Got a great idea to use generative artificial intelligence to transform the insurance industry?
Xceedance, a global provider of strategic operations support, technology and data services for insurance organisations, is seeking potential use cases it can explore in its newly established Centre of Excellence for Generative AI.
Prateek Vijayvergia, Xceedance Business Leader — Key Accounts in Australia, says the company is canvassing ideas from insurance industry organisations across the globe, including Australia.
“We’ll develop a shortlist and workshop the selected ideas within the new Centre of Excellence, providing the results at no cost to organisations that seek assistance with their use cases,” he says.
Xceedance’s deep knowledge of both the insurance industry and generative AI has seen the company already develop a range of specific use cases that can help revolutionise an industry that has traditionally used legacy systems and manual processing across its entire value chain.
“We’re happy to work with industry participants to foster new ideas or implement known ones,” Mr Vijayvergia says.
The aim is to experiment with potential generative AI uses within a sandbox environment to assess their viability to empower insurance transformation.
The selected projects will be researched by the Centre of Excellence team with Xceedance providing significant investments to develop and introduce high-ROI generative AI use cases across the insurance value chain.
“Because generative AI is a relatively new and untested technology, Xceedance will work collaboratively with the proponents of the selected projects using the sandbox approach to research and develop the methodology for successful integration,” Mr Vijayvergia says.
He sees opportunities for insurers, brokers, underwriting agencies and others to use AI-driven initiatives in ways that span scalability, flexibility, data analytics and sustainable operations.
By collaborating with researchers at the Centre of Excellence, the proponents can identify potential failure points and developmental snags that could impede progress in transforming their raw ideas into technology that can help to grow the industry.
Mr Vijayvergia says the Centre of Excellence for Generative AI can harness the power of AI to redefine the insurance landscape, helping the industry to adapt and thrive in the evolving digital era.
“I look forward to hearing from Australian insurance industry participants with novel ideas on ways generative AI can assist them to expedite data processing, better manage claims processing or find answers to underwriting questions,” he says.
“There are myriad ways in which generative AI can be useful and Xceedance is happy to invest time and expertise to workshop these ideas and help them come to fruition.
“The Centre of Excellence will help motivated users gain exposure to generative AI technology with the outcome of enhancing value for clients,” Mr Vijayvergia says.
Xceedance provides strategic operations support, technology, and data services to drive efficiencies for insurance organisations worldwide. The company helps insurers launch products, implement intelligent technology, deploy advanced analytics, and achieve business process optimisation. For more information, visit www.xceedance.com.
Media contact: Kate Tilley, Kate Tilley Journalism Pty Ltd
P: 07 3831 7500
Release date: 4 December 2023