Insurtech Insights USA 2023 is holding a series of in-depth expert panel sessions, exploring the impact of AI on the insurance industry.
Several sessions, headed up by insurance industry experts on AI, will be exploring the changes, risks, use cases and predictions of AI – both Generative and Narrow – as its adoption increases.
In a recent long-form feature on AI in the insurance industry, Insurtech Insights featured a number of experts commenting on potential changes within the space.
According to Manasi Vartak, CEO of Verta, who will be attending ITI USA 2023 – a company that specialises in AI innovation and research in relation to the insurance industry, the potential consequences of poor or misapplied Generative AI must be given careful consideration.
That means regulations implemented to protect against fraud and to uphold privacy, must be considered paramount. And there is a risk that models could also produce biased outputs.
She says, “Generative AI is a fascinating topic, and we do see both opportunities and risks associated with it, including in the insurance industry. On the opportunity side, it has had a huge impact anywhere content creation is central. Marketing can use it to create more personalised content. Customer service can improve chatbots to deliver better information to clients. Software developers are generating code faster using generative AI.”
AI and the impact on company culture
Hamesh Chawla, CEO and Co-founder of Mulberri Inc. who leads one of the most dynamic embedded insurtechs in the market today in the payroll, HR and CRM space, says that while many experts are convinced AI will lead to underwriters and actuaries losing their jobs – and even becoming obsolete, this an overstretch caused by media-driven panic. He says: “ChatGPT, has gained attention recently because of its astounding capabilities and the disruption potential it depicts. AI will continue to become an integral part of our lives and businesses, and we should plan for it.
“However, it cannot replace everything. For instance, AI cannot replace an insurance broker simply because it has trained on a vast amount of data. It cannot be a source to go to for an owner whose business has just suffered a cyber-attack and needs someone to talk to.”
AI Expert Panels at Insurtech Insights USA conference include:
Keynote Speaker: Jim Fowler, Chief Technology Officer, Nationwide
Unpacking Generative AI
Speaker: Naveen Agarwal, CEO and Managing Partner, NavDots
The New Era of Underwriting: How Advanced AI is Personalizing Underwriting Like Never Before
Speakers:
Keith Raymond, Principal Analyst, Celent
David Carter, EVP, Chief Underwriting Officer, Sompo International
Scott Aiello, VP, Commercial Strategy, Simply Business
Shannon Shallcross, Head of Client Services, PinPoint Predictive
Donald Lacey, Chief Investment Officer, Ping An Voyager Partners
The Technologies Creating a Dynamic Cyber Insurance Strategy
Speakers:
Roman Itskovich, Co-Founder & CRO, At-Bay
Trent Cooksley, Co-founder & Chief Operating Officer, Cowbell
Courtney Maugé, SVP, Cyber Practice Leader, NFP
Hamesh Chawla, Co-Founder & CEO, Mulberri
Embracing Innovation: How Insurers and Big Tech Can Collaborate
Speakers:
Jeffery Williams, Director of Digital Insurance Strategy, Worldwide Financial Services, Microsoft
Robert Parisi, Head of Cyber Solutions, Munich Re Americas
Asaf Lifshitz, CEO of Sayata
Nico Stainfeld, Partner, Foundation Capital
Want the discussion to continue? Join us in New York! For more information on Insurtech Insights USA 2023, June 7th-8th, at the Javits Center, visit here
