InsurTech LIVE 2023: Prudential’s Niki Kouri-Maglaras
In this presentation, Niki Kouri-Maglaras, Chief Digital Officer at Prudential, takes the audience through a brief history of the innovative technologies that are disrupting the insurance industry today - and how that informs the growth opportunity we have in front of us.
During her talk at InsurTech Digital LIVE 2023, she examines the rise of AI technologies like ChatGPT and other new digital technologies that have taken businesses by surprise, as well as how these tools can be used to generate business.
Kouri-Maglaras has been with Prudential since 2018, having previously worked at Deloitte and Citi Group. She is also currently a Board Observer for Eureka AI, having held that role since 2021.
The rise of data and the digital economy
During her keynote, Kouri-Maglaras addresses the fact that we are now living in an algorithmic economy. She charts a shift from statistical learning to deep learning over the last few decades, speaking on how the digital economy will only continue to increase in this way.
“A single person creates 1.7 megabytes of data per second,” Kouri-Maglaras says. “Collectively, we create 2.5 quintillion bytes of data each day.”
She speaks about the speed in which new technologies like artificial intelligence (AI) has developed, prompting us to consider how they will irreversibly change industries moving forward.
A particular example of AI that she cites in her presentation is OpenAI’s ChatGPT, stating that this kick-started a shift in collective thinking about AI technology. However, she is keen to point out that in reality, these types of systems have been in development for much longer than we think.
Disrupting insurance
Having entered a “hybrid digital agency” when it comes to insurance policies, Kouri-Maglaras addresses how insurance will only continue to be disrupted by new technologies. She notes how business leaders will need to digitally adapt and innovate to stay ahead.
Furthermore, she proposes solutions for companies that wish to continue attracting customers at scale, as well as offering advice for industry professionals on how to generate business and optimise their digital offerings.
Kouri-Maglaras’ focus is on how digital tools can ensure more dynamic and personalised insurance for the customer. Making these changes will help to better engage the customer in a digital age, she says. With such digital transformations, an insurance company can help their customers achieve their financial goals, benefiting them both.
For the full keynote, you can click on the video link above.
If you’re looking for more InsurTech LIVE content, you can find it on our website as more continues to roll out over the coming days.
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