Briefing

AI, plainly —
and what it is worth
to this insurer

Twenty minutes. First, enough of the technology that we all use the same words. Then the numbers for an insurer of this size.

Insurance — claims, underwriting, administration01

Part one — the technology

A language model does one thing

Given a sequence of text, it predicts what comes next. Everything else is built on top of that.

your text
tokens
next-token probabilities
chosen token

The loop runs once per token. What people call "reasoning" is the model spending more tokens thinking before it answers.

BackgroundKarpathy, Intro to LLMs youtu.be/zjkBMFhNj_g
The prediction loop02

Part one — the technology

Four words worth knowing

Token

A chunk of text, roughly four characters. Models read, price and limit work in tokens, not words.

Context window

How much text it can hold at once. Everything it knows about your task lives there, and is gone on the next call.

Weights

The trained parameters. Open-weight models can be downloaded and run on your own hardware.

Temperature

How adventurously it picks. Low for data work and code. Higher for drafting and ideas.

ReferenceHugging Face, Gen AI Course — tokenizers & concepts huggingface.co/learn/llm-course
Vocabulary03

Part one — the technology

What it does well, and where it breaks

Reliable

  • Transforming text you supply
  • Structure: summaries, tables, mappings
  • Writing and explaining code and scripts
  • Language, tone, translation
  • Following an explicit written procedure

Unreliable

  • Facts it was never given — it fills gaps confidently
  • Arithmetic and precise counting
  • Anything after its training cutoff
  • Your policy files, your systems, the live claims book
  • Remembering yesterday

The right-hand column is the specification for what an agent has to solve.

EvidenceDell'Acqua et al., Jagged Frontier (BCG·HBS·MIT; 700+ consultants): +near-40% inside, −19pts outside SSRN 4573321
Capability boundary04

Part one — the technology

A chat window gives the model words.
An agent gives it hands, memory, and a job.

The shift05

Part one — the technology

Hermes is the loop around the model

You send a request. Hermes gives the model tools, reads the real results back, and repeats until the work is actually done.

request
model decides
tool runs
real output
model reads it

It never guesses what a script returned. It runs the script and reads the result.

DocsNous Research, Hermes Agent Quickstart — the agent loop hermes-agent.nousresearch.com
The agent loop06

Part one — the technology

Four things Hermes adds

01

Tools

Files, spreadsheets, databases, scripts, web, email. How the model touches anything real.

02

Memory

Durable notes loaded every session, so what you explained once does not need explaining again.

03

Skills

Your procedures on disk, loaded only when the task matches. Your SOPs, not the model's defaults.

04

Working unattended

Scheduled and background work, so claim triage, document checks and fraud flags run overnight and are waiting in the morning.

DocsNous Research, Hermes Agent — tools, memory, skills, autonomy hermes-agent.nousresearch.com/docs
What the framework contributes07

Part one — the technology

Skills are where your expertise lives

A skill is a written procedure with a trigger. Hermes loads it only when the work calls for it.

  • The exact steps, not a paraphrase
  • The pitfalls you have already paid for
  • Your standards for that kind of work
  • Reusable by everyone, on every claim

Why this matters here

Your value is twenty years of knowing how an underwriter wants a claim handled. A skill is that knowledge written down once, applied consistently, and no longer trapped in one person's head or lost when they are on leave.

DocsNous Research, Hermes Skills — procedures on disk hermes-agent.nousresearch.com
Procedural memory08

Part one — the technology

Protea — a privacy and memory layer

Protea is a privacy and memory layer, used as the example of the right architecture for regulated work. It sits between a client and any model backend, so you get the frontier model and keep the data.

Redaction — the killer feature

Named entities — people, policyholders, claims, medical terms — are replaced with stable placeholders before the request leaves your hardware, and restored in the reply. The model never sees a claimant’s name, ID number or medical reports, so you can run frontier models without an exception.

Local, one-file memory

A single SQLite file per user behind an OpenAI-compatible API. An embedded local model means it runs fully offline once the model weights are pulled. No third party ever holds your corpus.

It remembers

Structured recall across conversations and months — spiral-indexed by relevance and recency — rather than starting from nothing every session. Decades of knowing how this book is written stops living in one person's head.

And it gets your work done

Conductor routing passes each task to the model best suited for it; a confidence cascade escalates only when needed: local model for the routine, frontier model for the hard call. Consensus fans a delicate question to several models and synthesises the answer. Teams decompose a brief, rate deliverables, and review every result. An Open WebUI front-end gives clean per-user separation, with identity forwarded through the API.

The pitch to a policyholder: "we run AI-assisted claims handling and your personal data never leaves our environment." Very few small vendors can say that sentence truthfully.

SourceProtea docs/README.md; redaction pipeline docs/redaction-algorithm-research.md (local: D:\Projects\Protea\docs)
Protea — SciBit09

Part one — the technology

The failure mode to design around

Asked for something it cannot know, a model produces a fluent, plausible, wrong answer rather than nothing.

How it shows up

An invented variable name. A confident number with no source. A mapping that looks right and is not.

What contains it

Read before answering, run before claiming, show the source. Grounding in real output — and a person signing off. Never autonomy over a regulated deliverable.

EvidenceNavigating the Jagged Frontier — confidence without calibration HBS 64700
Hallucination10

Part one — the technology

The experienced person is the one who makes AI safe

The evidence is not "experts get faster" — it is that expertise is what lets AI be used on the hard stuff at all.

Knows what to ask

The model cannot produce the question that only years of knowing claims and policy wording produces. The value is upstream of the answer.

Catch the wrong answer

AI is fluent and confidently wrong. Inside its capability boundary it gains ~40%; pushed past it, performance drops 19 points. Only experience says where that boundary is.

Ground it in reality

The model suggests; the domain expert decides. A 19-point penalty exists precisely because it is not obvious to a generalist which tasks AI can do and which it cannot.

Turn it into procedure

A senior hand encodes their own judgement as a skill. Their expertise stops being a bottleneck and becomes repeatable.

Why a senior person wins

AI compresses the skill gap on routine tasks — a beginner with AI reaches near-expert output on well-defined work. But an insurer does not win on routine. It turns on the messy, consequential, one-off judgement where a confident wrong answer costs a repudiation.

The leverage is trust, not speed

The real gain for an expert is not doing the same task faster. It is having a tireless assistant who drafts and cross-checks, while the expert spends the saved hours on the decisions, the policy wording, and the relationships no model can hold.

EvidenceOECD, Unlocking productivity with generative AI (2025): experienced workers gain when AI complements their expertise OECD 2025
Evidence: OECD (2025), Jagged Frontier study (BCG / HBS / MIT, 700+ consultants)11

Part two — the numbers

The question is not whether AI is impressive.
It is how much of every claim is spent handling it, and how much leaks out the side.

Shifting to the numbers12

Part two — the numbers

Where the money actually goes

Short-term insurance claim spend in South Africa is enormous, and the industry's own crime bureau is blunt about how much of it is not honest.

Claim spend, short-term

R35bn / yr

Estimated annual short-term insurance claim spend in South Africa — the Insurance Crime Bureau's own figure.

If even 10% is fraudulent

R3.5bn

Lost every year. Much of it is not opportunistic — the ICB says a significant share is organised, running across multiple insurers at once.

That is the shape of the problem: a huge, repetitive, document-heavy process — with a determined adversary inside it.

SourceInsurance Crime Bureau (SAICB): short-term claim spend ~R35bn/yr; "if just 10% of those claims are fraudulent, that's a staggering R3.5 billion lost every year" saicb.co.za · R3.5bn challenge
Capacity, not headcount13

Part two — the numbers

What the industry pays

Non-life claims ratio

65.2%

Claims paid as a share of premiums (2023). Every point of handling cost or leakage comes straight off the margin.

Where crime lands

48% / 43%

Santam's own data: insurance crime splits motor (48%) and non-motor (43%). The document-heavy half is the vulnerable half.

Fraud the RAF caught

R1bn

In fraudulent claims identified for investigation over three years — plus 2,031 claims worth R65m rejected outright. Detection pays.

You do not need all of it. You need the insurer that handles claims faster and leaks less — and can show the board the number.

SourcesSA insurance statistics 2023 (claims ratio) · Santam, The real cost of insurance crime santam.co.za · Daily Maverick, Nov 2024 (RAF R1bn / 2,031 claims) dailymaverick.co.za · SARB Prudential Authority, Selected SA insurance sector data
Sources on the final slide14

Part two — the numbers

Three paths, same book

Annual cost of claims handling plus fraud leakage, ZAR. Modelled on a mid-size non-life book at ~R1.2bn gross written premium.

ModelIllustrative, not a forecast. Anchored on a 65.2% claims ratio and the ICB's 10%-fraud assumption; handling-cost share taken from insurance KPI benchmarks
Assumptions on slide 2115

Part two — the numbers

The gap is in the underwriting result

Underwriting result, ZAR millions. Waiting is not neutral: leakage and handling cost keep compounding whether or not you act.

ModelA combined ratio above 100 turns underwriting into a loss. The "do not act" line crosses below zero and stays there
Same three paths16

Part two — the numbers

2031, side by side

PathHandling + leakageClaims touched by handUnderwriting resultCombined ratioCumulative result 2026–31
Start now (2026)R65m40%+R53m95%R212m
Wait until 2029R80m60%+R30m98%R109m
Do not actR134m85%−R24m106%−R54m

The cost of a three-year wait

R103m

Cumulative underwriting result foregone by starting in 2029 instead of 2026. The capability is reachable later. That money is not.

What it costs to start

≈R1.2m

First-year programme: platform, integration to the claims system, and the time to write the procedures down properly. A rounding error against the leakage.

ModelSame assumptions as prior slides; full parameter list on slide 21
Summary17

Part two — the numbers

Read the model carefully

Every scenario keeps the team growing. The gain is the volume one assessor or administrator can carry, not a smaller department.

What changes

The mechanical half. Keying the same fields, reading the same documents, chasing the same outstanding information.

What does not

The decision to pay, decline or investigate. Underwriting judgement. Who signs off on a repudiation.

What grows

The claims and policies the same team can handle — more volume, faster settlement, and a reason to pay them more.

An insurer does not win by employing fewer assessors. It wins by settling good claims faster and catching the bad ones sooner.

EvidenceSAIA Annual Review 2024 saia.co.za · SARB Prudential Authority, Selected SA insurance sector data (Dec 2024) resbank.co.za
People18

Part three — where to point it

Inside the work you already do

First-notice triage

Read the FNOL, classify the claim, set the reserve, route to the right handler. Hours off the front of every claim.

Document extraction

Police reports, invoices, assessor notes, medical reports — pulled into structured fields, with a person confirming.

Fraud indicators

Flag the claim against known syndicate patterns and prior claims across the book. Investigate the flagged, pay the rest.

Underwriting support

First-pass risk summaries and wording comparison against the schedule — an underwriter's draft, not their decision.

Policy wording

Compare cover, find the exclusion that applies, draft the client-facing explanation in plain language.

Broker & client comms

Status updates, renewal notices, decline letters — consistent tone, human sign-off, nothing sent unseen.

Complaints & ombudsman

Assemble the file and the timeline for a complaint — the regulator-facing paperwork nobody has spare hours for.

TCF & regulatory reporting

Conduct reporting and the audit trail, drafted from the system of record and checked by the compliance officer.

PracticeSARB Prudential Authority, Selected SA insurance sector data — claims, commission and expenses as a share of net earned premium resbank.co.za
Efficiency inside the current model19

Part three — where to point it

Services that only become affordable now

The interesting part is not handling the same claims cheaper. It is what becomes possible once the marginal claim is cheap to review.

Review every claim, not a sample

Automated first-pass checks on 100% of claims, instead of a manual audit of five percent.

Real-time leak detection

Score at notification, not at the end of the chain — before the money is out the door.

Straight-through small claims

Low-value, clean claims settled in minutes. The handler only sees the exceptions.

Embedded cover

New niche products priced and administered cheaply enough to be worth writing at all.

The broker channel

Give brokers the same triage and document tools — stickier relationships, cleaner submissions.

On-premise as the pitch

Claimant names, IDs, medical details. Local models mean the benefit without the data leaving the insurer.

MarketSAIA: 55 member insurers; top 5 hold ~44% of gross written premium saia.co.za
New scope, new markets20

Part three — where to point it

What the first ninety days look like

01

Pick one claim type — motor windscreen or household — and time the handling honestly for two weeks first.

02

Write that procedure down properly as a skill. This is the real work, and it pays off even if the AI part fails.

03

Run it against live claims beside the handler. Compare decisions. Keep the human sign-off on every payment permanently.

04

Measure handling hours and leakage caught. If they are real, widen to the next claim type. That is the whole thesis.

What the model assumes

Mid-size non-life book, ~R1.2bn gross written premium, claims ratio 65.2%. Handling + leakage modelled at a share of claims consistent with the ICB's 10%-fraud assumption and insurance KPI benchmarks. Repetitive handling absorbed over ~4 years.

Combined ratio improves as handling cost and leakage fall; in the "do not act" path it drifts above 100%, where underwriting turns into a loss.

Sources: short-term claim spend R35bn and 10%-fraud → R3.5bn (Insurance Crime Bureau, SAICB); crime split motor 48% / non-motor 43% (Santam); claims ratio 65.2% and FSCA fines (SA insurance industry statistics, 2023 — secondary aggregator); RAF R1bn fraudulent claims identified and 2,031 claims / R65m rejected (Daily Maverick, Nov 2024); SA market structure (SARB Prudential Authority; SAIA). Premium and ratio figures are 2023/24 vintages.

SourcesAll cited sources listed on the assumption panel above. Model is illustrative, not a forecast.
Start small, measure honestly21

Close

The technology is ordinary. It predicts text, and a framework gives it tools and memory.

The opportunity is not. Billions spent handling claims, in an industry that writes off every wasted rand.

Nothing here requires betting the company. It requires writing down how you handle claims, and starting.

End22
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