In insurance, like many large regulated industries, there's a delicate balance between driving innovation and responsibly managing risks for customers. This often slows the pace of change, especially regarding AI implementation. A leading insurance provider overcame these challenges by embracing responsible AI through Monitaur. In a short timeframe, they achieved astounding results:
One leading insurance provider reached a critical inflection point in 2023. The mature, risk-minded organization faced mounting regulatory scrutiny around AI usage in insurance while also experiencing increasing interest in their approach to responsible AI implementation.
The company needed to establish robust AI governance without hampering innovation, and they faced three key challenges:
They needed a trusted partner who could help them build a comprehensive governance framework while maintaining their commitment to social responsibility and customer trust.
Through Monitaur's centralized AI system of record, the company created clear communication channels for their AI initiatives across stakeholders. The platform simplified inventory tracking and risk evaluation while enhancing organizational transparency and alignment. As a result, they achieved improved program measurement, greater AI adoption, and increased C-suite confidence in their AI governance approach.
The company enhanced stakeholder transparency through Monitaur's AI governance platform in three ways:
To strengthen their AI vendor management, the company leveraged Monitaur to implement a third-party intake process that aligned with corporate policies. This strategic approach enabled them to proactively manage their AI vendor ecosystem while achieving several key outcomes: increased transparency across all AI initiatives, streamlined compliance processes, and significantly reduced risk exposure. The Monitaur platform serves as their central system of record, allowing them to efficiently scale their AI initiatives while maintaining the highest standards of governance.
From the start of each vendor engagement, Monitaur helps evaluate potential risks. The organization uses Monitaur to govern a growing number of third-party AI projects as internal demand rises. This seamless integration with existing third-party risk management workflows proved to be a key differentiator, resulting in improved transparency and more effective governance of vendor-provided AI solutions.
"Centralizing our AI models in one source of truth has been instrumental in advancing our governance program. Monitaur's ownership of controls and commitment to keeping them updated with laws and regulations is a huge benefit to our organization. Their expertise in AI model governance has been invaluable in helping us navigate the path forward with AI." ~Operational Resiliency Technology Engineer II
Most critically, the company leveraged Monitaur to achieve positive outcomes that built leadership confidence in their AI investments. By establishing a central system of record for AI inventory and implementing risk-based governance, they improved transparency across initiatives, streamlined compliance processes, and significantly reduced risk exposure. This governance foundation has enabled them to accelerate innovation while maintaining the highest standards of customer trust and regulatory compliance.
Using Monitaur, they governed a high-impact project designed to increase the velocity of their claims process while maintaining accuracy. By leveraging AI to enhance their claims process, they're creating a more responsive customer experience while optimizing operational efficiency.
"Monitor's vision for AI governance and applications across the entire model development lifecycle gives us confidence that we're building AI safely and responsibly to meet the needs of our customers for the long-term. They are our partner on this journey," ~AVP of Risk Management.
The company realized tangential benefits within their business processes:
This successful transformation demonstrates how the right AI governance partner can enable responsible innovation while maintaining trust and compliance. Their journey from hesitation to confident AI adoption showcases the power of having the right frameworks and tools in place.
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