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Artificial Intelligence for Financial and Insurance Services in New Zealand Ahumoni Me Te Inihua I Te Atamai Iahiko

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Artificial Intelligence for Financial and Insurance Services in New Zealand Ahumoni Me Te Inihua I Te Atamai Iahiko Artificial Intelligence for Financial and Insurance Services in New Zealand Ahumoni me te Inihua i te Atamai Iahiko Financial and Insurance Services Partners Other AI Forum of New Zealand Research Reports: ARTIFICIAL INTELLIGENCE ARTIFICIAL INTELLIGENCE Shaping a Future FOR HEALTH IN New Zealand NEW ZEALAND (May 2018) Hauora i te Atamai Iahiko This report examines the New (October 2019) Zealand and international AI The AI Forum’s latest research industry landscapes, investigating report describes how AI promises AI’s potential impacts on to bring significant clinical, New Zealand’s economy and workforce and cost benefits society. The report identifies to the health sector, as well as key AI opportunities, in the personalise medical care. It can public, private and education help with predicting disease and sectors, that New Zealand can injury; and mine vast quantities of invest in to actively shape the literature for research insights. effects on our collective future. TOWARDS OUR ARTIFICIAL INTELLIGENCE INTELLIGENT FUTURE FOR AGRICULTURE IN An AI Roadmap for NEW ZEALAND New Zealand Ahuwhenua i te Atamai Iahiko TE ARA MŌ TĀTOU (October 2019) ATAMAI O ĀPŌPŌ Te Huarahi Atamai This report examines the New Iahiko ō Aotearoa Zealand and international AI industry landscapes for agriculture (September 2019) and investigates AI’s potential This report identifies that New impacts for New Zealand’s place Zealand urgently needs to increase in the global food value chain. its focus on the core foundations needed to operate in an AI enabled future – particularly investment, skills and talent, research, trusted data, ethics and regulation. The report also shows how AI enabled solutions can be used to improve New Zealand's wellbeing, productivity and sustainability. Download our reports at https://aiforum.org.nz/our-work/publications/ AI for Financial and Insurance Services in New Zealand 01 About the AI Forum of New Zealand _INTRODUCTION THE ARTIFICIAL INTELLIGENCE FORUM OF NEW ZEALAND IS A NON- GOVERNMENT ASSOCIATION WITH A MISSION TO HARNESS THE POTENTIAL OF ARTIFICIAL INTELLIGENCE (AI) TO HELP BRING ABOUT A PROSPEROUS AND INCLUSIVE FUTURE NEW ZEALAND. The rapid development of AI technologies presents major opportunities and challenges for our country: from creating world leading AI businesses, nurturing a pool of talented AI engineers and applying AI technologies to our agriculture, government, manufacturing and service industries to holding a meaningful national debate on the broader implications for society, New Zealand needs to actively engage with AI now in order to secure our future prosperity. The Forum brings together citizens, business, academia and the government to connect, promote and advance the AI ecosystem to help ensure a prosperous New Zealand. Acknowledgments Partners The AI Forum of New Zealand would like to The staff from our project partners and those who acknowledge the following contributors: took time to provide reviews and feedback throughout Monica Collier (IDC), Anna and Kelly Pendergrast the process. (ANTISTATIC) for carrying out the research Thank you to the many organisations that supported Ratneesh Suri, Chris Dolman and Eric Yamashita (IAG) the research financially and by providing case studies. for supporting the research and review Please download a free digital copy of the e-report Craig Bunyan, Megan Tapsell, and the whole team at from the AI Forum website, www.aiforum.org.nz ANZ for supporting the research and review. Koren O’Brien for providing extensive knowledge of the financial services sector and review. Ben Reid, Emma Naji (AI Forum NZ) for editing and review. 02 TOWARDS OUR INTELLIGENT FUTURE Contents About the AI Forum of New Zealand .................................. 01 Section 3 19 Acknowledgements .............................................01 Current State of AI Adoption Partners ...................................................................01 in the New Zealand Financial AI Forum 2019 Research Project ....04 Services Industry Foreword: IAG .....................................05 Foreword: ANZ ....................................06 New Zealand Case Studies ..................19 Executive Summary ..........................07 Harmoney: fast, accurate risk assessment .................19 Key Highlights .................................... 10 ANZ: personalised, life-like customer service at scale ...............................................................................20 BNZ: detecting fraud in real time ..................................21 Kiwi Wealth: robo-advice to help with savings goals ....21 ANZ: voice-driven biometrics ........................................ 22 PART A 11 AI for Financial Services Section 4 23 Challenges and Barriers Section 1 12 to AI Adoption Financial Services and Banking Regulatory Challenges ........................ 23 Skills and Talent .................................. 23 Context .................................................12 The New Zealand Financial Services Sector ..............12 Industry Investment ............................ 24 What Makes New Zealand’s Financial Organisational Challenges ................. 25 Services Sector Unique? .................................................12 Existing Workforce Fears .................... 25 Recent Changes in the Sector: Social Licence and Trust ..................... 25 The FinTech Boom ................................12 Section 5 26 Section 2 15 Future Trends and Opportunities Use Cases – How AI Can Enhance the Financial Services Sector Section 6 28 Accelerating AI Adoption A Sector Primed for AI .........................15 in Financial Services AI Benefits for the Sector ....................16 AI for Financial and Insurance Services in New Zealand 03 _INTRODUCTION Recommendations for New Zealand Tower Insurance and Ambit ........................................... 37 Financial Services Organisations to Cove .................................................................................... 37 Accelerate AI Uptake .......................... 28 Accuro and Intelligent Life ............................................. 37 Government-supported Industry Strategy ................. 28 Increasing Export of AI-Driven Services..................... 28 Working Together ............................................................ 28 Section 2 38 Conclusion ........................................... 28 Transformational Use Cases for Insurance PART B 29 AI for Insurance Services Section 3 40 Nature and Scale of Impact Section 1 30 – Insurers of the Future Current State of AI in Insurance Future Trends ...................................... 40 AI Adoption in New Zealand ............... 30 Trends in the Insurance Sector Driving AI Adoption ............................. 31 Section 4 42 How AI is Helping ................................ 32 Accelerating AI Adoption in State of AI Adoption in the Insurance the NZ Insurance Sector Industry ................................................ 33 Insurance and AI Globally .............................................. 33 Challenges and Barriers to AI Adoption International Case Studies ............................................. 33 in Insurance ......................................... 42 Anthem Inc. .............................................................................33 Overcoming the Challenges ............... 44 AXA and Expert System – Document Analysis ........33 Nationwide and Lytx, DriveCam solution, Recommendations for New Zealand Organisations commercial insurance .........................................................33 to Accelerate AI Uptake.................................................. 44 Cigna and Amazon, "Answers by Cigna" ....................33 Strategy ....................................................................................44 AllState ABIe ..........................................................................34 People and Culture ..............................................................45 Flamingo Ai .............................................................................34 Process / Partners ................................................................45 Zurich and Spixii ...................................................................34 Data ...........................................................................................45 Riskgenius ...............................................................................34 Conclusion ........................................... 45 Insurance and AI In New Zealand ....... 34 The Research Team ............................. 46 Insurtech ............................................................................ 36 References ............................................47 New Zealand Case Studies ................. 36 Southern Cross and UneeQ........................................... 36 JRNY ................................................................................... 36 04 TOWARDS OUR INTELLIGENT FUTURE AI Forum 2019 Research Programme AI FOR FINANCIAL AND INSURANCE SERVICES IN NEW ZEALAND AHUMONI ME TE INIHUA I TE ATAMAI IAHIKO Ō AOTEAROA The AI Forum of New Zealand would like to extend our sincere gratitude for the generosity of all the Programme Partners and Supporters who have made this report possible. Principal Partners Banking Sector Partner Insurance Sector Partner Financial Services Research Partner Insurance Services Research Partner AI for Financial and Insurance Services in New Zealand 05 _INTRODUCTION 06 TOWARDS OUR INTELLIGENT FUTURE Foreword
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