In a series of articles focused on the use of AI in Life & Health Underwriting (UW) and Claims, Swiss Re highlights key considerations for utilising AI in business and help break down concepts for those that may be new to AI. Swiss Re discusses the notion of Responsible AI and also share practical lessons from its experiences using AI and how it can help move forward in Life & Health insurance.

In the first article of the series, Swiss Re explores the transformative role of artificial intelligence (AI) in life and health insurance. The article examines what AI is, the difference between traditional AI, which uses structured data for specific tasks, and generative AI, which uses less structured data and can create new content. Each model has its strengths, and there are opportunities to leverage both types of AI in life and health, but with new opportunities come challenges and risks.

The challenges around AI include ensuring fairness, transparency, and regulatory compliance, while managing risks like biased outputs, misinformation, and data privacy concerns. There is a continued need for human expertise, collaboration between teams, and investment in upskilling to ensure AI tools are used responsibly and effectively…

This abridged version of AI in Life & Health has been reproduced with the kind permission of ICMIF Supporting Member Swiss Re. You can find the original article series here.