E180 ‘Redefining Insurance with AI’ with Irish Life’s Peter Fitzsimons

Today’s guest is Peter Fitzsimons, Senior Manager – Innovation and Data at Irish Life. The application of AI is proving to be a game-changer across various industries and at the forefront of this revolution in the insurance sector is Irish Life, who recently won the 2024 AI Award for Best Application of AI in Consumer/Customer Service. In the episode, Peter tells us more about Irish Life’s winning AI application CARA and its impact on the customer experience.

Firstly, Peter discusses his path to AI which is far from conventional. Originally qualifying as an actuary in 2014, he took a transformative two-year break in Argentina before spearheading the AI work stream at Irish Life in 2020. This leap was partly inspired by the COVID-19 pandemic’s disruptions. Peter’s journey highlights the importance of approaching AI with a business-focused mindset.

During his time in Argentina, Peter co-founded a Spanish school, gaining valuable insights into small business operations. This experience instilled a strong sense of empathy and urgency, shaping his approach to innovation at Irish Life. Such life lessons underscore the critical role experiences outside traditional career paths can play in fostering innovation and empathy in business practices.

Today, Peter leads a dynamic team focused on AI innovation at Irish Life, tackling challenges by thoroughly understanding business problems before integrating technological solutions. A prime example is the development of CARA, an AI project aimed at expediting insurance claims payouts. Unlike traditional projects focused on fraud detection, CARA originated from a conversation centered around customer needs. By addressing the urgency of claims, especially for individuals facing critical life changes, CARA prioritises enhancing customer experience.

However, their AI journey was not without its challenges. Engaging stakeholders used to established processes can be daunting. However, by embodying the mantra “Help me help you,” Peter and his team emphasises collaboration and communication to drive acceptance and participation in AI initiatives. Building trust with stakeholders is crucial in ensuring the successful implementation of AI-driven changes.

The introduction of AI has significantly reduced claim processing times – from nine days to less than three. By focusing on automating and enhancing the current processes rather than reinventing the wheel, Peter’s team has improved efficiency and customer satisfaction. Importantly, automation serves as an additional tool, ensuring that no aspect of a claim goes unnoticed.

As AI technology evolves, Peter envisions a future where AI takes on more actionable roles within claims processing while ensuring customer and employee satisfaction. He anticipates the rise of personalised, complex insurance products made possible through technology. However, as Peter points out, industry-wide adoption and innovation are necessary to reach this future.

Peter and his team’s work at Irish Life exemplifies how AI, driven by empathy and innovation, can transform the insurance industry. By starting with customer needs and working backwards, Peter proves that at its heart, successful AI integration depends on understanding the human element. As AI continues to advance, the emphasis must remain on why these technologies are applied to ensure they genuinely benefit the people they aim to serve.