US-based insurance broker Marsh McLennan and its business Oliver Wyman have launched a new generative artificial intelligence (AI) tool called LenAI.
The tool will allow Marsh McLennan’s more than 85,000 employees worldwide to streamline their work processes and accelerate time-consuming tasks.
It has been developed by the US insurance broker’s Dublin Innovation Centre in partnership with Oliver Wyman Digital.
Working directly with Microsoft, Marsh McLennan and Oliver Wyman were able to deploy a private, internally hosted version of OpenAI’s foundational models, which help in securing all the data in-house.
LenAI is capable of extending the capabilities of underlying AI models by adding more tools to deliver precise outputs.
These additional tools include internet browsing ability, performing accurate calculations, working on various documents and accessing information from high-quality publications, among other things.
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According to Oliver Wyman, some of its early adopters have reported saving an average of eight hours per week with the help of LenAI.
The tool allowed early adopters to spend around 20% less time on different repetitive tasks and utilise that time to complete other complex tasks.
For the development of this tool, Marsh McLennan also worked in close coordination with its privacy, compliance, risk management, information security and legal teams to ensure compliance with stringent regulatory requirements and data security standards.
This collaboration also allowed the insurance broker to mitigate potential risks related to LenAI, such as minimal data retention, training users on proper usage and informing them of risks posed by using the AI tool.
Marsh McLennan senior vice-president and global chief information officer Paul Beswick said: “We have some of the brightest minds in business working across our four businesses and a collaborative culture.
“When it came time to introduce the tool, we were able to deploy it quickly and securely. Since its full launch recently, LenAI has been a game-changer for our teams, enabling them to work smarter for the benefit of our clients.”