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📰 News: 📰 🚀 AI’s Role in Revolutionising the Insurance Industry! 🚀 At the inaugural hx Live conference, hyperexponential’s co-founder and CEO, Amrit Santhirasenan, took to the stage to unveil the groundbreaking role of AI in transforming the insurance landscape. 🤖📈 At hyperexponential, we're putting cutting-edge technology to work, and it's a sight to behold! Whether you're an industry leader, a practitioner, or just someone curious about the future of insurance, our approach offers something valuable. With a unique blend of software engineering and actuarial expertise, Amrit shared insights on why AI is more than just a buzzword for us; it’s a game-changer. ✨ Key takeaways from Amrit’s talk include: - The global AI market is set to reach $733.7 billion by 2027 🌐💵 - 84% of enterprises believe AI will give them a competitive advantage 🚀🏆 - Hyperexponential’s hx Renew platform integrates seamlessly, improving pricing decisions by leveraging vast amounts of data 📊🔍 Insurance is essential, from homeownership to space exploration, and AI is stepping in to refine risk assessments like never before. Imagine a world where insurers can focus more on high-value tasks, thanks to AI automating the mundane! 🌍🏡🚀 Join the conversation! How do you see AI changing the future of insurance? Drop your thoughts in the comments below and don’t forget to follow Bernier Group for more industry insights and updates! 📲💬 -AIinInsurance -TechInnovation -FutureReady #AIDriven #Digital #AI #Data #SMB #SME #Strategy #Innovation #Business #ArtificialIntelligence #AnniQ https://lnkd.in/eGTEy8DK

We have already analyzed the impact of AI on the medical, automotive and, of course, IT industries. It's time for the insurance market. 🙂 In the ever-evolving landscape of insurance, artificial intelligence (AI) and machine learning (ML) stand out as beacons of hope for improving underwriting quality and reducing fraudulent activities. A recent report by the Capgemini Research Institute sheds light on the industry's perspective on AI's potential, revealing both optimism and hesitations among insurance executives. 👇 ✅ According to the report, a significant 62% of insurance executives acknowledge the positive impact of AI/ML technology on underwriting quality and fraud reduction. ✅ Only 43% of underwriters are fully trusting and accepting of automated recommendations from predictive analytics tools. ✅ Only a mere 8% of property and casualty (P&C) insurers are considered "trailblazers," consistently outperforming mainstream carriers by leveraging AI-driven insights and automation. ✅ The report notes that 42% of policyholders find the current underwriting process complex and lengthy. ✅ Moreover, 27% of policyholders have switched providers in search of lower premiums (60%) and better coverage (53%). The insurance industry stands at a crossroads, facing challenges and opportunities in equal measure. Embracing AI and ML technologies holds the promise of improving underwriting quality and reducing fraud, but organizational constraints and underwriters' hesitations pose significant hurdles. By addressing these challenges head-on and prioritizing customer-centric approaches, insurers can navigate the evolving landscape and drive towards sustainable growth and profitability. For more information, click here.👇 #report #trendy #technologies #AI

🌟 Unlocking the Potential of GenAI in Insurance Distribution! 🌟 In the latest episode of Insurance Unplugged, Lisa Wardlaw sits down with Tamara M. Milne, Chief Digital Officer at Acrisure to explore how Generative AI (GenAI) is transforming the insurance industry. Tamara shares actionable insights on data, AI strategy, and customer personalization that can reshape the way agencies operate and deliver value. 🌐 Key Takeaways from Tamara’s Vision: 1️⃣ AI for Continuous Evolution: GenAI moves beyond automating inefficiencies—it continuously adapts, enabling long-term transformation rather than short-term gains. 2️⃣ Data Quality is Foundational: AI is only as strong as the data it’s built on. Master data management is critical to unlocking AI's full potential. 3️⃣ Augmenting Human Insight: AI tools should empower agents, fostering trust and collaboration between technology and human expertise for superior customer experiences. 4️⃣ Scalable Solutions Across Portfolios: Success lies in a bottom-up approach, aligning foundational systems first to enable consistent and scalable AI implementations across diverse networks. 5️⃣ Behavior-Driven Personalization: By blending AI insights with behavioral psychology, agencies can craft customer journeys that truly resonate, building trust and loyalty. 🔄 Why This Matters: With GenAI, enterprises can transition from reactive to proactive strategies—enhancing efficiency, improving customer relationships, and driving growth. 🎧 Ready to discover how GenAI can transform your insurance distribution strategy? Tune in to the full episode with Lisa and Tamara now! 👉 Listen here https://lnkd.in/e8Rar4WP #IRYSInsurtech #GenAI #InsuranceInnovation #DigitalTransformation #InsuranceUnplugged #CustomerEngagement

Join us for an insightful discussion on the future of AI in the property insurance space at #ITCVegas! Our expert panel will dive into the crucial role of responsible and fair AI in transforming underwriting and claims. Don’t miss out on this opportunity to explore innovative solutions that will shape the insurance industry. 🎤 Building the Future: Responsible AI and GenAI in Property Insurance 🗓️ October 17 ⏰ 11:10 AM - 12:00 PM #Insurance #BecauseOfITC #AI #Innovation #Underwriting

Join us for an insightful discussion on the future of AI in the property insurance space at #ITCVegas! Our expert panel will dive into the crucial role of responsible and fair AI in transforming underwriting and claims. Don’t miss out on this opportunity to explore innovative solutions that will shape the insurance industry. 🎤 Building the Future: Responsible AI and GenAI in Property Insurance 🗓️ October 17 ⏰ 11:10 AM - 12:00 PM #Insurance #BecauseOfITC #AI #Innovation #Underwriting

Join us for an insightful discussion on the future of AI in the property insurance space at #ITCVegas! Our expert panel will dive into the crucial role of responsible and fair AI in transforming underwriting and claims. Don’t miss out on this opportunity to explore innovative solutions that will shape the insurance industry. 🎤 Building the Future: Responsible AI and GenAI in Property Insurance 🗓️ October 17 ⏰ 11:10 AM - 12:00 PM #Insurance #BecauseOfITC #AI #Innovation #Underwriting

🚀 Insurance Unplugged: In the Hot Seat with Bryan Davis is heating up this week, and we’re dropping a sneak peek just for you! 🔥 This week, I sit down with Bryan Davis, ChFC, CPCU, President of VIU by HUB, to unpack the transformative power of #AI in #Distribution. Bryan shares insights from his career spanning carriers to brokers and how AI is reshaping the value chain. His take on “Embedded 2.0” and using AI to stay with clients throughout their journey is a game-changer. 💡 Sneak Peek Soundbites: 🎯AI isn’t a strategy; it’s an enabler. Understand what it is—and what it isn’t. 🎯 We’re not just talking efficiency—we’re talking about reimagining how brokers can advise throughout the client lifecycle. 🎯It’s not about doing everything yourself—it’s about finding the right partners and focusing on what you do best. 🎧 Listen to the sneak peek audio file below⬇️ 👉 Follow Insurance Unplugged for real-time notifications about this IRYS Insurtech-sponsored season and be part of the conversation shaping the future of insurance distribution. What do you think? Is AI in distribution hype, or are we entering a new era of customer-centric innovation? Share your thoughts below! #InsuranceUnplugged #StayCurious #AIFuture

A hot topic at the moment 🔥 How will AI change what work looks like? James B. weighs in on AI and the future of work, particularly in the insurance industry #QualityFirst #AI #Insurance #FutureofWork

Did you check out this AI Readiness Index? CB Insights has launched the Insurance AI Readiness Index — a ranking of 50 of the largest insurance companies in the Americas and Europe by market cap and premiums written, based on their demonstrated ability to develop or acquire novel AI capabilities as well as execute AI initiatives. Link in the comments. #GenAI #Insurance #Innovation

SPECIAL REPORT: Are Human Insurance Jobs in the Fast Lane to Automation? Insurtech Insights delves into the 'human vs robot' debate and speaks to industry leaders in the insurtech space, to find out how this 'Brave New World' of AI and automation is shaping up. In this exclusive deep dive, we discuss: ➡ Human vs AI job losses ➡ Development of automation in the insurance industry ➡ New human roles required as innovation increases ➡ The future shape of the industry as AI adoption increases Taster: “Positively, a strong majority (70%) of those that use AI every day think that insurance is an exciting and innovative industry to work in, and 49% of those who use AI once to a few times a week believe the same," says René Schoenauer, Director of EMEA Product Marketing at Guidewire Software With thanks to all our expert contributors, who gave us their insights on this essential conversation: René Schoenauer, Director of EMEA Product Marketing at Guidewire Software, Joshua Wöhle, CEO and Co-Founder of Mindstone, James B., VP Solutions Engineering for Virtuoso, Gary Ross, Founder and CEO of Blip, Rory Yates, Chief Strategy Officer for EIS Ltd and Roi Amir, CEO of Sprout.ai Read the full report here: https://lnkd.in/eRWVbc4k #insurtechinsights #ai #automation #insurance #humansvsai