FWD Group Bets Big on GenAI to Transform Insurance
- By CDOTrends editors
- February 26, 2024
Insurance isn't typically known for cutting-edge tech, but FWD Group is looking to change that narrative rapidly.
The pan-Asian insurer is doubling down on AI with its expanded partnership with Microsoft. Forget those dusty old policy forms and tedious claims processes—AI is getting ready to upend the industry.
FWD is diving headfirst into GenAI, tapping into Microsoft's Azure OpenAI Service and other enterprise-focused innovations. It expects to benefit from the private networking, monitoring and security capabilities of Microsoft Azure and its advanced AI models.
As a result, FWD expects the underwriting process to become less about paperwork and more about understanding clients holistically. Even everyday tasks get a makeover, as the insurer leverages Copilot for Microsoft 365 for everyday productivity.
"We're excited to harness more next-generation innovations to develop new industry use cases and standards that we believe will shape the insurance journey of the future," says Ryan Kim, the group chief digital officer of FWD Group. "This isn't just about efficiency; it's about creating next-level experiences that put customers first."
The possibilities are as big as the Asian markets FWD operates in. Microsoft's Bill Borden sees it too: “As a pivotal player in the global financial landscape, the Asia Pacific region stands out for its dynamism and adaptability, fostering continuous growth and driving innovation.”
“We are committed to empowering our customers in the region with generative AI capabilities in a responsible way. With Microsoft’s enterprise-grade AI advancements, we are helping the financial services ecosystem accelerate innovation to drive operational efficiency and greater value creation to customers,” he adds.
But this isn't some pie-in-the-sky press release. FWD is already rocking nearly 200 AI models across its operations, with over 600 use cases. If anything, the FWD-Microsoft partnership is a signal that AI isn't just the future of insurance—it's already rewriting the rules of the game.
Image credit: iStockphoto/Poca Wander Stock