Peppercorn AI: The future of insurance is AI
We speak to Nigel Lombard, Founder and CEO of Peppercorn AI, about why he believes AI is spearheading rapid digitalisation in the insurance sector, and the role his company is playing in this.
How are insurtechs transforming the face of insurance to a more digital proposition?
There are a few examples of insurtech supporting the industry’s transition to a more digital proposition, such as the adoption of IoT in the home insurance sector and the application of AI in claims handling, for example.
However, solutions that have created systemic change in the same way that Uber and Amazon have in their markets, are still lacking.
Our company Peppercorn AI is changing this. We’ve created a solution that seeks to transform the insurance model through the application of conversational AI.
Through our solution, insurance providers seek to gain greater efficiencies, leaner operational costs, and more accurate underwriting, pricing, and counter fraud. And consumers benefit from a more personalised experience and lower premiums.
How are insurtechs able to foster digital transformation without disrupting the flow of daily business at legacy insurers?
Ultimately, insurtechs need to make their offerings a no-brainer for incumbents. Practically speaking, this means solutions need to be easy and quick to integrate, proven and low-risk. Essential and integral to this, any insurtech solution must be founded on deep legacy insurance knowledge and expertise.
How much has P&C insurance, and surrounding regulations, insulated insurers from innovations? How is P&C insurance becoming more digitised today?
Regulation can often be subjective, confusing and vague which can stifle and distract from innovation. My view is that this has been the case with P&C and similar regulatory initiatives.
In what ways can insurers modernise their legacy platform? Must they integrate an insurtech’s platform to succeed in modernisation?
Collaborating with insurtechs and viewing them as partners is key. However, it’s essential that insurtechs are offering solutions that are rooted in industry knowledge and are easy to integrate.
Furthermore, creating entirely independent teams within incumbents can help ensure teams are free to innovate without the shackles of burdensome decision-making processes.
What considerations must insurers make when considering a technological update to their legacy systems?
There are several factors to consider when insurers update their legacy systems. Regulatory implications are absolutely essential, as well as issues like data privacy and security. Ultimately though, this boils down to the solution and how seamlessly it can be applied in the real world.
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