In this episode of Insurance 2.0, we catch up with Dr Ratneesh Suri, Head of Analytics and AI at IAG.
We hear her opinion on whether humans will ever be replaced, wise words on data and ethics and much much more.
- Today I have with me Dr Ratneesh Suri from IAG, the Head of Analytics.
- So, do you foresee that automation technology will lead us to a point where human interaction is non-existent at the time we buy and interact with insurers?
I think significant proportions of a large number of jobs will get automated, but then you talk about specialist advice like providing expertise and complex advice, probably we still need human interaction there.
So letting customers say, add a driver door policy. You would want to automate that and make it easy but things like claims decisioning, you know, especially if the answer is a no. I think it can have an impact on people and that's where humans and technology need to come together and kind of form blended and augmented workforce. Sometimes you need that human touch.
Yeah and you make it easy for people and you actually let customers interact with you in their channel of choice.
So you know online or offline, humans or bots? Customers choose.
- So, knowing that life and human behaviour are unpredictable, do you believe predictive analytics is a myth or a reality? Aside from identifying trends and patterns.
I think predictive analytics is not a myth, it's a science and it's a combination of a lot of disciplines with the core disciplines being STEM. The algorithms would make predictions but then a certain degree of confidence which would almost never get to 100%. In most cases it can help you become a lot more targeted than you would be if you were taking a blanket approach or just reaching out to a random sample. But it can never guarantee an outcome. And it's beauty actually lies in how you use it and where you use it.
You also mentioned that the human behaviour and life being unpredictable. I think human psychology is really fascinating and humans are not as rational as we think they are. 'Cause the same scenario always plays out in our customer research. When we actually ask customers, you know, how would they behave in a particular situation and usually they do not always do what they say they will do.
- Well, thank you very much for your time, Dr. Ratneesh Suri.
- Are there any final remarks or closing thoughts that you'd like to leave with us and the audience today?
The first thought will be that, when you're working with data, when anyone is working with data, use ethics as your guide, as your grounding principle and use people, and what it means for people, as your true north and you will never get it wrong.
And I think the second thought that I will leave you with which is something that I truly believe in, is that every company will eventually become a data company, a technology company.
So start today, when you've still got time and be data literate because otherwise you may not have a tomorrow. Thank you.