I’m thrilled to sit down with Simon Glairy, a renowned expert in insurance and Insurtech, with deep expertise in risk management and AI-driven risk assessment. With years of experience guiding insurers through technological transformations, Simon offers a unique perspective on how innovations like AI are reshaping the industry. Today, we’ll dive into a groundbreaking development in insurance product configuration, exploring how AI is streamlining processes, empowering business teams, and accelerating innovation. Our conversation will touch on the challenges of traditional methods, the power of conversational technology, and the future of rapid product development in this dynamic field.
How do you see AI transforming the insurance industry, particularly in the realm of product configuration?
AI is a game-changer for insurance, especially in product configuration. Historically, configuring insurance products has been a slow, technical process that required specialized skills and often created bottlenecks. With AI, we’re seeing tools that allow insurers to build and test products much faster by automating complex tasks and translating business needs into actionable configurations. It’s not just about speed; it’s about making the process accessible to non-technical teams, which frees up IT resources and fosters innovation across the organization.
What challenges in traditional insurance product configuration have you observed, and how is AI addressing those pain points?
Traditional configuration is often a slog—think months of back-and-forth between business and IT teams, high costs, and a heavy reliance on scarce technical talent. It’s resource-intensive because every product or variation needs custom coding or deep system tweaks. AI tackles this by simplifying the process through natural language interfaces and automation. Business users can now describe what they need in plain English, and the system interprets and builds configurations accordingly, slashing timelines and reducing dependency on tech experts.
Can you walk us through how conversational AI is making product configuration more accessible to non-technical users in insurance?
Conversational AI is like having a smart assistant that understands insurance lingo. Non-technical users—say, product managers or underwriters—can interact with the system as if they’re chatting with a colleague. They might input something like, “I need a policy for small businesses with liability coverage up to $1 million,” and the AI breaks that down into structured configurations using best practices. It’s intuitive, guiding users through the process with prompts or suggestions, which lowers the learning curve and builds confidence.
How does AI-driven configuration impact the speed and cost of bringing new insurance products to market?
The impact on speed and cost is staggering. By leveraging AI, insurers can cut product development timelines in half—sometimes from months to just weeks. Costs can drop significantly too, often by 60-75%, because you’re minimizing manual labor and the need for extensive IT involvement. A big part of this comes from rapid prototyping; AI can iterate on product designs in a fraction of the time, letting insurers test and refine ideas without burning through budgets or dragging out schedules.
What sets modern AI tools apart from older configuration methods in terms of flexibility and innovation?
Older methods were rigid—think hardcoded systems or heavy customization that locked insurers into specific workflows. Modern AI tools are built for flexibility, often using open frameworks and advanced data models that let insurers tailor products for any market or channel without starting from scratch. This adaptability means insurers can experiment with niche products or respond to market shifts quickly, driving innovation in ways that were previously too slow or costly to attempt.
How do you think empowering business teams to handle configuration independently changes the dynamics of product development?
It’s a massive shift. When business teams can configure products without waiting on IT, you’re cutting out a huge bottleneck. This independence speeds up the entire development cycle and lets those closest to the market—people who understand customer needs—take the lead. It also fosters a culture of ownership and creativity, as business users can test ideas directly rather than filtering them through multiple layers of technical translation.
In your opinion, how does the ability to deploy systems without customization benefit insurers in the long run?
Deploying without customization is a huge advantage because it reduces complexity and future-proofs operations. Insurers don’t get bogged down by bespoke solutions that are expensive to maintain or upgrade. Instead, they can use flexible, configurable platforms that adapt to their needs over time. This means faster launches, lower maintenance costs, and the ability to scale—whether that’s adding new products or expanding into new regions—without reinventing the wheel.
What role do you see rapid prototyping and iteration playing in helping insurers stay competitive?
Rapid prototyping is critical in today’s fast-paced market. Insurers need to test new ideas—whether it’s a unique coverage option or a response to a competitor—without committing massive resources upfront. With AI speeding up iteration by as much as 90%, companies can experiment, gather feedback, and refine products in real time. This agility keeps them ahead of trends and ensures they’re meeting customer demands before someone else does.
What’s your forecast for the future of AI in insurance product development over the next decade?
I think we’re just scratching the surface. Over the next decade, AI will become even more integrated into every facet of insurance product development, from ideation to pricing to claims. We’ll see smarter systems that not only configure products but also predict market needs using vast datasets. The focus will shift toward personalization—tailoring policies to individual customers at scale—and AI will be the engine behind that. It’s an exciting time, but insurers will need to balance innovation with governance to ensure trust and compliance keep pace with technology.
