Artificial Intelligence is already everywhere transforming data into insights and augmenting each of us to make better decisions. However, we are only at the start of the AI transformation journey. By 2030, AI is predicted to contribute USD 15 trillion to global GDP, three times more than the total premium collected by insurers today.
Better data-driven decision-making processes are now available to (re)insurers, including adaptive and even cognitive AI-enabled decision-making processes. New AI capabilities, from natural language processing (NLP) and machine learning (ML) to deep learning and transformers (foundation models), bring the ability to process larger volume of (unstructured) data, and better simulate and predict outcomes.
Underwriters and actuaries have started the AI augmented journey bringing value to their customers and industry with the next level of risk assessment. However, the use of AI at scale also comes with new risks that need to be mitigated. To realise the full value, insurers have to develop and execute robust data analytics strategies and adopt new governance framework to ensure the responsible use of data and AI models. This session illustrates this AI journey, with tangibles uses cases that share the transformation that Swiss Re went through to become a data-driven and AI-enabled organisation.
- Yannick Even, Global Analytics Business Partner, Swiss Re
This webinar was hosted by the Asia and Oceania Association of ICMIF (AOA).