at USA, the
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last role I had there was around
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modernization
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and I was uh to put it nicely
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embarrassed by some of the the
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processes, the slowness, the technology
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we had in place. We had some technology
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that was old and we had some processes
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that had been built up to work around
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things. some that uh for example uh my
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pricing teams had um some of their some
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of my analysts were spending more time
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validating data handoffs than they were
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doing analytical work that they'd been
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trained to do, right? They taken all
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these actuarial exams to do and yet
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they're checking spreadsheets. Um, and
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so I was embarrassed and knew we needed
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to fix it and and I'll tell you they're
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they're amazing and how they're moving
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forward and and getting all that fixed.
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But when I came to Ernex and started
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seeing more broadly across the industry,
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I saw this was not a a problem with one
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company. This was a problem that is
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across the industry, right? and and it
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really has built up over time and it is
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it it's made worse
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as uh I'd say for some of these more
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innovative companies that have had
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legacy technology holding them back and
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they have built this scaffolding of
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workarounds around everything they have
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out there that almost feels like look
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we're not being held back by legacy
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technology not counting all the tech
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debt and the workarounds and the side
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projects and the ones spreadsheet that
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is actually the process that is holding
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everything up, not the system you have
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00:11:44.949
in place. Those are the things that I
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think uh sometimes hold these companies
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back. Um but but yes, it is I I found
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that it is much it is much more an
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industry problem for us to solve and not
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just a one company or another company
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problem to solve.
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>> And then one maybe from the other side.
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So,
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did did did you have sort of a a
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perception of I I always hate the word
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vendors, but for lack of a better term,
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vendors uh when you were inside and now
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that you're on the other side of the
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table, you know, do you see a different
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reality?
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>> Uh yes and no. Uh so I've I I think I
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there's times where even within earnex,
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I make uh my own sales team mad at me.
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uh when I tell them things like no no no
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if I got that email I wouldn't even
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respond. Um and I was in the position of
00:12:40.320 --> 00:12:43.829
being an insurance executive that got
00:12:43.839 --> 00:12:46.710
tens dozens of emails every day from
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various vendors saying we can fix all
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your problems. Um, the the ones that
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made a difference for me back then were
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the ones that I, you know, knew
00:12:58.160 --> 00:12:59.910
something about me, were introduced to
00:12:59.920 --> 00:13:02.470
me by someone else that, you know, I had
00:13:02.480 --> 00:13:06.629
seen actual results from, uh, that I had
00:13:06.639 --> 00:13:08.310
any sort of a personal relationship
00:13:08.320 --> 00:13:11.829
with, or that had that one tagline that
00:13:11.839 --> 00:13:13.350
that actually caught my attention
00:13:13.360 --> 00:13:14.790
because it was a problem I was already
00:13:14.800 --> 00:13:16.150
trying to fix. not something they're
00:13:16.160 --> 00:13:17.670
trying to teach me that I had a problem
00:13:17.680 --> 00:13:19.829
with, but a problem I already had that I
00:13:19.839 --> 00:13:21.990
needed to fix. When I now that I'm on
00:13:22.000 --> 00:13:25.350
the vendor side, I see how hard uh all
00:13:25.360 --> 00:13:27.509
these sales people work to really get
00:13:27.519 --> 00:13:32.470
the word out there. Um and it is uh it
00:13:32.480 --> 00:13:35.910
is sometimes difficult um you know for
00:13:35.920 --> 00:13:39.110
various executives that are pulled into
00:13:39.120 --> 00:13:41.030
the dayto-day
00:13:41.040 --> 00:13:43.910
of just keeping the business running
00:13:43.920 --> 00:13:46.230
keeping things afloat to be able to
00:13:46.240 --> 00:13:48.949
think strategically to say not just what
00:13:48.959 --> 00:13:50.710
am I doing today but what should I be
00:13:50.720 --> 00:13:52.389
doing in the future you know if if I
00:13:52.399 --> 00:13:55.110
took away the the maze that's in front
00:13:55.120 --> 00:13:57.750
of me or this you know legacy system
00:13:57.760 --> 00:13:59.910
that's forcing ing me to do one thing or
00:13:59.920 --> 00:14:01.590
another.
00:14:01.600 --> 00:14:03.350
Does that executive have enough time to
00:14:03.360 --> 00:14:05.750
really think forward thinking about what
00:14:05.760 --> 00:14:10.069
they need to do? Uh so if I had known
00:14:10.079 --> 00:14:11.829
now a little bit more what I'd known
00:14:11.839 --> 00:14:13.189
then, I think I probably would have
00:14:13.199 --> 00:14:15.269
carved out even more time to think
00:14:15.279 --> 00:14:16.389
strategically.
00:14:16.399 --> 00:14:16.790
>> Yeah.
00:14:16.800 --> 00:14:19.670
>> Back in in those positions. Uh but but
00:14:19.680 --> 00:14:21.670
that's where you know both sides have to
00:14:21.680 --> 00:14:24.389
take a grain of salt and say you know
00:14:24.399 --> 00:14:26.150
these executives and insurance companies
00:14:26.160 --> 00:14:27.910
they've got important things they got to
00:14:27.920 --> 00:14:30.870
keep running and get done and they have
00:14:30.880 --> 00:14:33.829
to think strategically. So, you know, if
00:14:33.839 --> 00:14:36.150
we on the vendor side can make sure that
00:14:36.160 --> 00:14:38.550
they they're getting what they need when
00:14:38.560 --> 00:14:40.710
they need it and being able to to be
00:14:40.720 --> 00:14:45.189
shown not just the sales pitch, but uh
00:14:45.199 --> 00:14:47.110
what is the reality and what could what
00:14:47.120 --> 00:14:48.710
could life look like in the future if
00:14:48.720 --> 00:14:51.910
they started to make some changes.
00:14:51.920 --> 00:14:54.230
So, you know, I think one of the points
00:14:54.240 --> 00:14:57.750
you've you've made is that there's
00:14:57.760 --> 00:15:00.550
um you know, technology is one thing,
00:15:00.560 --> 00:15:02.710
but there really needs to be alignment
00:15:02.720 --> 00:15:05.670
across an organization to have effective
00:15:05.680 --> 00:15:07.189
transformation.
00:15:07.199 --> 00:15:10.470
Um, someone I've I've done some some
00:15:10.480 --> 00:15:13.269
things with over the years and insure
00:15:13.279 --> 00:15:15.189
has often used the term innovation
00:15:15.199 --> 00:15:17.350
theater. So, I guess maybe I'll I'll
00:15:17.360 --> 00:15:19.990
I'll I'll sort of copy that and say, you
00:15:20.000 --> 00:15:22.790
know, what makes for real transformation
00:15:22.800 --> 00:15:24.470
versus just sort of transformation
00:15:24.480 --> 00:15:26.710
theater.
00:15:26.720 --> 00:15:30.389
>> I I like that transformation theater. Uh
00:15:30.399 --> 00:15:34.790
many sales cycles sell the demo. It's on
00:15:34.800 --> 00:15:36.550
the implementation side that we're
00:15:36.560 --> 00:15:39.030
absorbing reality that maybe didn't make
00:15:39.040 --> 00:15:43.189
it into the slide. Right. So,
00:15:43.199 --> 00:15:45.590
you talked about ownership. I think that
00:15:45.600 --> 00:15:48.470
uh I've been through quite a few
00:15:48.480 --> 00:15:51.269
implementation projects now on both
00:15:51.279 --> 00:15:55.509
sides and you're right that if ownership
00:15:55.519 --> 00:15:58.949
is not there then implementation not
00:15:58.959 --> 00:16:00.710
only goes slow but it sometimes just
00:16:00.720 --> 00:16:03.670
doesn't even happen right you it's not
00:16:03.680 --> 00:16:05.829
at implementation that you notice it
00:16:05.839 --> 00:16:09.590
it's it's 3 to 6 months into a project
00:16:09.600 --> 00:16:11.189
where
00:16:11.199 --> 00:16:13.350
somebody has to make a decision to kill
00:16:13.360 --> 00:16:15.990
a customization
00:16:16.000 --> 00:16:17.350
something that you know the company's
00:16:17.360 --> 00:16:20.310
built up over time or force a business
00:16:20.320 --> 00:16:23.829
unit to change how it works. And if
00:16:23.839 --> 00:16:26.069
there's no single owner with the real
00:16:26.079 --> 00:16:28.470
authority to actually get that done,
00:16:28.480 --> 00:16:31.749
then it's not going to happen. Most
00:16:31.759 --> 00:16:33.269
programs are not going to fail at the go
00:16:33.279 --> 00:16:34.870
live, right? They're going to fail three
00:16:34.880 --> 00:16:36.790
months before it. They're going to when
00:16:36.800 --> 00:16:39.590
somebody has to make that unpopular call
00:16:39.600 --> 00:16:41.590
and there's nobody with authority to
00:16:41.600 --> 00:16:43.990
actually make it happen. those shadow
00:16:44.000 --> 00:16:46.470
legacy processes are just going to keep
00:16:46.480 --> 00:16:50.069
going. Um, nobody's going to kill their
00:16:50.079 --> 00:16:52.629
own uh customization that they put in
00:16:52.639 --> 00:16:54.550
that they own that they they're very
00:16:54.560 --> 00:16:56.150
proud of, right? They need somebody from
00:16:56.160 --> 00:17:00.389
the top with the vision to say hold on
00:17:00.399 --> 00:17:02.470
uh we have to think about this long
00:17:02.480 --> 00:17:05.429
term, not just in small buckets or what
00:17:05.439 --> 00:17:08.150
individuals do throughout the process.
00:17:08.160 --> 00:17:11.669
The the other place where I've seen uh
00:17:11.679 --> 00:17:15.510
leadership really come into this has to
00:17:15.520 --> 00:17:20.069
do with uh parallel processes. Uh
00:17:20.079 --> 00:17:23.270
anytime you're going to put uh you know
00:17:23.280 --> 00:17:27.510
modernization into effect. Uh it's not
00:17:27.520 --> 00:17:29.110
going to be where you build it all on
00:17:29.120 --> 00:17:32.230
the side and then people come into work
00:17:32.240 --> 00:17:33.430
one day and everything will be
00:17:33.440 --> 00:17:36.549
different. Uh you're building it up.
00:17:36.559 --> 00:17:38.950
you're running parallel processes. Uh
00:17:38.960 --> 00:17:40.789
you're testing and learning into it. You
00:17:40.799 --> 00:17:42.070
maybe, you know, are doing it for one
00:17:42.080 --> 00:17:44.549
line of business or a few states within
00:17:44.559 --> 00:17:47.190
a line of business or for one team and
00:17:47.200 --> 00:17:51.270
not other teams. Um what that causes is
00:17:51.280 --> 00:17:54.710
it it's a risk to the project because
00:17:54.720 --> 00:17:56.789
you're causing real fatigue in the
00:17:56.799 --> 00:17:59.029
people that are actually saying, "You
00:17:59.039 --> 00:18:00.789
told me my job was going to get better
00:18:00.799 --> 00:18:03.669
as it was going to get easier.
00:18:03.679 --> 00:18:05.350
Yet this is not easier and this is not
00:18:05.360 --> 00:18:07.430
better. I'm running two processes at
00:18:07.440 --> 00:18:08.390
this point.
00:18:08.400 --> 00:18:08.710
>> Yeah.
00:18:08.720 --> 00:18:11.750
>> And there's burnout. So without
00:18:11.760 --> 00:18:13.350
leadership there to set the right
00:18:13.360 --> 00:18:16.230
expectations and make sure that things
00:18:16.240 --> 00:18:18.230
are progressing and to watch for that
00:18:18.240 --> 00:18:22.870
risk, then it can it can kill a project
00:18:22.880 --> 00:18:24.789
or at least kill momentum within a
00:18:24.799 --> 00:18:28.310
project.
00:18:28.320 --> 00:18:31.029
I I'm also curious given your background
00:18:31.039 --> 00:18:34.150
as an actuary, does that influence
00:18:34.160 --> 00:18:36.870
your approach in in in sort of how you
00:18:36.880 --> 00:18:39.909
advise clients and then also how you run
00:18:39.919 --> 00:18:42.710
projects?
00:18:42.720 --> 00:18:45.830
>> Oh, as an actuary, uh so I I'll tell you
00:18:45.840 --> 00:18:47.830
as as an actuary, what it does is it
00:18:47.840 --> 00:18:49.750
makes me love spreadsheets and numbers
00:18:49.760 --> 00:18:53.029
and data. Um which, uh I I say tongue
00:18:53.039 --> 00:18:55.909
and cheek, but it's true. Um I I am
00:18:55.919 --> 00:18:59.510
responsible uh you know for many many
00:18:59.520 --> 00:19:01.750
I'll say userdefined applications to
00:19:01.760 --> 00:19:04.630
work around systems in the past because
00:19:04.640 --> 00:19:06.549
I want to get things done and I've built
00:19:06.559 --> 00:19:09.669
them on my own on the side. So it it
00:19:09.679 --> 00:19:12.310
helps me I'll say within projects to
00:19:12.320 --> 00:19:15.590
sympathize with these teams that say but
00:19:15.600 --> 00:19:17.750
look at this amazing thing we've done.
00:19:17.760 --> 00:19:20.470
Uh but but as a leader, we have to be
00:19:20.480 --> 00:19:23.430
able to put some of that aside um and
00:19:23.440 --> 00:19:26.470
and be able to say where do we start?
00:19:26.480 --> 00:19:28.789
Where do we end? Where are our success
00:19:28.799 -->
00:19:31.430
metrics? Let's put some actual
00:19:31.440 --> 00:19:33.110
governance in place. Let's put some
00:19:33.120 --> 00:19:36.150
schedules, process checks to get things
00:19:36.160 --> 00:19:39.750
done. Uh so, you know, yes, being an
00:19:39.760 --> 00:19:41.510
actuary makes me love spreadsheets. It
00:19:41.520 --> 00:19:45.270
makes me love data. uh but uh growing
00:19:45.280 --> 00:19:47.909
into a leader it's helped me see how we
00:19:47.919 --> 00:19:49.430
have to have that bigger picture in
00:19:49.440 --> 00:19:50.549
mind.
00:19:50.559 --> 00:19:52.789
>> Yeah. Just one one quick question on
00:19:52.799 --> 00:19:56.950
that. So it sounds like um you know that
00:19:56.960 --> 00:19:59.909
with with all the AI tools available now
00:19:59.919 --> 00:20:02.150
that that you know the term builder is a
00:20:02.160 --> 00:20:04.310
big one. Uh you know individuals can be
00:20:04.320 --> 00:20:07.270
builders now. So, it sounds like,
00:20:07.280 --> 00:20:08.710
you know, whether it's spreadsheets or
00:20:08.720 --> 00:20:10.710
or other
00:20:10.720 --> 00:20:12.630
um sort of personal tools you developed,
00:20:12.640 --> 00:20:14.390
it sounds like you've been kind of that
00:20:14.400 --> 00:20:17.830
that that builder profile for a while
00:20:17.840 --> 00:20:21.669
now. Has the availability of of of sort
00:20:21.679 --> 00:20:23.350
of tools to use personally, not
00:20:23.360 --> 00:20:25.350
necessarily, you know, organizationwide
00:20:25.360 --> 00:20:27.350
big AI initiatives, but tools available
00:20:27.360 --> 00:20:29.590
to use personally change the way you you
00:20:29.600 --> 00:20:32.630
work or do any of that building at all?
00:20:32.640 --> 00:20:36.149
>> It does. Um, so
00:20:36.159 --> 00:20:37.750
you have to be careful when you're doing
00:20:37.760 --> 00:20:39.190
anything for work, right? Because
00:20:39.200 --> 00:20:40.470
especially in the the governed
00:20:40.480 --> 00:20:42.070
environment we live, it has to make sure
00:20:42.080 --> 00:20:43.909
that the data is protected and all the
00:20:43.919 --> 00:20:47.029
rest of that. So I will say some at work
00:20:47.039 --> 00:20:49.750
and some in my personal life, I love the
00:20:49.760 --> 00:20:52.870
availability of vibe coding, right?
00:20:52.880 --> 00:20:56.630
uh it if I have to get things done now
00:20:56.640 --> 00:20:59.510
and I want something pretty uh you know
00:20:59.520 --> 00:21:02.230
a nice way to do it with vibe coding I
00:21:02.240 --> 00:21:03.990
can usually put something together
00:21:04.000 --> 00:21:07.190
pretty darn fast. Uh if I want to use
00:21:07.200 --> 00:21:09.909
that though in an insurance environment
00:21:09.919 --> 00:21:11.350
uh that doesn't that's where it doesn't
00:21:11.360 --> 00:21:13.430
fly right if I'm building a prototype to
00:21:13.440 --> 00:21:15.909
say art of the possible that's one thing
00:21:15.919 --> 00:21:18.789
but if I want long-term governance if I
00:21:18.799 --> 00:21:21.350
want uh you know assurityity that it'll
00:21:21.360 --> 00:21:23.990
work not just for my main use case but
00:21:24.000 --> 00:21:28.549
extensible to to others uh
00:21:28.559 --> 00:21:30.549
I am happy to build a prototype with
00:21:30.559 --> 00:21:34.710
vibe coding um and show it to my IT team
00:21:34.720 --> 00:21:37.029
show it to my developers and say, "No,
00:21:37.039 --> 00:21:39.190
no, no. I'm not just going to write up a
00:21:39.200 --> 00:21:40.870
description about what I needed to do. I
00:21:40.880 --> 00:21:42.950
can show you here's what it does in the
00:21:42.960 --> 00:21:45.830
best use case." But I understand that on
00:21:45.840 --> 00:21:48.870
my side, um, that there's too much at
00:21:48.880 --> 00:21:50.870
stake within insurance companies to
00:21:50.880 --> 00:21:53.830
trust somebody like me to vibe code
00:21:53.840 --> 00:21:56.070
something up to use on a long-term
00:21:56.080 --> 00:21:57.190
basis.
00:21:57.200 --> 00:22:00.310
>> Yeah. So, I want to make sure we we get
00:22:00.320 --> 00:22:02.149
to
00:22:02.159 --> 00:22:06.149
um the agents that that uh Ernex
00:22:06.159 --> 00:22:09.430
launched uh earlier this year, I think a
00:22:09.440 --> 00:22:13.590
month or or so ago. Um could you share a
00:22:13.600 --> 00:22:15.590
little bit more about you know what you
00:22:15.600 --> 00:22:18.230
guys are are offering and you know what
00:22:18.240 --> 00:22:21.190
what you see agents actually doing in a
00:22:21.200 --> 00:22:23.510
carrier today and you know is it
00:22:23.520 --> 00:22:25.110
complementing what people are doing? Is
00:22:25.120 --> 00:22:27.830
it yeah, you know, replacing what people
00:22:27.840 --> 00:22:30.070
are doing and and how it's kind of
00:22:30.080 --> 00:22:32.580
fitting into the to the workflows.
00:22:32.590 --> 00:22:33.029
[snorts]
00:22:33.039 --> 00:22:36.549
>> Yeah, that's a great question. So, so
00:22:36.559 --> 00:22:38.950
let me start by just saying in general
00:22:38.960 --> 00:22:43.029
um our view of how AI should be used
00:22:43.039 --> 00:22:46.549
within insurance is to enable expertise,
00:22:46.559 --> 00:22:49.430
right? uh there's probably going to be
00:22:49.440 --> 00:22:53.270
some jobs that uh you know down the line
00:22:53.280 --> 00:22:55.750
could be are are going to be impacted,
00:22:55.760 --> 00:22:58.310
you know, but the reality is we're not
00:22:58.320 --> 00:22:59.830
seeing companies and we probably
00:22:59.840 --> 00:23:01.270
shouldn't be seeing companies that are
00:23:01.280 --> 00:23:02.870
saying I'm going to replace 20% of my
00:23:02.880 --> 00:23:06.710
workforce with AI. That's that's not the
00:23:06.720 --> 00:23:09.029
right stage we're at right now. where we
00:23:09.039 --> 00:23:11.830
are now is we need to be saying for the
00:23:11.840 --> 00:23:13.350
experts that are out there, how do we
00:23:13.360 --> 00:23:15.110
take some of the lowhanging fruit, the
00:23:15.120
--> 00:23:16.390
things that they're doing within their
00:23:16.400 --> 00:23:19.750
job and make it easier. Uh companies
00:23:19.760 --> 00:23:22.149
have innovation all the time that sits
00:23:22.159 --> 00:23:24.149
on the shelf because they just can't get
00:23:24.159 --> 00:23:27.990
it into production. AI is no different.
00:23:28.000 --> 00:23:32.230
So what we at Ernex have really uh are
00:23:32.240 --> 00:23:33.750
launching right now and have already
00:23:33.760 --> 00:23:35.270
launched earlier this year and starting
00:23:35.280 --> 00:23:38.230
to use some of our customers is the
00:23:38.240 --> 00:23:40.710
concept of uh AIOS. And while I won't
00:23:40.720 --> 00:23:43.830
get into the the full uh talk track
00:23:43.840 --> 00:23:46.870
here, what I will tell you is that uh we
00:23:46.880 --> 00:23:50.789
allow for verticalized contextualized AI
00:23:50.799 --> 00:23:53.270
within the earnex and uh insurance
00:23:53.280 --> 00:23:55.990
framework to be embedded in the workflow
00:23:56.000 --> 00:23:58.549
of what it is that our customers are
00:23:58.559 --> 00:24:01.750
doing today. helping them actually see
00:24:01.760 --> 00:24:04.390
um how different parts of the flow and
00:24:04.400 --> 00:24:07.590
the process actually can be governed so
00:24:07.600 --> 00:24:09.750
that when as that regulation is evolving
00:24:09.760 --> 00:24:12.070
that it's all controlled. You know
00:24:12.080 --> 00:24:13.750
exactly what's there, how it's being
00:24:13.760 --> 00:24:16.230
done, how it's being operationalized
00:24:16.240 --> 00:24:17.990
um and it's actually helping the people
00:24:18.000 --> 00:24:19.269
at the point where they're making
00:24:19.279 --> 00:24:21.750
decisions. I gave an example a little
00:24:21.760 --> 00:24:23.269
earlier as we're in our discussion
00:24:23.279 --> 00:24:24.870
around those call center
00:24:24.880 --> 00:24:27.909
representatives. Um, we had one of our
00:24:27.919 --> 00:24:31.669
customers tell us that the the tenure
00:24:31.679 --> 00:24:34.230
the average tenure for call center
00:24:34.240 --> 00:24:35.990
representatives is about 12 months at
00:24:36.000 --> 00:24:38.149
their company and it takes 18 months to
00:24:38.159 --> 00:24:40.549
get them fully trained. Well, that
00:24:40.559 --> 00:24:43.190
doesn't work. And so, if you can instead
00:24:43.200 --> 00:24:46.470
be able to embed this verticalized AI
00:24:46.480 --> 00:24:49.830
within to do something like explain uh
00:24:49.840 --> 00:24:52.470
why premium changed, right? that that
00:24:52.480 --> 00:24:55.269
makes it not only so that the training
00:24:55.279 --> 00:24:57.990
burden that's on this is shrunk so that
00:24:58.000 --> 00:25:01.350
you're getting them up and going faster,
00:25:01.360 --> 00:25:03.590
but I also wonder while I haven't seen
00:25:03.600 --> 00:25:06.310
numbers on this if it could extend that
00:25:06.320 --> 00:25:08.310
12 months to something longer by making
00:25:08.320 -->
00:25:11.269
somebody's job that much easier and that
00:25:11.279 --> 00:25:13.269
much better. Right? Not only is the
00:25:13.279 --> 00:25:15.990
company having good consistent
00:25:16.000 --> 00:25:18.070
explanations from customer to customer
00:25:18.080 --> 00:25:21.110
that match reality, uh, but for a call
00:25:21.120 --> 00:25:23.909
center agent who is juggling everything
00:25:23.919 --> 00:25:25.990
under the sun to be able to have
00:25:26.000 --> 00:25:28.070
something brought directly to them that
00:25:28.080 --> 00:25:30.470
it has access to all the operational
00:25:30.480 --> 00:25:34.070
decisions, the customer's profile, the
00:25:34.080 --> 00:25:36.070
right constraints put around it around
00:25:36.080 --> 00:25:38.310
what language should be there um, and
00:25:38.320 --> 00:25:40.149
served up to them right when they need
00:25:40.159 --> 00:25:42.710
it in the tools they're already
00:25:42.720 --> 00:25:45.510
That's gold and that's what makes uh
00:25:45.520 --> 00:25:47.350
makes things actually work and better
00:25:47.360 --> 00:25:49.590
and that's what'll flow through then to
00:25:49.600 --> 00:25:52.470
your CFO's bottom line.
00:25:52.480 --> 00:25:54.950
>> So I don't even know the right time
00:25:54.960 --> 00:25:57.269
frame to use anymore. You know in the
00:25:57.279 --> 00:25:58.789
past I would have said three years out
00:25:58.799 --> 00:26:00.950
but things are moving so quickly. I I
00:26:00.960 --> 00:26:03.590
don't know what what what to use. But
00:26:03.600 --> 00:26:09.669
you know what what is a team actually
00:26:09.679 --> 00:26:10.870
you know and maybe you can talk about
00:26:10.880 --> 00:26:13.430
individual personas but what is a team
00:26:13.440 --> 00:26:16.310
actually doing sort of all day once this
00:26:16.320 --> 00:26:18.870
is really working and and embedded in
00:26:18.880 --> 00:26:21.669
our organizations.
00:26:21.679 --> 00:26:24.950
Yeah, I I don't think that the
00:26:24.960 --> 00:26:28.470
the steps needed to price an insurance
00:26:28.480 --> 00:26:32.149
policy or to determine the right, you
00:26:32.159 --> 00:26:34.070
know, underwriting analytics and, you
00:26:34.080 --> 00:26:36.070
know, knock criteria, underwriting
00:26:36.080 --> 00:26:37.430
guidance. I don't think that the
00:26:37.440 --> 00:26:39.750
fundamentals around that changes. I
00:26:39.760 --> 00:26:42.630
think what does change is that the
00:26:42.640 --> 00:26:45.909
decisions that are being made, the speed
00:26:45.919 --> 00:26:48.870
it takes to get things done. uh for
00:26:48.880 --> 00:26:51.269
example you know a data scientist that's
00:26:51.279 --> 00:26:55.269
building a loss cost model uh for you
00:26:55.279 --> 00:26:57.750
know insurance pricing
00:26:57.760 --> 00:27:00.630
when I did some of the first ones back
00:27:00.640 --> 00:27:03.190
in the early 2000s it took me forever it
00:27:03.200 --> 00:27:05.830
took me months to get it done because I
00:27:05.840 -->
00:27:07.269
didn't know what I was doing the
00:27:07.279 --> 00:27:09.669
technology was new
00:27:09.679 --> 00:27:13.110
nowadays there's actually and I'll tell
00:27:13.120 --> 00:27:14.950
you earnex has some of this embedded in
00:27:14.960 --> 00:27:17.750
our data science platform abilities for
00:27:17.760 --> 00:27:19.750
AI to jump in and say, "Let me tell you
00:27:19.760 --> 00:27:21.590
the difference between two versions of a
00:27:21.600 --> 00:27:24.710
model. Let me suggest variables that you
00:27:24.720 --> 00:27:27.430
should consider. Let me look at the fits
00:27:27.440 --> 00:27:29.830
that you have within there or the the
00:27:29.840 --> 00:27:31.909
bucketing of your different variables,
00:27:31.919 --> 00:27:33.990
smoothing capabilities." I mean, all of
00:27:34.000 --> 00:27:35.830
these different things that a data
00:27:35.840 --> 00:27:39.350
scientist has to consider. Now, we're
00:27:39.360 --> 00:27:40.950
not taking away the need for their
00:27:40.960 --> 00:27:43.029
expertise, but what we are doing is
00:27:43.039 --> 00:27:44.710
making it so that as they're doing their
00:27:44.720 --> 00:27:46.950
job, it's smoother along the way. And I
00:27:46.960 --> 00:27:48.310
think that's across the board with all
00:27:48.320 --> 00:27:50.070
these different experts that we're
00:27:50.080 --> 00:27:53.029
looking at that, you know, the value
00:27:53.039 --> 00:27:55.750
added work that they do today will be
00:27:55.760 --> 00:27:58.389
there and will be magnified. It's just
00:27:58.399 --> 00:28:00.230
the stuff that takes away from them
00:28:00.240 --> 00:28:02.230
actually using some of that knowledge
00:28:02.240 --> 00:28:04.389
and ability they have that needs to fall
00:28:04.399 --> 00:28:07.350
by the wayside. uh taking a spreadsheet
00:28:07.360 --> 00:28:08.950
and double-checking it between, you
00:28:08.960 --> 00:28:11.110
know, two different screens or copying
00:28:11.120 --> 00:28:15.190
and pasting data from an email into an
00:28:15.200 --> 00:28:17.909
operational system. That that shouldn't
00:28:17.919 --> 00:28:19.590
have to be somebody's job. It's not
00:28:19.600 --> 00:28:22.149
something somebody enjoys doing, and it
00:28:22.159 --> 00:28:23.350
should be something that we're able to
00:28:23.360 --> 00:28:26.230
hand to an AI and make it help uh where
00:28:26.240 --> 00:28:28.470
it's supposed to.
00:28:28.480 --> 00:28:30.310
>> So, Aaron, I really appreciate your
00:28:30.320 --> 00:28:32.230
insights. Is there anything we haven't
00:28:32.240 --> 00:28:33.750
touched on today that you'd like to
00:28:33.760 --> 00:28:37.909
cover before we wrap up?
00:28:37.919 --> 00:28:41.830
>> Maybe just at the end I I'll say that uh
00:28:41.840 --> 00:28:44.630
you know I through my career I have seen
00:28:44.640 --> 00:28:49.510
where uh legacy systems have really
00:28:49.520 --> 00:28:52.070
slowed companies down and while yes
00:28:52.080 --> 00:28:53.830
there are workarounds those are still
00:28:53.840 --> 00:28:57.029
another form of slowing us down. I I
00:28:57.039 --> 00:28:59.029
think as an industry we really need to
00:28:59.039 --> 00:29:01.510
take a hard look at what the art of the
00:29:01.520 --> 00:29:03.590
possible is in the future and we're
00:29:03.600 --> 00:29:05.830
getting pressure from both sides from
00:29:05.840 --> 00:29:07.750
you know legacy systems slowing us down
00:29:07.760 --> 00:29:09.669
from new technology with AI that's out
00:29:09.679 --> 00:29:12.070
there that can allow us to speed up and
00:29:12.080 --> 00:29:14.070
where we meet in the middle is going to
00:29:14.080 --> 00:29:16.149
be how we take our industry forward and
00:29:16.159 --> 00:29:17.510
I think it's important for us to give
00:29:17.520 --> 00:29:20.549
that the right amount of thought and uh
00:29:20.559 --> 00:29:22.470
time and effort to make sure that that
00:29:22.480 --> 00:29:24.389
happens and that we as an industry can
00:29:24.399 --> 00:29:27.510
actually move forward in the right
00:29:27.520 --> 00:29:31.029
Yeah, I mean I uh I do think sometimes
00:29:31.039 --> 00:29:33.029
there's there's too much do and not
00:29:33.039 --> 00:29:35.350
enough think. um you know sort of ready
00:29:35.360 --> 00:29:38.389
fire aim ready fire aim situation
00:29:38.399 --> 00:29:42.070
because you know and I do think to your
00:29:42.080 --> 00:29:45.990
point before you know insurance it you
00:29:46.000 --> 00:29:47.430
know it's an industry that's all about
00:29:47.440 --> 00:29:49.510
risk management so it tends to be
00:29:49.520 --> 00:29:51.029
conservative
00:29:51.039 --> 00:29:53.909
but you know inevitably it does face a
00:29:53.919 --> 00:29:55.510
lot of the same pressures that that
00:29:55.520 --> 00:29:58.070
every other industry does um you know do
00:29:58.080 --> 00:30:01.190
more do faster do more efficiently do
00:30:01.200 --> 00:30:07.669
cheaper um And um and uh
00:30:07.679 --> 00:30:12.549
you know it can and it can create uh uh
00:30:12.559 --> 00:30:14.710
you know in this this environment uh
00:30:14.720 --> 00:30:17.190
sort of that that that FOMO and and and
00:30:17.200 --> 00:30:20.470
and people can send them off down a path
00:30:20.480 --> 00:30:22.789
that that doesn't always make the most
00:30:22.799 --> 00:30:24.230
sense just because they feel like they
00:30:24.240 --> 00:30:26.149
have to do something.
00:30:26.159 --> 00:30:27.990
>> Yeah. Very true.
00:30:28.000 --> 00:30:28.389
>> Yeah.
00:30:28.399 --> 00:30:30.950
>> Very true. Well, Aaron Wright, VP of
00:30:30.960 --> 00:30:33.990
Professional Services Americas at Ernex,
00:30:34.000 --> 00:30:36.070
thanks so much for joining me on this
00:30:36.080 --> 00:30:38.389
episode of the Insure Tech Leadership
00:30:38.399 --> 00:30:39.750
Podcast.
00:30:39.760 --> 00:30:43.120
>> Thank you, Josh. I love