{"id":345603,"date":"2024-10-15T11:58:08","date_gmt":"2024-10-15T15:58:08","guid":{"rendered":"https:\/\/chiefexecutive.net\/?p=345603"},"modified":"2024-10-15T11:59:18","modified_gmt":"2024-10-15T15:59:18","slug":"novatae-risk-groups-richard-kerr-suggests-ceos-get-all-over-ai","status":"publish","type":"post","link":"https:\/\/chiefexecutive.net\/novatae-risk-groups-richard-kerr-suggests-ceos-get-all-over-ai\/","title":{"rendered":"Novatae Risk Group’s Richard Kerr Suggests CEOs ‘Get All Over AI’"},"content":{"rendered":"

The hype surrounding GenAI\u2019s promise is loud and infectious, but Richard Kerr believes CEOs should take a lesson from the dot-com era to keep their feet on the ground when it comes to the new technology. As the founder of one of the insurance industry’s first pure-play dot-coms, MarketScout, Kerr recalls the insanity at the turn of the century.<\/p>\n

\u201cWe had 322 competitors right out of the gate,\u201d he says. \u201cThe euphoria was underway, much like it is with AI today. But of the 322 companies that launched back then, there are now two left.\u201d<\/p>\n

MarketScout was one of the few success stories: in 2022, Kerr sold the company to Novatae Risk Group, where he now leads as CEO, and that early experience in taking a measured approach guides his AI strategy today. \u201cThese new innovations and technologies\u2014they\u2019ll never be a miraculous cure. They are incredible tools that support and promote innovation and enable us to move forward and create new products and new ideas,\u201d he says. \u201cBut at the end of the day, we still have to sell something and make a profit.\u201d<\/p>\n

Use the Tech Wisely<\/strong><\/h4>\n

As Kerr is quick to add, AI can help Novatae do that faster, better and cheaper in a highly competitive market. He points to AI\u2019s capacity to process and analyze vast amounts of data, which makes it an indispensable tool for tasks like fraud detection, underwriting and predictive analytics. \u201cInsurance is really just selling a piece of paper and a promise that we\u2019ll cover you if disaster strikes,\u201d Kerr says. \u201cThe difference today is that AI lets us do so much more with the data.\u201d<\/p>\n

For example, when insuring a building in a region prone to severe weather, AI allows Novatae to analyze data sets that predict the likelihood of events like hailstorms, which enables the company to price policies more accurately. \u201cTen years ago, we didn\u2019t have that,\u201d Kerr says.<\/p>\n

Another example: in underwriting, AI-driven data analysis helps Kerr\u2019s team assess risk in real-time. “A task that used to take an underwriter two days\u2014analyzing property data to determine whether and how we should insure it\u2014now takes 60 seconds,” Kerr says. By using AI models, Novatae can quickly process large datasets to calculate risk and determine insurance premiums, dramatically reducing the manual effort involved in underwriting and pricing.<\/p>\n

Kerr\u2019s approach isn\u2019t limited to internal operations; it\u2019s also transforming the customer experience. AI helps simplify complex insurance quotes by making policy comparisons easier to understand for both agents and consumers. \u201cIf you’re not an insurance expert, you get two quotes and you don\u2019t know the difference between them,\u201d Kerr says. Using AI, his customers can upload two policy quotes and quickly receive a clear comparison, in layman\u2019s terms, of what\u2019s covered and what isn\u2019t in each. This streamlines the decision-making process for customers and ensures they\u2019re well-informed\u2014a win-win for both the consumer and the insurer.<\/p>\n

It’s also allowing Novatae to spend marketing dollars more efficiently. \u201cMarketing strategies that are driven by AI can laser focus your marketing efforts on providing information to those people who have an interest and who will respond,\u201d says Kerr, adding that interactive marketing, a staple in the digital era, is now more effective than ever thanks to AI\u2019s ability to process and predict consumer behavior. This allows Novatae to engage with potential clients more effectively, providing tailored solutions based on insights generated from vast data sets.<\/p>\n

Develop In-House Expertise<\/h4>\n

Even while recognizing AI\u2019s significant potential, many CEOs remain wary of its reliability, particularly in terms of data accuracy. While Kerr\u2019s policy is not to share the different AI engine\u2019s Novatae uses, he says Novatae\u2019s approach includes cross-referencing data across multiple models to identify discrepancies. \u201cWe can literally pit different models against each other,\u201d Kerr explains. \u201cAnd just like with any information source you get from anywhere, you can’t just assume that every single thing that it delivers is going to be on point, right? But I’ll tell you what\u2014it’s gonna have a bigger probability of being on point than the research analyst you hired and paid $150,000 to go do that research.\u201d<\/p>\n

What every company really needs now is \u201chumans who are experts at handling this tool,\u201d says Kerr, adding that the data is out there, but the sheer volume makes it akin to \u201cdrinking from a fire hose.\u201d The biggest challenge is devoting the time necessary to figure out the best directions to take AI investment. \u201cI wish I could find a team of five people who just spend all day, every day trying to figure out how to best use AI, because it’d probably be well worthwhile. It really takes time and everybody’s doing other things as well,\u201d he says. \u201cBut frankly, that’s my job\u2014to figure out where it’s worth spending time and money on.\u201d At the moment, Novatae is developing an innovative new platform, expected to launch next year, that Kerr believes will be “a pretty significant change for how the consumer shops for insurance, all the way from home owners to business insurance.”<\/p>\n

He acknowledges that experiments don\u2019t always pan out, of course, which is always a risk in innovating. That\u2019s why it’s also the CEO\u2019s job to make the tough call to pull the plug when a particular direction isn\u2019t working. \u201cThat\u2019s more of an art than a science, and, frankly, what we\u2019re being paid to do. The CEO needs to have that intuitive sense to know when to move on. It’s kind of like, the quarterback’s thrown five interception passes and it’s third quarter\u2014it’s time for him to go. That’s hard because you\u2019re speaking with your CIO and they\u2019re like, \u2018No, this is the way to go. We have to keep going.\u2019 And sometimes the hard call is to just keep going, and sometimes it\u2019s not,\u201d says Kerr. \u201cBut that’s the experience, the knowledge, the reason you put someone in that chair as CEO is to be able to read and sense that. That\u2019s how I know the job of a CEO will not be replaced by AI\u2014because you can\u2019t go into AI and say, \u2018Hey, I’ve spent $10 million on this\u2014should I give up?\u2019 That’s not what a bot can do for you.<\/p>\n

\u201cAnd when it can?\u201d he quips. \u201cThen I guess I\u2019m in trouble.\u201d<\/p>\n

For CEOs still at the starting gate, Kerr has these three recommendations:<\/p>\n

\u2022 Don\u2019t stay on the fence<\/strong>. \u201cTake the time to study it,\u201d he says. Experimenting with AI tools and understanding their capabilities will help CEOs decide which applications will best serve the bottom line. \u201cFind some AI modules and just go in there and play with the technology.\u201d<\/p>\n

\u2022 Use multiple AI models:<\/strong> To maximize AI’s potential and its accuracy, businesses should cross-check data using multiple AI models. This approach helps identify inconsistencies and ensures the information is reliable before making key decisions. \u201cWe use them all and we’ve assimilated it where we can get the best that each one has to offer, because each is better at certain things.\u201d<\/p>\n

\u2022 Have a path towards monetization<\/strong>. \u201cSo we’re going to do all these really cool things, but once I do it, does it either save me x amount of dollars, which flow to the bottom line or does it generate additional income for me? That\u2019s the most important part is\u2014working through that.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

Kerr cautions peers to focus on tangible outcomes to avoid getting swept up in the hype. Here’s how he’s using AI to grow in a legacy industry. <\/p>\n","protected":false},"author":31,"featured_media":345610,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_oasis_is_in_workflow":0,"_oasis_original":0,"_relevanssi_hide_post":"","_relevanssi_hide_content":"","_relevanssi_pin_for_all":"","_relevanssi_pin_keywords":"","_relevanssi_unpin_keywords":"","_relevanssi_related_keywords":"","_relevanssi_related_include_ids":"","_relevanssi_related_exclude_ids":"","_relevanssi_related_no_append":"","_relevanssi_related_not_related":"","_relevanssi_related_posts":"","_relevanssi_noindex_reason":"","footnotes":"","_links_to":"","_links_to_target":""},"categories":[57295,871,879,5],"tags":[],"class_list":["post-345603","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-artificial-intelligence-ai","category-leadershipmanagement","category-strategy-2","category-technology"],"acf":[],"yoast_head":"\nNovatae Risk Group's Richard Kerr Suggests CEOs 'Get All Over AI'<\/title>\n<meta name=\"description\" content=\"Kerr cautions peers to focus on tangible outcomes to avoid getting swept up in the hype. 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