In this episode, Amir Bormand talks to Will Ross, the CEO and co-founder of Federato, about how insurance companies are adopting AI. They discuss the transformative impact of AI on the insurance industry, particularly in underwriting. Ross underscores the significant role of underwriters in influencing both the top and bottom lines of growth in insurance companies. He then explains how Federato leverages AI technologies to help underwriters optimize their process. The conversation also delves into the future of AI, the evolving definition of AI, and the importance of understanding its potential applications beyond popular mainstream concepts like ChatGPT. Ross shares real-life examples of how AI can substantially enhance efficiency in the insurance industry, such as 'win ability' modeling. Ultimately, he envisions AI as bolstering human capabilities in the insurance sector rather than replacing jobs. Highlights: 00:30 Understanding Federato and its Role in the Insurance Industry 02:41 The Evolution and Impact of AI in Various Industries 03:38 The AI Paradox and its Implications 05:19 The Role of AI in Insurance 06:20 Understanding the Perception and Application of AI in Different Industries 10:48 The Role of AI in Optimizing Business Processes 18:49 The Future of AI in Job Roles and Industries Co-Founder & CEO at Federato ---- Thank you so much for checking out this episode of The Tech Trek, and we would appreciate it if you would take a minute to rate and review us on your favorite podcast player. Want to learn more about us? Head over at https://www.elevano.comHave questions or want to cover specific topics with our future guests? Please message me at https://www.linkedin.com/in/amirbormand (Amir Bormand)