Artificial intelligence does not have to feature in your business strategy to make an impact. It is one of the tools your company has to help you meet your goals. Good old insurance goals such as “more revenue here”, “lower expenses there”, “increase market share by x%”, etc are perfectly fine. In fact, measurable goals such as those are well suited, as it will make it easier to estimate the impact your projects had on those metrics.
After you communicate your goals to your teams, they must come up with relevant projects. This requires expertise in a number of topics (AI / machine learning, operations, finance, actuarial, sales, legal, etc). Therefore, cross-team collaboration is necessary. Suggesting feasible projects will take time, learning which ones show promise will take time too so bear that in mind, do not expect quick miracles. Your people will then have to make it work, which, again, takes time. How your teams generate these projects is a conversation for another day.
Something I think is very important is keeping your focus. Call it commitment if you prefer. You should ensure that your AI projects are always aligned with your strategy and contribute to your goals. Everyone involved must have a clear picture of how that is going to happen, that is, how a project is adding value and contributing to the strategy. Once your teams understand what you are trying to achieve, they will be able to come up with innovative solutions of their own. Find that focus and commit to it. It will also help you prioritise projects according to their contribution.
Knowing what to avoid is as important as knowing what you need to focus on. Distractions take time and resources, learning early on that something is not worth pursuing should not be seen as failure, but as progress that saves you time and money. It is a necessary part of the journey to success. If you do this iteration faster than your competitors, you will have a clear advantage in time and cost of execution. In my experience, saying no to things will often contribute more to your success than the things you say yes to. Remember: focus, avoid distractions.
Data Driven 