Collecting and gaining insights from data is critical to an organization’s operations and growth. But organizations still have difficulty effectively managing, analyzing and using the huge quantity of data that’s generated — and then struggle to make better decisions based on the findings.
How can technology, including artificial intelligence (AI), better capture and amplify the power of data for organizations? Aon Chief Operating Officer James Platt joined other industry COOs at the recent Financial Times’ Digital Dialogues, “Transforming Operations and the Customer Experience” and provided his thoughts.
So much effort and time may be spent on collecting and reporting data, rather than gleaning insights from the data. Take a common scenario, when a client has a risk that they want to have protected. The client will need to provide a lot of information about their historic losses and exposures. That information can still come in Excel and PDF documents, which are hard to manipulate.
Collecting data, then, can be cumbersome, as can providing that information in a structured way to insurers. The entire data analyzing process has more points like this, with lots of complicated data and difficulties with capturing and managing that data.
Analysis, and particularly pattern finding. AI can match and map data, helping firms get to the point of effectively using their data.
A simple example: Clients may need insurance certificates to better carry out their business. It can be a painful process, with data coming in from different places around likely litigation scenarios and claims. By using pretty thoughtful AI, we can prioritize which require more attention. By allowing us to focus, we’re definitely creating a much, much better customer experience.
“No code” and “low code” refer to technology systems that need configuring rather coding. They’re simpler solutions for capturing and using data. It’s not AI, but it’s a step up from many current data processes. Whether it’s small transactions or large complicated transactions, these systems can help ensure data comes in in a structured way.