QBE Insurance General Manager David Bacon Addresses Challenges and Opportunities as AI Reshapes the Commercial Insurance Industry
1. Tell us a little bit about QBE and the key issues that needed to be resolved or addressed.
QBE has been around since 1886 and has built a global presence. Our Australian business was actually the first to apply machine learning and artificial intelligence to personal injury claims within QBE.
About three years ago, we were running what I would call a process-compliant business, like most other insurers. We liked the idea of having more complex claims managed by our best people, but in order to achieve that, we were doing a lot of manual triaging of claims. Our internal experts essentially reviewed claims right after they were logged in order to identify potential risks in the portfolio. This was based primarily on whether the person who logged the claim was losing time from work. We knew there had to be a better way.
2. What were you looking for in a solution to help with these issues?
Initially, we considered building a solution ourselves but realized it would take a tremendous amount of staff time and resources. I was getting pressure internally to work with one of the more historical data and analytics (D&A) shops. Most carriers at that time were reaching out to D&A consultancies, so we engaged with them.
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