Ep314 George Beattie Head of Innovation & Chris Mullan Head of Data & AI CFC: Choose your adventure

Over the past couple of years we’ve been talking a lot about the potential applications of AI in insurance and where in the value chain it is going to make the best impact.
But what we haven’t done is follow the logic further and start to look into the medium term consequences for the industry.
This is why what follows is so interesting. My conversation with George Beattie (pictured, Left), Head of Innovation and Chris Mullan (pictured, Right) Head of Data and AI at CFC starts off as an examination of the innovative MGA’s application of agentic AI into its underwriting process.
That in itself is interesting enough. For example the 70-80 times speed gains for delivering bindable quotes are eye-opening, but it’s what follows that makes this podcast special.
George and Chris have done a lot of thinking about what the application of AI can really mean for the sector. They’ve done the intellectual homework and some of their conclusions will surprise you.
For example they don’t feel that AI exclusions are going to be workable and are only likely to lead to an embarrassing future climbdown for the industry.
But it’s their views on how the age of AI gives us a chance to completely re-design the insurance product from the ground up that are perhaps more insightful and offer a cautionary tale for incumbents.
Those who simply think AI will make the existing business process quicker and more efficient will almost certainly be right in the short-term, but they might be outmanoeuvred in the longer term as whole new business models emerge and leave them in their wake.

When smart and articulate experienced insurance people really grapple with tech, it helps the rest of us understand much better. George and Chris are great communicators who can translate tech jargon into practical insurance ideas. What’s even better is that they are both very grounded and are really good at deflating the tech hubris that puts so many of us insurance folk off.

In short, this one is a must-listen and alongside the recent fascinating Episode with Clyde Bernstein of Aon, ranks as one of the most insightful discussions I have had on the intersection of insurance technology and innovation for a very long time.

LINKS:
We thank our naming sponsor AdvantageGo, now part of Sapiens:
https://www.advantagego.com