Gallagher Re’s Post

💡The Opportunities and Challenges for Generative AI in Insurance💡 Get your questions ready for this presentation led by David Katz, Partner at Radical Ventures Don't miss this presentation at the Global InsurTech Summit USA this September! Register for your ticket via the link in the comments👇 #GINSUS23

If you’re an Underwriter in the cargo business this is definitely worth a read. If you want to know more about how Insurity and Concirrus have partnered to provide data driven decision making contact myself or Peter Whitby #insurity #concirrus #partnership #marineinsurance #cargoinsurance #datadrivendecisions

Insights are most valuable when they can be shared and discussed

Harnessing the power of a swarm intelligence 🐝 The brilliance of a swarm isn’t in the individual; it’s in the collective. Our latest session of the InsurTech Hub Munich Scale AI Committee is a great example of the remarkable results achieved when the right minds collaborate on transformative ideas 💡 Expert representatives from 17 leading insurers of the #ScaleAI Committee came together to brainstorm over 250 use case ideas for applying (Gen) AI across the insurance value chain. The outcome? A dynamic live map of intriguing use cases spanning various dimensions: ➡️Customer benefits, journeys and products ➡️Efficiency & cost saving ➡️Operational intelligence & workforce enablement We even ventured into the realm of wild and unlimited ideas such as what could we achieve without any limitations around data or regulations?💭 In the next phases, the ITHM’s member and partner community will work on operationalizing and scaling these use cases, keeping in mind governance, regulation, and technology boundaries, while simultaneously exploring AI opportunities in insurance. A heartfelt thank you to everyone who contributed to this extraordinary exchange of collective knowledge 🙏 Alfred Grabosch, Armin Roithmeier, Dr. Callen C. Clegg, Charlotte Großmann, Christian Jonen, Christian Parschik, Christoph Doming, Bernd Ringel, Chiara Finger, Claudia von Pawel, Hauke Janssen, Joachim von Schenckendorff, Dr. Johann Hagerer, Joshua Boccamazzo, Julia Pühlhorn, Klaus Driever, Nadja Grauer, Laura-Sophie Flory, Leonie Zeune, Maximilian Feifel, Michael Bellmann, Katja Pflicke, Philipp Scharner, Dr. Raphael Guber, Rebecca Schot-Guppy, Robert Hager, Roman Kolbe, Sandra John, Shirin Wiechers, Tamara Sontheim, Theresa Daisenberger, Thomas Klemm, Tobias Eilken, Tobias Michael Weber, Tobias Wenhart. Are you ready to join us on the Scale AI journey? Reach out to Esther Eva Prax or Dr. Reinhard Saller for more details.

Looking forward to seeing the impact this is going to have for our clients! #insurity #concirrus #cargoinsurance #predictiveanalytics

This week, I was honored to participate in the Allianz Hackzone Meetup: Shaping the Future of Insurance, alongside esteemed colleagues Kaan Toker and Hümeyra Boztunç from Allianz Türkiye. This event, part of the HackZone Scale Up Accelerator Program, brought together global InsurTech leaders to discuss the transformative impact of generative AI (GenAI) on the insurance sector.   GenAI is catalyzing a new era of efficiency and personalization in insurance, enabling the analysis of extensive datasets, redesigning of operations, and development of tailored products. Yet, embracing GenAI also means confronting challenges like the need for new expertise, addressing potential biases in AI, and maintaining a crucial balance between technology and human judgment.   In our industry's journey toward innovation, it is vital to ensure that GenAI advances are not only technologically sound but also ethically grounded and customer-centric. As we leverage AI to enhance our services, the essence of our mission remains unchanged: to prioritize the well-being and satisfaction of our clients.   I extend my deepest thanks to all the event's participants and organizers. The conversations we had were not only inspiring but indicative of the proactive steps we are taking together to shape the future of insurance.   #InsuranceInnovation #GenAI #InsurTech #AllianzHackzone #FutureOfInsurance

How can we improve the #CustomerExperience with #GenAI? That’s what today’s Allianz Knowledge Nugget session was all about. Our Group Data Analytic experts, Kevin Bauer and Dr. Nermin Pinar Karabulut-Leblebici Karabalut, shared a demo how Generative AI combined with traditional Machine Learning can transform the insurance purchasing experience for both customers and agents. The issue is not new. Customers often feel overwhelmed and underinformed when it comes to insurance products. Agents, on their side, would like faster access to information so they can dedicate more time to customer advisory. A simple solution: Allianz developed Lizzy, a GenAI voice bot, that, based on a few simple questions, creates a client’s personalized #RiskAssessment, and recommends relevant insurance products. The customer then receives contacts of the best fitting agents to set up a meeting. It’s the customer who selects the agent, while the agent automatically receives information to best prepare for their meeting (in-person or virtual) and be able to provide customized advice. And the results of the pilot? We learnt that customers and agents were highly favorable. ✨ Definitely a great way to use AI in a customer-centric way and simplify securing our clients’ future. Thank you, Kevin, and Pinar, for the inspiring demo, and to all GenAI hackathon participants who had helped develop the prototype & pilot! 💡 Dr. Sevag Kevork, Lennart Parke, Azin Zeller #GenerativeAI #FutureOfInsurance #CustomerCare

We still have 1 slot open for an insurance carrier professional to join the panel. Who in. Hicago would like tj chat about implications of Generative AI on insurance?

We had an incredible time partnering with ITC DIA Europe in Amsterdam on June 12-13! Our Senior Partners, Simon Kaesler and Piero Gancia, kicked off the event with a keynote session, while our Associate Partner, Christian Irlbeck, moderated an insightful panel on generative AI in insurance. Here are 3 key takeaways: 1. Partnerships between insurtechs and incumbents are crucial for scale, capital, and rapid tech innovation. 2. Generative AI personalizes the client experience and boosts productivity. Success stories abound! 3. Managing uncertainty, having the right capabilities, and leading transformation from the top are essential! Stay tuned for more insights! #ITCDIAEU #ITCDIAAMS #InsurTech

Sony Thomas Ambooken's, IT Executive - Insurance at Quantiphi opened up Pitch Night X with a thought leadership presentation that went beyond the hype to talk about real insurance use cases for Generative AI. His emphasis was on the tangible benefits insurers can harness, such as heightened knowledge worker productivity, mass personalization, and synthetic data. Additionally, Sony highlighted how Generative AI is positively impacting critical areas like underwriting, claims processing, customer service, sales, and distribution within the insurance sector. #InsurTechHartford #InsurTech #Insurance #GenAI