Executive Insights

Insurance Business TV recently attended in Scottsdale the 25th annual TMPAA annual summit. Whilst there we caught up with leading insurance professionals to address some of the top challenges the industry is facing today. Hello, I'm here with Oman Ghor, co-founder and CEO of Further AI. Many conversations that I've been having over the years, how everything is getting more complex and certainly very niche, hyper niche within the program administrative space. I was wondering if you're seeing that in your organization, certainly how you're adapting to that. Yeah, absolutely. So it's interesting, if you think from the first principles point of view, an insurance should be a contract between the insurer and the insurer, which is very specific to their way of being. Now, on one extreme, you have, let's say, health insurance or life insurance, which is more to a consumer. That has to be a certain way because it's for masses and you don't want to have biases and so on. When it comes to commercial insurance, it's interesting, every contract can be unique. There could be the right kind of exclusions and conditions and so on. It's not been that way for a reason. All the processes were to be done manually. Right. But I think you said it's getting complex, I would say it's getting simpler in a sense because it's becoming more relevant to the audience that you are actually catering to. So for example, there could be a niche about healthcare centers in Phoenix, Arizona. That's the right niche to go after. And I think the program businesses are actually capitalizing on that, building the area of expertise in a niche and going after that, providing the right insurance, the right people, the right way. Right. That's what we're seeing as well, because the other extreme, which is an interesting extreme as well, is the personalized policies for every account. It couldn't have been possible before, but I think it's now possible with AI. Right. And I'm interested to see how that pans out as well. Right. So I want to really talk about key areas of success. Yeah. And it's important, you know, there are certain things, again, and your organization is developing to ensure that it's a forefront and center in the space. Yeah. And so one of the big thing is when you're underwriting, you have to analyze the risk. Now, imagine what happens if the entire words of information, which is the large language model, can be used to analyze that risk. Right. You just need to write a prompt and it would be able to tell you more about a particular risk. Right. You can ask a prompt and it will be able to bring in not just the entire world's information, but real-time information on the web about weather events, about crimes, and so on and so forth in a neighborhood on top of that data. So that's what we're seeing, which is enabling more niche programs to underwrite really, really well on particular risks and make the right risk selection. It's fascinating because it need not stop at just overlaying information. Now, you can use it to model information in future. So one of the things I like to do on every risk is model the potential losses on this particular risk, what could happen in future. Right. And AI can now do a very good job at modeling that out. Now, at the end of the day, it comes down to a human taking that decision because at the end of the day, you are taking a decision that, okay, I'm going to underwrite this one. But you now have more information available, more tools available that can help you make that decision better. I think that's going to move the wheel a whole lot faster towards that extreme of having more personalized policies and having more niches like these. And I think that's the right direction the world is headed. A great conversation. Thank you for speaking with me of Insurance Business TV. Thank you for having me. Thank you.