Farmers Plan for Centralized AI Mechanism in Business

By Forbes

Farmers Insurance has implemented a more centralized use of its previous usage of AI in its business. The new mechanism, AI Council, is designed to dispel “fragmented” projects that had “little coordination,” resulting in the adoption of various means and vendor relationships for a similar goal. Thus, the AI Council has been key mechanism in versions for both business and IT.

AI Council is not designed to lead a business unit, but consider a solution for a problem if AI emerges as the means to confront an objective. In such cases, Farmers' AI Council institutes vertical solutions. This may consist of using “insurtech” vendors, ranging from analyzing customer verbatims, or developing chatbots, through widely available resources such as Amazon’s Lex. Plans for AI Council is focused on three categorized projects in mind: Discovery; Pilot; Production.

While, the fear of displacing human workers for the insurance company emerges when AI enters the business, the Chief Data Officer of the company states that this is an augmentation to the company:

“We see the power as being the machine working in tandem with employees. How do we use human skills where they are of most benefit to the customer? We are not focused on replacing people. Human interaction plays a huge part in our business and customer relations.”

The human connection is important to Farmers for fostering a personal connection with customers, but for more “relatively simple transactions” Farmers finds customers preferring machines for speed and availability.

 

Read more here.

02 Aug 2018

Tagged in: AI, innovation, insurtech

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