View AI as a strategic investment, not just a cost-saver.

TLDR:

Insurers should stop looking at AI as a cost-saver. Eddie Longworth, the founder of JEL Consulting, emphasizes the importance of talent in operating AI in the insurance industry. Using AI for tasks that do not require new talent may limit its potential benefits.

Key Elements:

• Eddie Longworth of JEL Consulting stresses the importance of talent in operating AI.
• Using AI for tasks that do not necessitate new talent could limit its effectiveness.
• Insurers need to shift their perspective on AI from a cost-saving tool to a strategic asset.
• The industry should consider the potential benefits of AI beyond just cutting costs.

Longworth’s insights at the British Damage Management Association conference highlight the need for a more strategic approach to AI implementation in the insurance sector. By recognizing AI as a valuable asset that requires specialized talent to operate effectively, insurers can unlock its full potential for innovation and growth.