It’s been three years since the launch of ChatGPT, and using generative AI tools has already become second nature for many businesses and individuals. Recent research by McKinsey found that 88% of organisations regularly use AI in at least one business function, while a previous report found that more than half of insurance leaders say gen AI could lead to productivity gains of 10 to 20%.
Here at Insly, when gen AI emerged, the team quickly realised that it would define the future of the business and how we provide value to our clients. Two years into our AI journey, and almost exactly one year after launching FormFlow, our first AI productl, the potential impact has become even clearer, and we can reflect on how far we’ve come.
Insly’s AI journey has been a period of intense learning, not only about the technology but also how to balance innovation with customer needs and concerns. Here are six lessons we’ve taken from the journey so far.
1. ChatGPT has created a rising tide
Technological change can be daunting, but there has been huge enthusiasm for AI tools. Unlike other disruptive technologies, such as blockchain, the fact that anybody can use ChatGPT in their daily lives has created a willingness to explore business use cases. People intuitively see the benefits, potential, and intuitively see that AI is vital to the future of their business. The rate of consumer adoption has been a huge driving force in the uptake of enterprise tools.
2. But trust is critical
At the same time, customers also want a sense of certainty about the security, privacy, and accuracy of AI tools before letting them loose on their data. They want to know how their data will be shared, where it will be stored, and have guarantees about the accuracy of the results. Insly quickly learned that having watertight guardrails, such as data encryption, role-based access control, and RLS-based separation, was vital to ensure client data is kept private and secure.
3. You can’t be a one-trick pony
Even AI tools that look relatively simple must account for a whole variety of user journeys and requirements. In developing FormFlow, Insly discovered that the broker submission process varies vastly from company to company, involving a combination of documents, spreadsheets, and handwritten notes, plus a whole range of objectives. As a result, the team optimised the tool to switch AI extraction strategies based on client requirements and objectives, whether speed or cost, for example. The result is a comprehensive tool that is a genuinely useful part of the value chain.
4. AI isn’t magic. Understanding how to wield it is key
It’s easy to get carried away with exciting new technologies, but don’t forget the basics. Above all, AI must meet a customer’s needs, so always remember the problem you are solving, and use the best technology for the job, rather than tech for tech’s sake. As Arthur C. Clarke said, “Any sufficiently advanced technology is indistinguishable from magic.” But it is only technology, and success only comes from deploying it effectively.
5. Keep testing and iterating
Making mistakes is par for the course when working with new tech, and the number of foundational AI models emerging means not all of them will last. The important thing is testing as many tools and strategies as possible, to learn, iterate, and fix mistakes quickly. The Insly Innovation team has built a culture of letting different models compete against each other, only using them in the product when they are 100% confident of performance.
6. Have a clear and focused objective in mind
Economies of scale don’t necessarily apply when developing AI tools. Instead, having a focused mission in mind is the best route to success. At the outset, agree on clear objectives of what you want to build, as well as the timescale and cost you’re working to. Otherwise, the process will quickly get out of hand.
AI is here to stay
Reports of an AI bubble are widespread, but genuine examples of business value are proving the cynics wrong. Of course, there’s a learning curve. But as our work at Insly shows, with continued and dedicated focus, AI brings powerful capabilities to streamline and automate clunky, manual processes, enhancing the customer experience, empowering employees, and building better businesses as a result.
