In the realm of growing tech innovations, generative AI stands out as a revolutionary force, and Crum & Forster (C&F), headquartered in Morristown, is embracing this evolution. The company sees AI as an asset in its operations, looking to boost productivity, efficiency, and precision in its decision-making process. Facing the complex demands of the insurance industry, which involves managing large quantities of data, C&F is turning to AI for better data processing and insight. Their foray into AI signifies a step toward redefining their work, ensuring they stay at the forefront of the industry’s technological advancement. C&F’s commitment to AI integration showcases the firm’s recognition of the technology’s potential to drive improvements and maintain a competitive edge in a data-driven business landscape.
Embracing Everyday Innovation
A cornerstone of Crum & Forster’s strategy is the adoption of a philosophy termed “everyday innovation,” which intertwines AI into the daily workflow of the company. Marc Adee, the CEO, and his team have demonstrated an unwavering commitment to this approach. A recent gathering, led by James Barrood of Innovation+, drew industry experts together to witness firsthand the company’s experiments with AI tools such as ChatGPT. The focus has been on streamlining tasks that traditionally required extensive manual input, with particular attention paid to the domain of claim summaries, a notoriously time- and resource-consuming facet of the insurance process.
C&F’s initiative, as outlined by Nick Johnson-Hill, VP of the data group, is directed at compiling AI applications to translate unstructured data into valuable insights that can drive decision-making. Although limitations in AI’s input recognition were acknowledged, there was a palpable sense of optimism about AI’s prospects for enhancing various aspects of the workflow. Initial experiments at C&F have yielded promising results, particularly in generating executive summaries of complex claims chatter. These AI-generated reports are pivotal, allowing swift and comprehensive reviews which are essential for decision-makers within the organization.
Pioneering Practical Application
C&F is spearheading AI integration within its workforce by utilizing a novel approach. The company has designated tech-savvy employees as AI ambassadors to embed AI awareness into the company culture through lively demonstrations, like the creation of a deepfake video featuring their CEO Adee. This move piqued employees’ interest by showcasing AI’s potential and its boundaries.
To bridge the gap in external AI educational content, C&F has created custom training videos, providing a bespoke learning experience on the emerging technology. These strategies are pivotal for C&F as it navigates the complexities of AI adoption in the insurance industry. The company remains active in adjusting its methods, balancing the excitement for technology with methodical business evolution, and is dedicated to fully incorporating AI into its operations, acknowledging the transformative impact it could have on the sector.
