JULY - 202319 This can be observed in the scale-up of Xiao Bang, which is an AI-powered virtual assistant launched by AIA and Xiao-I, which provides personalized customer call reminders in China. Building Products RapidlyThe industry's speed and evolving customer needs mean that AI solutions must be built fast. Specific organizational practices can help to accelerate the product life cycle. Collaboration hackathons are one way to develop complex projects quickly. In these hackathons, competing solution provider teams can be co-staffed with internal go-live relevant personnel, and led by customer experts to build a winning solution quickly.A modular approach, such as the "70 ­ 20 ­ 10" rule, can help. This rule dictates that 70 percent of a solution is deemed reusable once a solution is live in two markets. 20 percent of the solution can then be scaled with minor adjustments, with the remaining 10 percent re-built to tailor to markets.Driving Adoption and TrustAn AI solution can exist but have low adoption, due to concerns about trust and inaccuracy. Fortunately, there is a dramatic shift in AI's application to high-error-cost use cases, as risk-mitigation techniques become increasingly widespread in the AI creator community. This can mitigate the risk of errors in the insurance value chain, which can lead to high costs. There is a need for frameworks and policies to build user trust around the organization, instead of the technology. These policies should see irresponsible AI use as a cost to organizations, with the promise that every AI built is suitable, transparent, and can have its outcomes clearly explained. If done correctly, these standards can be the way for organizations to drive a meaningful conversation on AI in markets that do not have published regulations. Standards are also a great way to encourage more debate during AI creation and enhance customer focus.Using AI, the Right WayOrganizations must place their purpose and needs first to avoid falling into the traps of AI delivery. For example, AIA's approach is to have "Artificial Intelligence at the heart." Guided by this principle, AIA believes that organizations should ensure AI goes beyond being an end solution, but rather a way to meet the needs of customers and society at large. This principle has served AIA in effectively and ethically implementing our AI-powered claims processes and Xiao Bang products, enabling new customer experiences for our 32 million policyholders.If organizations want to spread the benefits of AI, the purpose must be at the heart of their AI journeys. THERE IS A NEED FOR FRAMEWORKS AND POLICIES TO BUILD USER TRUST AROUND THE ORGANIZATION, INSTEAD OF THE TECHNOLOGY
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