The 5W’s of AI in Insurance and Its Future Potential

Speaker:  Dr. Chun Lei He | Global Director of Advanced Analytics (AA)/ Artificial Intelligence (AI) in Finance, Manulife

Date: October 24, 2024
Time: 4 pm
Room: Bricker building BA202, & Hybrid

Abstract: This talk explores the role of AI in the insurance industry using the
“5W’s” framework:
Who - insurers, customers, and AI developers; What - AI technologies like
traditional models and large language models (LLMs) shaping the industry;
When - AI adoption from early risk assessment to advanced claims processing
and underwriting; Where - global AI integration; Why - AI’s benefits, such as
efficiency and risk mitigation.

Looking ahead, traditional AI remains crucial for claims automation, fraud
detection, personalized pricing, etc. However, LLMs are set to enhance
customer service, automate policy reviews, and streamline claims processing.
The convergence of traditional AI and LLM innovations promises to reshape or
even redefine the insurance landscape, improving precision and customer
experience. Ethical considerations, including transparency and fairness, will
guide the industry’s adoption of AI technologies, envisioning a future driven.

Bio: Dr. Chun Lei He is the Director of
Advanced Analytics at Manulife, a leading global
AI/Advanced Analytics (AA) initiatives in
finance. She collaborates with business,
customer, and data technology partners to
unlock the power of AI, aligning strategy with
organizational goals. With over 13 years of
leadership and hands-on experience, Dr. He
has pioneered AI applications in insurance and
banking, including AIDA, the first AI tool used for
automated underwriting decisions in Canada.
She holds a Ph.D. in Pattern Recognition and
Machine Intelligence from Concordia University,
with 15+ publications. In 2021, she was
recognized among the ‘Top 50 Under 50
Shaping Tomorrow’ by Concordia University for
her contributions to AI.