InsurTech Hub Munich’s Post

🏈 Going deep by pioneering Ethical AI research in the Insurance Industry Here’s why Cloverleaf Analytics is supporting the drive of the Ethical AI in Insurance Consortium (EAIC): 🤝 We've secured alignment from over 15 industry partners 👉 Our collaboration has led to the formulation of a ground-breaking survey, unearthing invaluable insights into Ethical AI in insurance practices by top insurers that will shape the industry in the coming years. 🌟 The EAIC members are committed to a unified strategic mission, bolstered by Ethical AI research findings, aiming for a responsible AI future that truly benefits the insured. What sets our EAIC survey apart from other insurance AI surveys? 👉 We've partnered with a top-tier third-party research vendor with insurance expertise, focusing on objective and comprehensive results with ethical AI insights from 250 insurers. 👥 A diverse array of member organizations are promoting survey findings and the EAIC mission. 📈 The robust and critical findings are essential for advancing Ethical AI practices in insurance. 📣 We're disseminating findings across various platforms: industry events, LinkedIn, website, speaking engagements, PR campaigns, and more. The key to truly ethical AI in the insurance industry? 👉 Like-minded organizations and senior executives that joined the EAIC that are passionate about protecting the industry and insured, and are not using the consortium for monetary gain. 👉 New organizations and executives partnering with the EAIC and adjusting their strategies based on the survey report findings, and backing the ethical standards like the soon-to-be-realized EAIC Code of Ethics. 📅 Register for the March 12 survey insights webinar sponsored by Fenris Digital : https://lnkd.in/eniqKiiT #EAIC #ethicalinsuranceAI #insuranceAI #insurancedata #insuranceinnovation #insurance #insurtech #insuretech #ai

💡 The Vanguard of Innovation: Small Firms In the realm of health insurance brokerage, innovation isn’t just a buzzword; it’s the key to unlocking the future. At the heart of this innovation lies Artificial Intelligence (AI), redefining the landscape with advanced data analysis, trend prediction, and personalized insurance solutions. In this transformative wave, smaller consulting firms (Worksite X ) are emerging as the true pioneers. Agile, flexible, and unburdened by legacy systems, these firms are adept at leveraging AI to craft groundbreaking solutions and disrupt traditional industry models. Their size is their strength, allowing for rapid adaptation and implementation of innovative technologies, proving that impactful changes aren’t reserved for the industry giants. 🚀 Challenges for Larger Firms Larger firms, while possessing resources, often grapple with the inertia of established systems and processes. Integrating AI into these complex structures is a significant challenge, demanding not just technological upgrades but a cultural shift towards adaptability and innovation. It’s a necessary transition to stay in the game, yet the pace and effectiveness often lag behind their smaller, more nimble counterparts. 🌟 Small Firms Leading the Way As we witness this exciting evolution, it’s clear that smaller health insurance consulting firms aren’t just participating in the race; they’re leading it. Their ability to rapidly integrate AI is setting new industry standards and reshaping client expectations. How is your firm, regardless of its size, embracing AI to innovate in the health insurance space? Are you keeping up with the pace set by these dynamic small firms? #AI #HealthInsuranceInnovation #SmallFirmsBigImpact #TechInInsurance

In this latest research by Deloitte I'm excited to see the increasing recognition of the need for AI risk insurance. The report highlight the potential for a $4.7 billion market in AI insurance premiums by 2032. At Armilla AI, we've been at the forefront, launching products that guarantee the performance of AI systems, ensuring our clients have the necessary safeguards in place. As AI continues to revolutionize industries, it's crucial to address the associated risks proactively. At Armilla AI, we are committed to providing innovative solutions that instill trust and security in AI adoption. Read more about the growing importance of AI risk insurance in Deloitte’s latest article below. #AI #Insurance #Innovation #RiskManagement #TechForward Sandee Suhrada Kate Schmidt Jas Jaaj Mukul Ahuja Armilla AI

💡 Last Call for Insurance Company Professionals: Subscription Closing Soon for Generative AI Workshops! 📣 Attention Insurance Company Professionals! If you're a dedicated expert within an insurance company, seize this final opportunity to join our groundbreaking workshop series: "Exploring the Impact of Generative AI on Insurance." Presented in collaboration with the Swiss InsurTech Hub, this series is tailor-made exclusively for professionals actively working within insurance companies. 📆 Workshop Series Details: 🗓️ Series Start Date: September 25, 2023 ⏳ Duration: 5 sessions over 10 weeks 📍 Location: Virtual - Online Platform (Link will be shared upon registration) 🗂️ What's in Store: Our collective goal is to develop a robust methodology for responsibly integrating generative AI into underwriting practices. 🔑 Key Reasons to Participate: - Gain unparalleled insights into the transformative impact of generative AI on the insurance landscape. - Collaborate with fellow professionals working within insurance companies and distinguished AI Governance experts. - Be at the forefront of driving responsible AI adoption in the insurance industry. 🖋️ Co-Creating a White Paper: Your participation holds an opportunity to contribute to a co-created whitepaper. This valuable resource will consolidate our collective insights and recommendations, ultimately guiding the industry forward. 📌 Secure Your Spot Before It's Too Late: Act swiftly! The subscription window for this exclusive series is closing on August 31, 2023. Ensure your spot and don't miss out on this transformative event. For slot reservation or any inquiries regarding the workshop series, please use the link provided in the comments below. Don't miss this exclusive opportunity tailor-made for dedicated professionals working within insurance companies! #generativeai #insurance #aiininsurance #aigovernance #SIH

“Solving Insurance Inefficiencies with AI - with Sandee Suhrada and Karl Hersch of Deloitte” https://lnkd.in/gs7BHKq4 On the '# AIinBusiness' podcast, Deloitte Partner Sandee Suhrada explains the importance of the team play and informed decision-making in the insurance space to drive digital transformation. Throughout her conversation with Emerj Artificial Intelligence Research CEO and Head of Research Daniel Faggella, she emphasizes a top-down approach where executive teams are deeply involved, ensuring decisions are well-informed and agile: "One pattern we see across multiple insurers is going with a top-down discussion at the moment the executive teams are involved and getting the right stakeholders so that decisions can be very informed. Plus, they can be dynamic, too; they can be nimble: if you have to change the decision, you should be able to pivot. So you need the right information points. The second thing I will say for most of the insurers are investing in RFPs, we are guiding them to have a sensing organization or having your adviser look at what's there in the market, and whatever opportunity you are trying to solve, let's bring the right partner sets to help you with that opportunity."

The Future of AI and Insurance: A Match Made in Heaven? Ever imagined your insurance policy being uniquely tailored to you via AI? As an AI consultant and insurance professional, the intersection of these two fields never ceases to fascinate me. What if we could use our digital footprints and powerful Artificial Intelligence tools to generate personalised insurance policies? The amalgamation of AI and insurance has immense potential. By harnessing the power of Machine Learning, insurers can offer highly personalised policies based on individual risk profiles, potentially saving customers money while also ensuring they are adequately protected. So here's my compelling thought for the day - Is your insurance company ready to embark on this journey with AI? Let's embrace this transformative technology and propel the industry forward! According to McKinsey, AI technologies could add up to $1.1 trillion in annual value for the global insurance industry. AI is expected to have a significant impact on all aspects of the insurance industry, from distribution to underwriting, pricing, and claims. The global AI in insurance market size was valued at $2.74 billion in 2021 and is projected to reach $45.74 billion by 2031, growing at a CAGR of 32.56%. This growth indicates that a substantial number of insurers are indeed considering or already implementing AI in their processes to improve efficiency, reduce costs, and enhance customer experience.

Generative AI is poised to revolutionize the insurance industry, but how can we turn the hype into commercial reality? Join us at Gen-AI in Insurance USA (September 17-18, Colonnade Hotel, Boston) as we bring together leading insurers to explore this transformative technology. One major hurdle for insurers is navigating the uncertain legal and regulatory landscape. Our dedicated panel, featuring a Chief Legal Officer, General Counsel, and senior AI expert, will delve into these critical issues. You'll hear from over 20 industry experts who will provide the tools, contacts, and insights needed to tackle challenges in compliance, implementation, and governance. Discover the applications of Gen-AI in product design, underwriting, customer service, and claims. Meet senior legal and Gen-AI experts, including: David Vanalek, Chief Legal and Compliance Officer, Richmond National Insurance Bill Wilkins, SVP Advanced Analytics and Practical Applications, Safety National Maria Kokiasmenos, VP, Associate General Counsel, The Hartford These speakers will guide you on how to future-proof your business, address ethical and legal concerns, and understand the evolving regulatory landscape. Download the brochure for the full agenda and speaker lineup: https://ow.ly/wm3i50SF1L6 Don't miss this timely opportunity to reshape insurance with Gen-AI. #GenAIUSA

🔍 Harnessing the Power of Generative AI: Revolutionizing Life Insurance Training 🔥 Generative AI holds immense promise in the life insurance industry, particularly when it comes to training. This groundbreaking technology has the potential to reshape how we equip our advisors with the necessary skills to excel in their role and deliver exceptional customer experiences. Training in the life insurance sector can often be time-consuming and resource-intensive. However, with Generative AI, we can embrace a more efficient and effective approach. This invaluable resource not only enhances distributor skills but also equips them with the agility needed to adapt to an ever-evolving industry landscape. By embracing Generative AI, we can streamline the training process, optimizing resources and reducing time-to-competence. With its ability to automate certain aspects, training becomes more personalized and tailored to individual learners. This not only enhances knowledge retention but also ensures that the acquired skills are directly applicable in real-world scenarios. As we stand on the brink of this technological revolution, it becomes imperative for both individuals and corporations in the life insurance industry to embrace Generative AI in training. By doing so, we unlock a world of advantages, including increased efficiency, improved skillsets, and the ability to stay ahead of the competition. As my good friend Panos Leledakis says: Adapt and Fly #GenerativeAI #LifeInsurance #TrainingRevolution Ageas Group

Maribel Solanas: “Human supervision remains essential to ensure that AI makes appropriate decisions” | Artificial Intelligence It is present in industries, companies, institutions and, beyond that, in crucial private areas such as health or working life. Are we talking about AI or the insurance sector? Actually, about both, because this transversal quality can be attributed to a large insurance company and also to exponential technology par excellence. Thanks to this direct relationship between the insurance sector and all others, it has the panoramic vision to analyse the impact of AI on the entire economic ecosystem and the social fabric of the markets where it operates. MAPFRE has just done so, for example, with a reference report on the plausible scenarios of this impact to help companies, professionals and institutions anticipate their own adaptation strategies. Based on this in-depth knowledge ─the sector shows one of the highest levels of AI maturity in Spain, according to the INE─, Maribel Solanas, Chief Data Officer (CDO) of the company, highlights precisely the transformative power of AI from macroeconomics to the end user, passing through “technological development, the sustainable approach and all business processes, in addition to the strategies to follow to achieve these objectives, including how to address customer needs”. No technology guarantees intelligent use on its own; it will depend on the quality of human management. Any examples of benefits in your day-to-day life? From ensuring “more efficient management of a multinational company” to operational advantages such as “automating the management of claims and policies or minimising the number of interactions and waiting times in consultations”. Solanas highlights the contribution of AI to a “more aspirational and forward-looking corporate vision, which not only seeks to capture sustainable sources of income, but also to have a positive impact on society and quality of life.” These are not unprecedented objectives, of course, but “AI will play an increasingly decisive role in the ability to achieve them.” However, no technology guarantees intelligent use on its own; it will depend on the quality of human management. Even more so in one with so much potential, not just for its benefits. “Addressing its development and finding the necessary strategies to understand it, assimilate it and work (and live) with it, takes time and resources, but it allows us to manage it safely and responsibly so that its positive effect on people makes sense.” The impact of European regulations on a multinational like MAPFRE will be much smaller than on other entities, because we have been working along those lines for quite some time. Maribel Solanas, Chief Data Officer (CDO) of MAPFRE. From people (professionals) to people (customers), the human factor is a value to be protected in AI, especially in its generative version, which without this ethical filter could displace ...

Rise of gen-AI in insurance: key tools and considerations for insurance. Gen-AI and machine learning are ushering in new opportunities for insurers. https://ow.ly/1G2x50PGjWZ #insurance #reinsurance #ai #tools