Integrating ‘technology with heart’:
Allianz and Accenture’s insights on GenAI

By Ivana Kovacevic
Senior Editor at Allianz SE
Arthur C. Clarke's observation that "any sufficiently advanced technology is indistinguishable from magic" resonates powerfully today as Generative AI (GenAI) is set to transform industries and societies. Recently, in an open, cross-sector dialog on the opportunities and implications of GenAI, Accenture’s CEO Julie Sweet joined Allianz Board Members Sirma Boshnakova, responsible for the Group’s insurance businesses in Western & Southern Europe, Allianz Direct, and Allianz Partners, and Barbara Karuth-Zelle, Allianz’s Chief Operating Officer, to discuss how GenAI is not only reshaping but revolutionizing industries. The insightful dialog hosted by Allianz highlighted not just the technological opportunities but also the strategic and ethical considerations required for these technologies to fully support the business transformation and open the door to new growth opportunities.
Sirma Boshnakova, Julie Sweet and Barbara Karuth-Zelle (from left to right)
Sirma Boshnakova, Julie Sweet and Barbara Karuth-Zelle (from left to right)

Barbara Karuth-Zelle opens by referring to science fiction movies about robots, how “in the end, we give them a human touch.” GenAI does that, giving the machine a human touch. She explains further, “What you saw in science fiction movies was people talking with machines in natural language, and that is what you’re seeing today.” While traditional AI relies on specific programming languages and human intervention, GenAI enables machines to generate original content from simple natural language prompts. That allows anyone to easily access and use huge amounts of information. It will have profound benefits for society, science and for us in our work, so it is important that everyone quickly learns how best to use it.

Building on that, Sirma Boshnakova underscores the role GenAI will play in business transformation. "It's important to talk about how emerging technologies will drive this change," she says. Consumers' feelings toward GenAI are split between fear and excitement. Fear arises from speculation, misinformation, and concerns about technology creating "Frankensteins," Sirma notes. On the other hand, excitement stems from GenAI's potential to create a seamless and borderless world, improving lives by removing friction and providing timely, guided care.

Julie Sweet goes on to emphasize the broad societal impacts of GenAI, particularly in healthcare and education. By drastically reducing drug development timelines, GenAI could bring new treatments to market much faster. Sweet highlights, "We're working with pharma companies today to take what is an average life cycle of nine years to create a new drug; and the goal is to get it to two years." In education, GenAI's ability to provide personalized learning experiences can democratize access to high-quality education, bridging gaps and creating more opportunities worldwide.

The transformative potential of GenAI isn't limited to healthcare and education; it extends deeply into the insurance sector as well. In this context, GenAI's applications are manifold, ranging from accelerating underwriting processes to enhancing customer interactions, thereby streamlining operations and significantly improving service delivery.

Both Sirma Boshnakova and Barbara Karuth-Zelle point out the potential of GenAI to eliminate outdated legacy IT systems and processes by giving people simpler ways of doing complex things, which will increase operational agility and efficiency. This vision is part of Allianz's broader strategy to integrate GenAI across the entire value chain, from underwriting and claims processing to customer service.

In underwriting, GenAI can analyze vast amounts of data, including unstructured data, to provide a comprehensive understanding of potential risks. As Sirma Boshnakova notes, "We have great examples in the area of underwriting, where we can accumulate a lot of unstructured data. With GenAI, we can grant our underwriters much more accuracy and preciseness. "Not only does this enhanced precision improve the efficiency of underwriting processes, but it also contributes to more accurate risk assessment, and far more competitive and fair pricing for customers.”

Claims processing is another area where GenAI can drive significant improvements. By automating the assessment of claims and detecting fraudulent activities through pattern recognition, GenAI can reduce the time and cost associated with claims management. Karuth-Zelle shares a tangible example: "For pet insurance, they can actually, with the use of GenAI, not only do a straight-through processing of the claim, but also the deduction of what is not insured." This automation enables faster claim resolutions, enhancing customer satisfaction and operational efficiency.

Customers stand to benefit immensely from GenAI's capabilities. Sirma Boshnakova emphasizes that customers expect seamless and intuitive interactions with their insurers. "Our clients really want a companion for life; they want a frictionless world, and they want to make sure that they have guided care at the moment that matters," she notes. GenAI can meet these expectations by providing personalized and timely responses, enhancing customer satisfaction and loyalty. “This is one of Allianz’s strengths: delivering a frictionless world on a global scale. Because no one can actually replicate this at this point in time,” she adds.
For example, Allianz is leveraging GenAI to support call center agents, allowing them to provide accurate and swift assistance. "By training our call center agents, we’re already reaching a level of accuracy where we have less than 3% mistakes," Boshnakova mentions, highlighting the tangible improvements in customer service efficiency.

By automating routine tasks, GenAI frees up employees to focus on more strategic, value-adding activities. This shift not only enhances productivity but also fosters a culture of innovation within the organization. To enable this, Karuth-Zelle refers to the training and development initiatives underway at Allianz: "Allianz Technology created an AI Run that we offered to the entire company. We already reached more than 4,000 employees in the first round." 

Allianz’s approach ensures that it remains at the forefront of ethical AI deployment, building trust through transparent practices and rigorous ethical standards. 

Julie Sweet reinforces this sentiment by highlighting Accenture's commitment to learning and training, “We believe that it is absolutely essential to the success of Accenture—and our ability to serve clients and be a place where people can build long-term careers—to have a company of learners.”

The integration of GenAI into the insurance sector carries with it significant ethical considerations as well. Julie Sweet emphasizes the necessity for responsible AI use, particularly in a heavily regulated industry like insurance. 

Allianz is committed to these principles, with both of the Allianz Board Members stressing the need for rigorous checks and regular audits to ensure AI models remain unbiased and equitable. This effort is crucial for developing AI systems that lead to fair decision-making, preserving the integrity and trust in their services. Allianz promotes a model where AI supports human decision-making, ensuring that complex or sensitive situations receive the nuanced understanding that only human agents can provide.

Allianz is committed to harnessing its transformative power to revolutionize the value delivered by the insurance industry. While GenAI opens the door to endless possibilities, it is crucial that we leverage it responsibly. By focusing on ethical standards, continuous learning, and strategic integration across the entire value chain, GenAI will benefit customers, employees, and society in ways we’ve yet to experience.
Sophy Hunter Rigommier
Allianz Partners
The Allianz Group is one of the world's leading insurers and asset managers with around 125 million* private and corporate customers in nearly 70 countries. Allianz customers benefit from a broad range of personal and corporate insurance services, ranging from property, life and health insurance to assistance services to credit insurance and global business insurance. Allianz is one of the world’s largest investors, managing around 764 billion euros** on behalf of its insurance customers. Furthermore, our asset managers PIMCO and Allianz Global Investors manage about 1.8 trillion euros** of third-party assets. Thanks to our systematic integration of ecological and social criteria in our business processes and investment decisions, we are among the leaders in the insurance industry in the Dow Jones Sustainability Index. In 2023, over 157,000 employees achieved total business volume of 161.7 billion euros and an operating profit of 14.7 billion euros for the group.
* Including non-consolidated entities with Allianz customers.
** As of September 30, 2024.
As with all content published on this site, these statements are subject to our cautionary note regarding forward-looking statements:
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