LähiTapiola found the potential of AI in their investment solutions business area

In the investment solutions market, companies that offer high-quality service, a diverse range of options, reasonable pricing, and excellent digital services are the ones that remain competitive. Therefore, LähiTapiola's investment solutions business area needed a better understanding of artificial intelligence and its applications in their operations, including in refreshing the digital services.

“The AI workshop came at the perfect time for us. We are constantly developing our business, and in the coming years, we’ll focus particularly on the development of digital services. Therefore, we wanted to explore not only the possibilities of using AI in different process areas and overall but also its potential benefits for our investment clients,” says Robert Baringi, Business Owner of LähiTapiola’s Digital Sales and Service Channels as well as Savings and Investment Solutions.

HiQ organized LähiTapiola consulting on generative artificial intelligence (GenAI) and a workshop where the company’s thoughts on AI were developed into concrete value-creating ideas.

“In the workshop, the chaos of ideas crystallized into a clear shortlist of use cases. HiQ didn't push AI solutions on us but helped us refine our own ideas and grow understanding of the possibilities of AI specifically for us.”

Challenge: The volume of ideas and lack of common terminology caused overlapping work

LähiTapiola already had many thoughts on what artificial intelligence could mean for their business. However, it had been challenging to grasp these ideas due to the lack of a common language for discussing them.

“When everyone understands artificial intelligence slightly differently, misunderstandings and overlapping work can easily occur. The combination of training and the workshop provided LähiTapiola with common terminology for discussing AI. Additionally, we created an environment to structure and refine ideas into business-supporting concepts,” explains Jonas Pomoell, HiQ’s AI Lead Consultant, who led the training.

The workshop was not the first joint project between LähiTapiola and HiQ, as the collaboration has been ongoing since 2014.

“This market and industry are tightly regulated. We find it extremely important that our partner understands the business and its continuously increasing regulations, but also our background and history. Thanks to our previous collaboration, that’s a definite advantage for HiQ,” Baringi states.

The workshop transformed the chaos of ideas into a shortlist of use cases. HiQ helped refine our own ideas and grow understanding of the possibilities of AI specifically for us.

Business Owner of Digital Sales and Service Channels, Savings and Investment Solutions; LähiTapiola

Robert Baringi

Solution: Training created a common basis for refining AI Ideas

The intensive course on artificial intelligence illuminated the workings of AI and generative AI (GenAI), openly discussing both their strengths and weaknesses.

“Searching for and acquiring the same information independently would have taken days, and still, everyone would have had a different view on AI and its possibilities. Jonas condensed the whole into an easily digestible format, simultaneously engaging us in the thought work required by the following workshop,” Baringi shares.

“Especially memorable was the notion that not everything related to artificial intelligence has to be completed in one go. You can start experimenting and build your own whole through trial and learning from errors.”

Solution: The workshop clarified ideas and provided clear guidelines for future actions

During the workshop, an environment was created for LähiTapiola where discussion, exercises, and keen facilitation by HiQ's UX and Service Designer Eveliina Kinnari supported the structuring and refining of ideas for business.

“Initially, we only wanted assistance narrowly for developing our reporting. However, HiQ got us to expand our thinking. Perspectives were divided into three categories, and thoughts were organized thematically around internal processes, customer offerings, and everyday tools,” Baringi explains.

Internal processes include, for example, enhancing risk management processes through data analysis, offering new and more diverse analysis and reporting capabilities in customer offerings, and for everyday tools, integrating solutions such as ChatGPT or Microsoft CoPilot.

We identified and detailed parts of processes where AI could bring added value both to internal work and directly to customers. The ideas came from us, but HiQ helped clarify and refine them into concrete proposals.

Business Owner of Digital Sales and Service Channels, Savings and Investment Solutions; LähiTapiola

Robert Baringi

Solution: Thoughtful use of GenAI within tight regulations

“Our customers want to know what is happening with their investments right now, not how they looked yesterday or last week. Investment-related reporting must be offered as quickly as possible and in real-time, and AI can help with that,” Baringi says.

GenAI is good for data visualization and explanation. For example, it can automate the creation and delivery of reports to clients. However, AI cannot be utilized unreservedly in any part of the process.

“It’s clear that data privacy and security must be strongly integrated into our operations and their development because we handle vast amounts of sensitive customer data. Therefore, the use cases for artificial intelligence are carefully evaluated before implementation.”

According to Pomoell, one key to the safe and thoughtful use of artificial intelligence is to keep it as an assistant, not a decision-maker.

“AI isn’t used just for the sake of it, but rather we consider carefully where it’s best applied. It can, for instance, assist in filling in information or create supporting processes, but ultimately, the customer service representative checks the information themselves.”

Solution: A computer-free workshop boosted creativity, focus, and success

Participants in the workshop were selected from a multidisciplinary background, including customer service, business management, and ICT specialists. Fruitful discussions emerged among representatives of different perspectives.

HiQ's Jonas Pomoell encouraged working without computers or phones. The approach of being present and device-free strengthened focus and promoted creativity.

“Such multifaceted topics needed everyone to sit around the same table and give their undivided attention. Face-to-face interaction and the facilitated workshop led to a surge of ideas. Collaborative work created a unique framework for concentration, creativity, and the exchange of different perspectives – in other words, for success,” Baringi shares.

Outcome: A shortlist of AI use cases and foundations for implementing AI experiments

As a result of the training and workshop, LähiTapiola received a summary of use cases where artificial intelligence can enhance and support the investment solutions business area.

“The ideas came from us, but HiQ helped clarify and refine them into concrete proposals. We identified and detailed parts of processes where AI could bring added value both to internal work and directly to customers. With this groundwork, we can systematically and purposefully implement AI experiments,” Baringi says.

In a comprehensive and detailed final report, HiQ compiled the outcomes of the workshop into a structured format. The report and the identified use cases also serve as a basis for LähiTapiola's annual planning.

Baringi praises HiQ for their proactive and insightful collaboration.

“We didn’t even know to ask for such a workshop, but HiQ noticed our needs amidst other discussions and acted on them. They always have professionals, time, and enthusiasm to serve us. You can tell that they genuinely want to help us forward.”

Collaboration in a nutshell

• Training to standardize AI understanding within LähiTapiola

• Workshop for refining ideas

• Comprehensive and detailed final report: Identified AI use cases in the investment solutions business area

• Presenting results at LähiTapiola’s internal staff info