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Once the risks are quantified, they can be transferred, often through existing policies, Mr. Berger said. These policies range from property policies, where an #AI #failure may lead to #property_damage, to #technology_errors and omissions policies. In addition, specialty #AI_insurance policies are being developed by companies, including Munich Re, to cover risks that would not be covered by traditional insurance, he said. Companies may also consider using #captives to cover AI risks, said Joe Rosenberger, chief captive analyst at the North Carolina Department of Insurance in Raleigh. “Since captive insurance is #self-insurance, you’re able to really #personalize the policies,” he said. In addition, captives can issue difference in conditions policies to cover AI risks, Mr. Rosenberger said.

2025 could redefine Australia’s insurance landscape. Tetiana George （梅玉瑛） of Curium says AI and regulatory updates, like Design and Distribution Obligations, will reshape how SMEs operate. Brokers, it’s your time to shine! https://hubs.la/Q032pWXW0

Thank you Insurance Business Australia for sharing my views on what’s to come in 2025. The very first two items on my personal agenda this year have been AI and new regulations. Curium is currently preparing a new product release that will specifically target the “under-reporting” challenge for many insurers. We have been operating in Compliance for four years and developed a fine-tuned understanding of how to spot compliance issues early. With the incredible speed of AI, we were able to put this knowledge into a new product that will allow insurers, brokers and agencies to scan their data and detect issues on the spot. The second point on my agenda is bringing updates to our customers on regulatory changes directly into their business through Curium obligations register. The start of the year could not be more exciting! #InsurTech #AIInCompliance #RegTech #InsuranceInnovation #ComplianceAutomation #AIInInsurance #RegulatoryCompliance #DigitalTransformation #InsuranceCompliance #RegulatoryChange #RiskManagement #DataDrivenCompliance #ComplianceSolutions #FutureOfInsurance #AIAndRegulations

This year, a record 4.1 million Americans are turning 65, significantly impacting the #insuranceindustry. With only 4% of millennials considering careers in insurance, the sector faces a serious #talentgap. Michael Schwabrow from AAIS Partner Cloverleaf Analytics believes #AI could be the solution. AI tools can empower young professionals by streamlining data access and enhancing decision-making. With AI support, newcomers can navigate complex tasks more effectively, driving meaningful change in the industry. Learn more in this insightful Insurance Business America article.💡

While they come to the property/casualty insurance sector with very different backgrounds, and currently participate in unrelated segments of the market, two InsurTech executives agree that harnessing uncaptured data is a key to underwriting success. Read more >> https://lnkd.in/g_6qssJv

We are so excited to share this news about Veridion from #GapMinderPortfolio 🎉 Veridion becomes Experian’s strategic data partner to transform commercial insurance underwriting processes. Powered by Veridion, Experian’s new ‘Hazard Tags’ will allow insurers to get a complete, comprehensive profile of five million UK businesses. By using advanced Artificial Intelligence and Machine Learning techniques to analyse billions of internet pages almost instantly, the solution identifies any changes to business activity, risk exposure, and products and services, enabling accurate premiums and coverage to be calculated. 👉 David Gallihawk, Chief Product Officer, Business Information, Experian UK&I, said: “Artificial intelligence and machine learning is transforming the world of work in countless ways, and the financial services sector is no different. Traditional SIC codes may not accurately reflect mixed business operations, for example breweries that also function as bars and restaurants or construction firms that handle hazardous material like asbestos. That’s the issue that Hazard Tags solve. Read more in the following article. --- ✅ Experian is a global data and technology company, powering opportunities for people and businesses around the world. As a FTSE 100 Index company listed on the London Stock Exchange (EXPN), they have a team of 22,500 people across 32 countries. ✅ Veridion is building a single source of truth for company data using our advanced AI techniques to understand multiple data sources at scale. Veridion’s Database currently stands at 123M company profiles from all around the world, with over 80 detailed data points ranging from business data, classifications to product level data, with over 700M products and services, all updated weekly.

Is the P/C Insurance Industry at an AI Crossroads? As we navigate through a mutating landscape of risks, it's becoming increasingly clear that the traditional underwriting playbook is due for an overhaul. But here's the paradox - while insurance execs are bullish about AI transforming underwriting, the underwriters themselves are yet to fully embrace this wave of change. Think about this: 62% of top-level insurance leaders are confident that AI can boost underwriting quality and tackle fraud head-on. Conversely, a mere 43% of underwriters are placing their trust in AI-driven recommendations. This paints a startling picture of discord within the ranks. Why such a disparity? A bulk of underwriters are grappling with concerns over data complexity (67%) and integrity (59%). It seems that despite the promise of AI, the human element and its hesitations cannot be overstated. The solution? It's about bringing underwriters into the AI conversation early and ensuring the technology is not just advanced but also transparent and explainable. After all, the human in the loop is the realm where judgement marries data to underwrite the unforeseen. After all, in the P/C insurance world, only 8% of underwriters are true 'underwriting trailblazers,' leveraging the insights and efficiencies of AI to excel. These trailblazers are redefining performance benchmarks and proving that, when done right, tech can harmonize with human insight to outperform the norm and refine customer experiences. Let's ask ourselves, how can we foster a more unified vision, where underwriters and execs alike trust the compass of AI to navigate the complex currents of modern risks? The journey ahead is both necessary and inevitable. 🔄 🤖💡 #InsuranceTech #AIUnderwriting #RiskManagement

Discover how the Earnix-Verisk alliance is revolutionizing commercial insurance pricing with AI and data analytics, ensuring faster, more precise rates and a robust competitive edge. #InsurTech #Collaboration #Innovation #insurance #insurtech #technology https://lnkd.in/eTybnQ8H

Joseph Ziolkowski speaking with Insurance Business America about our approach to the research and development of Relm Insurance's new product suite for artificial intelligence technology-based risks. “We focused heavily on understanding the rapidly evolving regulatory landscapes across jurisdictions,” he said. “As AI accelerates, so do regulatory, operational, and ethical risks. The challenge lies in assessing how core insurance products respond to exposures arising from AI development and use." The process of developing the AI insurance solutions also involved engagement with external legal counsel to understand evolving regulatory landscapes and issues such as “silent AI risks”, or “unintended triggers of liability policies due to improperly vetted AI solutions or insufficient scrutiny of counterparties.” “When new risks arise, the insurance industry often restricts coverage through endorsements or exclusions,” Ziolkowski said. “Observing this trend among major insurers helps us identify gaps we can address.” #artificialintelligence #insurance #riskmanagement

In today's Story of the Day, technology editor Clare Ruel, speaks to Davies consulting director 🤝 Philip Michell about artificial intelligence and how it could help to address the vulnerable customer situation in insurance. #Regulation #ArtificialIntelligence #Suppliers #Insurance #ITInterviews #ITexclusive