Republish from the special edition of Nextdeal (Issue 560)

Vanda Giannara, CEO DGTAL

Interview by Konstantinos E. Spirou

The benefits of digital transformation for Insurance Companies are highlighted by
Ms. Vanda Giannara, CEO of DGTAL Pathos, in an interview with the newspaper Next Deal. She also emphasizes to the fact that in order to address the challenges, Insurance Companies in Greece are increasingly turning towards Artificial Intelligence (AI) and Automation. She continues adding that AI can analyze huge data sets from natural disaster damages, such as floods and hurricanes, allowing quick decisions making when it comes to compensations, something particularly important in a country such as Greece. Responding to a relevant question, she notes that: “We do not develop AI for the sake of perfection, we develop AI for the benefit of humanity”.

Vanda Giannara

What’s the main challenge facing the Greek insurance industry as to AI adoption?

As Greece continues to stabilize economically, insurers are working to upgrade legacy systems that struggle under the weight of growing data volumes and more intricate, complex claims. This modernization is crucial, as these outdated systems can hinder the speed and accuracy of claims processing, impacting customer satisfaction and operational efficiency. Moreover, the need for digital transformation is heightened by the rise in natural disasters, which require rapid and precise assessment and response capabilities.

To address these challenges, insurers in Greece are increasingly turning to AI & automation. By integrating AI into their operations, insurers can streamline workflows and enhance compliance. For example, AI can automate claims triaging based on specific thresholds, validate data quickly and proceed to payment without human intervention. This is what our product GRABBER does. For more complicated claims where the processing of the claim and the decision as to next step is done by the experts, AI enhances risk and decision-making by early identification of high-risk claims, speedy fact finding, automated evidence management, and customizable decision rules. That is what our product DRILLER does. In a nutshell, we offer an end-to-end workflow solution that automates simple claims and helps insurers make faster, more consistent decisions in complicate cases. The result? Less delays and better outcomes!

Can AI be used in NatCat risk?

Absolutely, AI is vital for managing NatCat risks by enhancing disaster predictions, optimizing response strategies, and refining risk assessments. AI can analyze massive datasets from natural disaster claims like floods and hurricanes, allowing for fast settlement decisions. This is particularly important in a country prone to earthquakes and other natural events, where timely and precise data analysis can significantly impact recovery efforts and financial outcomes.

You announced that DGTAL is the first to launch AI insurance agents. What are the benefits of such a move?

AI agents are the next step in evolution, acting as digital assistants that manage end-to-end workflows, handle tasks previously done by teams, and enhance human decision-making rather than replacing it. By automating repetitive aspects, they allow claims adjusters to focus on more complex decision-making, resulting in faster and more precise claims processing.

Can you give an example of AI agents in action within the insurance industry?

Sure! We did a PoC for one of the largest global re-insurers, with regards to the review of disability cases which was done manually—causing delays and inconsistencies. Their assessors manually reviewed around 150 cases/day with an average of 150/200 pages, with the aim to decide whether to continue the disability payment or not. DRILLER used AI agents to process those claims using multiple tools such as OCR, anonymization, search, data extraction with explainability, automated summaries, collaboration tools, and translation. DRILLER scored 4.4 out of 5 scoring in accuracy & relevance of the answer while cutting review time by 60% in reviewing & decision making.

What’s your view on the future of AI in insurance, in Greece and abroad?

We are still in the first hour of AI in insurance. There is a lot of hype, misinformation, over or under expectations and investments that don’t bring tangible results or ROI. It seems that everyone is frustrated somehow, because they don’t get to see or experience the “AI dream”. This is to be expected in the early adoption phase we are in. My advice to my clients is: Just do it! Everyone is talking about the huge opportunity that enterprise AI offers, but very few companies go beyond the Proof of Concepts. And in PoCs is not where the ROI or the efficiency lies. The end game is not efficiency only but also differentiated value. The latter is in the data and in the expertise of the people. One last thing: the gap between PoCs and production is larger than anyone thinks. That is why PoCs need to be done fast, with a focus on production from day 1. Otherwise, everyone will be wasting their valuable time. And keep AI close to how people currently work. We are not developing AI for the sake of perfection. We are developing AI for the sake of human usefulness.

Read below the article from the special edition of Nextdeal (Issue 560) in electronic format, page 75 (click bottom right to enlarge)