PriyaPatel
TLDR:
Key points:
- Nationwide uses a Blue Team / Red Team approach to harness Gen AI capabilities.
- Data management and security are crucial in implementing Gen AI technology.
Nationwide has adopted a two-pronged management approach, consisting of a Blue Team and a Red Team, to leverage the capabilities of Gen AI. The Blue Team focuses on utilizing Gen AI to create opportunities, while the Red Team is responsible for establishing guidelines and governance to mitigate risks associated with Gen AI. Data management and security play a pivotal role in the carrier’s implementation of Gen AI technology.
The carrier has developed tools like “Chat With Your Data” using Gen AI, which allows staff members to access a secure platform to analyze and summarize documents. Nationwide also utilizes Anomalo, an AI-based data quality tool, in its claims operations.
Melanie Kolp, the senior vice president and chief technology officer at Nationwide, discusses the challenges and considerations involved in selecting and implementing third-party Gen AI tools. She emphasizes the importance of assessing the value and cost-effectiveness of these tools for the organization.
The Red Team at Nationwide has identified and addressed compliance issues related to the ethical use of Gen AI technology. Furthermore, data risks, including data quality, sufficiency, retention, privacy protection, and ethical use, are given priority to ensure that the data used in Gen AI models is accurate and secure.
A Gen AI tool developed by Nationwide for claims agents aims to streamline the claims process by summarizing lengthy claims logs into concise paragraphs, improving customer experience and efficiency.
In evaluating Gen AI insurtech startups, Nationwide looks for unique and easy-to-use solutions that offer a distinct value proposition. Startup companies must differentiate themselves by providing innovative and user-friendly tools to attract clients like Nationwide.
