Dimitris Zorbas (Syndea): Redefines the landscape in the insurance industry

Republish from the special edition of Nextdeal (Issue 560)

Dimitris Zorbas, CEO, Syndea

The role of artificial intelligence (AI) is not simply altering the landscape of the insurance industry; we could say it is redefining it. From claims processing and customer service to fraud detection, risk assessment, and all the processes required for an insurance company to function, AI and the related technologies being developed help us make decisions that are faster, safer, and more evidence based. It also enables us to make more secure predictions regarding issues that are already pressing in our time and are expected to worsen, such as climate change, natural disasters, population aging, and the health issues these create. In this way, we can be better prepared both strategically and financially, adjusting our products and policies accordingly.

On an organizational level, AI reduces management costs, making us more efficient and faster. It gives us the opportunity to focus on acquiring new customers, reducing bureaucracy, attracting new talents, and specializations that will enrich our industry, bringing more dynamism and even changing the very shape of our companies as we have known them until now.

Dimitris Zorbas

In society, the effects of AI are undeniable and numerous, most of which are positive. However, there are also delicate balances that must be carefully managed, such as the protection of privacy and the potential misuse of algorithms that could lead to injustices, or the reduction of some traditional jobs. However, this is the inevitable price of progress, and as history has taught us, for some sectors that decline, new ones are created, and this is how we move forward.

Overall, AI is certainly inclusive in the social sphere, as it enables population groups that were previously excluded from private insurance to be included. Moreover, it significantly accelerates processes, reducing waiting times and strengthening the bonds of trust between customers and companies.

At Syndea, having entered a new phase in our history and operations in 2024, we are highly positive about adopting AI tools and are currently developing feasibility studies for their implementation.

In conclusion, I would like to once again highlight the opportunities that AI offers businesses and consumers, the most significant of which may be that it "opens" a good to many more of our fellow human beings, specifically referring to private insurance. Of course, as with any development of this magnitude, where the changes are tectonic, there are corresponding challenges to manage to ensure fundamental values such as security and transparency in transactions, fair and equal treatment of all consumers, and ultimately, a human-centered approach to our work.

Read below the article from the special edition of Nextdeal (Issue 560) in electronic format, page 60 (click bottom right to enlarge)