Xceedance seeks AI project recommendations from insurance industry

Newly established centre aims to use AI to transform industry

Xceedance seeks AI project recommendations from insurance industry

Insurance News

By Roxanne Libatique

Global strategic consulting firm Xceedance is seeking AI projects to research for its newly established Centre of Excellence for Generative AI.

The centre is Xceedance's new initiative to develop and introduce high-ROI general AI use cases across the insurance value chain.

Prateek Vijayvergia, business leader for key accounts in Australia at Xceedance, said the company is looking for recommendations from insurance organisations across the globe regarding the potential use of generative AI to transform the insurance industry.

“We'll develop a shortlist and workshop the selected ideas within the new Centre of Excellence, providing the results at no cost to organisations that seek assistance with their use cases,” Vijayvergia said. “We're happy to work with industry participants to foster new ideas or implement known ones.”

AI research

Xceedance aims to test the potential uses of generative AI within a sandbox environment to assess its viability to bolster insurance transformation.

The Centre of Excellence team will conduct research on the selected projects, with Xceedance providing investments.

“Because generative AI is a relatively new and untested technology, Xceedance will work collaboratively with the proponents of the selected projects using the sandbox approach to research and develop the methodology for successful integration,” Vijayvergia said.

Vijayvergia further explained that collaborating with researchers at the Centre of Excellence could identify potential failure points and developmental barriers that could stop ideas from transforming into technology.

 “I look forward to hearing from Australian insurance industry participants with novel ideas on ways generative AI can assist them to expedite data processing, better manage claims processing or find answers to underwriting questions,” he said. “There are myriad ways in which generative AI can be useful, and Xceedance is happy to invest time and expertise to workshop these ideas and help them come to fruition.

“The Centre of Excellence will help motivated users gain exposure to generative AI technology with the outcome of enhancing value for clients.”

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