Republish from the special edition of Nextdeal (Issue 560)

Theresa Skarlatou, CEO, Allianz Trade in Greece

In today's fast-paced business environment, the ability to make informed decisions swiftly and accurately is paramount to maintaining a competitive edge.

As the world leader in Trade Credit Insurance with more than 75.000 customers globally, at Allianz Trade we understand that every decision, no matter how small, can significantly impact our operations and customer satisfaction. With over 289 million companies in our database and thousands of daily decisions occurring across multiple departments, ensuring these decisions are data-driven is not merely a choice, but an essential requirement. This is where artificial intelligence and particularly machine learning, comes as a transformative force.

Theresa Skarlatou

For years, Allianz Trade has been on a relentless journey to integrate AI-based predictive models at every stage of its operational processes. This integration is not merely about adopting new technology; it represents a fundamental shift in how we approach problem-solving and strategic planning. There are already numerous ways in which artificial intelligence is enabling us to offer quality services and remain at the forefront of our industry.

Thanks to machine learning, we can support pricing activities, with a dedicated model developed for SMEs, that allows us to have accurate pricing with minimal information, simplifying and speeding up the sales process without compromising on proper risk assessments. Moreover, our AI-based predictive models allow us to evaluate insolvency risk more accurately - with millions of companies worldwide currently being automatically assessed. Additionally, we have introduced a system that enables automatic underwriting decisions based on machine learning, allowing us to make real-time decisions, improving productivity and customer service without sacrificing accuracy in assessments.

In the collection activities, dedicated AI helps us identify the most urgent cases and plan necessary actions more efficiently. Furthermore, the use of artificial intelligence in fraud risk assessment assists in intercepting fraudulent claims, allowing us to safeguard our profitability while further pushing automation and service quality offered to our customers.

As we look to the future, our commitment to research and development remains steadfast, particularly in the field of predictive models. This focus enables us to more effectively address the evolving needs of our business and of our customers. A key area of exploration is Generative AI, a rapidly advancing field fueled by innovations such as ChatGPT. By incorporating Generative AI into our suite of tools, we aim to elevate the automation of our processes and significantly enhance the clarity and transparency of our decision-making. This technology will empower us to articulate the rationale behind our decisions more effectively, further improving the quality of our services.

However, it's important to recognize that technology alone is insufficient without the expertise and creativity of our people. Their skills and innovative spirit are essential in shaping a successful future for our company, ensuring that we continue to thrive and lead in a rapidly evolving landscape.

Read below the article from the special edition of Nextdeal (Issue 560) in electronic format, page 76-77 (click bottom right to enlarge)