SINGAPORE, Oct. 30, 2024 /PRNewswire/ -- At the 2024 Hong Kong FinTech Week InsurTech Forum, Charles Hung, CEO of Blue Insurance; Gilbert Leung, CEO of Novo AI; and Priscilla Ng, Prudential's Group Chief Customer & Marketing Officer explored the transformative role of AI in the insurance sector. The discussion centered around AI's ability to enhance customer experience, improve operational efficiency, and navigate industry-specific challenges.
Applications and Challenges of AI in Insurance
Priscilla Ng highlighted that Prudential uses AI to sift through vast volumes of customer feedback, allowing teams to address issues efficiently and improve customer engagement. Charles Hung of Blue Insurance emphasized AI's power in providing personalized and consistent service, helping meet customer expectations at scale. Gilbert Leung from Novo AI discussed the importance of AI in fraud detection and cost control, crucial for managing escalating expenses and protecting bottom line.
However, challenges in implementing AI persist across the industry. For Prudential, data quality and prioritizing use cases are key considerations, while Blue Insurance pointed out the difficulties in sourcing skilled talent and having accurate data. Novo AI noted the rapid pace of AI development, making fast iterations and keeping up to speed with model enhancements are essential to long term success. These insights underscore the need for deliberate, well-structured strategies tailored to tackling insurance's unique challenges.
Ensuring Fairness and Accuracy with "Humans in the Loop"
A key theme throughout the discussion was the necessity of human oversight in AI to maintain fairness and accuracy. Gilbert Leung emphasized the importance of human expertise is integral at each stage of AI operations, ensuring that AI systems are designed with diligence, reducing biases and upholding ethical standards. Particularly in fields like healthcare, where AI-driven decisions impact sensitive human outcomes, this level of human judgment is essential for building trust and accountability.
AI as an Essential Tool for the Future of Insurance
Last but not least, the discussion ended with a mutual agreement that AI has progressed beyond being a competitive advantage to a survival kit. With its ability to streamline claims handling, enhance transparency, fight fraud and abuse, AI is reshaping insurance operations like never before. Meanwhile, human oversight remains indispensable to ensure that AI-driven decisions reflect both care and ethical integrity. This balanced approach to integrating AI sets a responsible path forward, allowing insurers to harness AI's potential while maintaining customer trust.
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** The press release content is from PR Newswire. Bastille Post is not involved in its creation. **
Hot from Hong Kong Fintech Week 2024: AI's Role in Transforming Insurance
SEOUL, South Korea, Oct. 30, 2024 /PRNewswire/ -- Pitch Solution has enhanced its Joycollab metaverse office platform by adding English and Japanese language support, alongside the existing Korean interface as part of its global expansion plan. This follows extensive preparations for the Japanese market entry, including local market research, participation in trade shows, usability improvements based on feedback, and engagement with local companies since early 2023.
Launched in South Korea in May 2022, Joycollab enhances remote collaboration for businesses and organizations through a user-friendly 2.5D virtual office. Accessible through PC web browsers and mobile applications, it supports features such as video conferencing (including Zoom), voice and text chat, instant messaging, and avatar gestures. It also provides essential tools such as information board, kanban board, electronic approval system, and Google integrated calendar to increase team productivity and efficiency. The platform also includes a time zone feature, ensuring that remote teams, overseas offices, and customers can collaborate effortlessly regardless of location.
Building on its success in the APAC region, Pitch Solution participated in the K-Metaverse@Vietnam exhibition in Ho Chi Minh City in September 2024. The event allowed Pitch Solution to explore the Vietnamese market, generate significant interest from local buyers and secure new partnerships.
An Jung-su, CEO of Pitch Solution, shared his vision for the company's future, stating, "Along with the Joycollab office platform, we plan to enhance our core technologies and differentiate our services through the integration of Joycollab Community World. This will expand our service offerings, support our entry into overseas markets, and create new business opportunities, driving our growth as a global company."
To celebrate, Pitch Solution is offering the first 50 companies a free three-month trial of Joycollab's premium plan. Visit https://jcollab.com/freetrial_EN.html to claim this offer.
Experience Joycollab's metaverse office home page in English https://jcollab.com/index_EN.html or Japanese https://jcollab.com/index_JP.html and visit https://pitchsolution.co.kr/ to learn more about Pitch Solution.
Contact support@pitchsolution.co.kr or https://jcollab.com/inquire_EN.html to inquire more about Joycollab or Pitch Solution's innovative service.
About Pitch Solution
Founded in February 2020, Pitch Solution Co., Ltd. specializes in collaboration solutions. With over a decade of experience in developing and operating software solutions, the company now focuses on creating immersive collaboration tools and metaverse platforms that meet the needs of the new normal era.
For media inquiries, please contact Jonggeun Park, General Manager, jgpark@pitchsolution.co.kr
** The press release content is from PR Newswire. Bastille Post is not involved in its creation. **
Joycollab by Pitch Solution Now Supports More Languages to Boost User Connectivity and Productivity
