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AI to have biggest impact in risk modelling

Poll suggests that AI will have the biggest impact in risk modelling
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According to a recent poll from Reinsurance News, artificial intelligence (AI) is anticipated to have the least impact in customer service, whilst nearly half of industry respondents believe that AI will have the biggest impact in risk modelling & analysis.

Hundreds of people from across the insurance and reinsurance industry responded to the poll.

Of this, 7% said that they expect re/insurers to benefit the most from AI within customer service, while a significant 46% expect to see it have the most benefits within risk modelling & analysis.

Interestingly, both underwriting/pricing and office efficiency & automation, received almost the same amount of responses, coming in at 24% and 23%, respectively.

AI has featured heavily on our pages so far this year, as more organisations have been adopting the technology into their systems and exploring further ways how the technology can benefit the sector.

A key example, earlier this year, during an interview with Reinsurance News, Adam Denninger, Global Insurance Industry Leader at Capgemini, emphasised the critical role of AI integration in underwriting practices, while acknowledging insurers’ likely cautious approach due to various challenges and risks.

Denninger highlighted AI’s capacity to uncover insights that humans may overlook, noting that, it can find things that humans might miss or might not have thought of.

“The ability to do that better than your peers is a distinct competitive advantage, so you’re going to see a huge push,” he explained.

Moving forward, Reinsurance News also spoke to Michael Berger, Head of Insure AI at reinsurance giant, Munich Re, earlier this year, who explained how AI exposures within traditional insurance policies possess the ability to become a “significant and unexpected risk towards an insurer’s portfolio.”

As well as this, Laurent de la Porte, CEO of Allphins, an AI platform, also told Reinsurance News that AI has become a “major topic across the direct insurance sector,” due to many organisations using this technology to automate tasks, expedite data cleansing, and gain valuable insights.

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