Building Trust with AI

A guide to adopting AI in highly regulated sectors

Author

Ankur Patel
June 19, 2024

This week on Pioneers, Brian Gong, Seed/Series A Investor at Cameron Ventures, shares his strategies for selling AI to traditional industries: how to understand pain points, build trust, and tailor solutions.

Brian discloses:

  • The secret sauce for AI success in traditional industries (insurance, healthcare, and banking)

  • How to develop game-changing AI solutions

  • Key components for building trust for AI adoption within highly regulated sectors

Read more for Brian’s guide on ensuring successful AI adoption through trust and understanding.

Purpose-Built AI = High Efficiency

Off-the-shelf AI solutions can help you kickstart automation.

But, as most businesses eventually realize, they are also painfully limited:

  • 👎 They often can’t integrate with existing software stacks. This forces companies to deal with disparate data silos, leaves more room for human error, and reduces overall efficiency.

  • 👎 They can’t easily adapt to changes, like new regulatory requirements, which further limits their scalability.

  • 👎 Most importantly, they aren’t tailored to specific business needs. They struggle with accuracy and often force teams to change their processes.

Fine-tuning fixes these issues:

  • It adapts AI to existing workflows, rather than forcing teams to adapt to it.

  • It enables seamless integration + data flow.

  • It lets AI easily adapt to new business needs that arise over time, making scaling easier.

  • Finally, it equips AI with much-needed company- and domain-specific knowledge. This leads to more accurate results and better outcomes.

So, by investing slightly more in tailored solutions in the early stages, companies can save drastically more in the long run. Productivity gains are simply incomparable.

TL;DR: Purpose-built AI beats ready-made solutions in every area, including long-term cost efficiency.

AI can benefit insurance in many ways — but we’ve extracted the top #10 based on our experience.

Find out what they are in this post and get inspired to implement AI yourself. Estimated reading time: 8 min.