Rock Pine Partners
Accelerating Innovation and Insights By Unlocking the Power of AI/ML
Who
Benefits, Insurance and Risk Management Company
Why
The company sought to explore the potential of AI/ML and validate whether investing in a new platform could drive innovation and spark new products and services. They had been relying on a highly successful and rapidly aging and end-of-life enterprise data platform to support their entire business, including sales, client-facing products and solutions, service, and support and wanted to maintain market position.
How
After understanding the main stakeholder's goals, constraints, issues, and concerns, led the strategy, planning, and rollout of a transformational AI/ML-based analytics-based platform from proof of concept (PoC) to production.
To help drive adoption and demonstrate the value of an investment in a full AI program, the following considerations were identified as critical to the program's long-term success.
It must be driven by use cases that create customer and client value.
It should introduce an agile framework to qualify, quantify, and translate a need or idea into an ROI-driven prioritized backlog item.
Follow a proof of concept (PoC) based rollout of the platform and solutions using a high-value-low risk and short-duration approach to build organizational consensus and demonstrate value.
Allow for traceability and an audit trail of all AI driven results.
Provide education and knowledge transfer to the client on current offerings from the Cloud, solution and tool providers, and AI concepts utilized.
The program had to be cost-effective, minimizing significant upfront capital investment and create quick wins to build organziation momentum.
The use-case backlog was developed with the business, and the selected platform and toolset were implemented.
Several use cases were selected for the first sprint. These focused on results where the company could harness AI/ML to increase predictive accuracy and automate the process of pattern identification, data insights, and relationships. A key attribute in the initial use cases was the ability of the outcome or result to be rapidly monetized into new risk management products and services.
Results
The POC illustrated clear qualitative and quantitative benefits vs. the company's existing enterprise solutions and industry benchmarks. The company is building on the POC, processes, and knowledge provided following a positive ROI and < 1-year payback-driven strategy as it integrates and releases AI/ML and data science-driven risk management products and services into its offerings and business model.