Koop’s Post

AI risks: what directors and officers need to know. All new technologies carry risks when introduced on an enterprise level. Artificial intelligence (AI) is no exception, and directors and officers may find themselves in the crosshairs should negative repercussions arise from the use of such tools. To be prepared for the potential regulatory scrutiny or claims activity that comes with the introduction of a new technology, it is imperative that boards carefully consider the introduction of AI, and ensure sufficient risk mitigation measures are in place. https://lnkd.in/ekFBMFDS

Embracing new technologies like AI is crucial for business growth, but it's essential to understand the risks involved. Stay ahead of the curve with Lockton's expert advice.

Managing the risks associated with AI is crucial. - Take inventory and assess each use case thoroughly. - Monitor outcomes closely to detect any issues . - Identify risks and threats proactively. - Align governance with regulatory compliance and standards.

The integration of artificial intelligence (AI) in underwriting can greatly enhance efficiency and accuracy, yet it will never replace the need for human expertise. AI excels in processing large datasets quickly, automating routine tasks, and identifying risks, which allows underwriters to focus on complex cases and strategic decision-making. Learn more in our latest article - "AI and Underwriters: A Collaborative Future". #AI #Underwriting #InsuranceIndustry #Efficiency #RiskAssessment #CustomerService #Innovation

🤖 🌟 𝗔𝗿𝘁𝗶𝗳𝗶𝗰𝗶𝗮𝗹 𝗜𝗻𝘁𝗲𝗹𝗹𝗶𝗴𝗲𝗻𝗰𝗲 (𝗔𝗜) 𝗶𝘀 𝗧𝗿𝗮𝗻𝘀𝗳𝗼𝗿𝗺𝗶𝗻𝗴 𝘁𝗵𝗲 𝗪𝗼𝗿𝗹𝗱 𝗼𝗳 𝗜𝗻𝘀𝘂𝗿𝗮𝗻𝗰𝗲! 🤖 The world of insurance is undergoing a revolution thanks to artificial intelligence. AI brings incredible opportunities that improve customer experience, optimize internal processes, and reduce costs. Here are some key points that caught my attention: 🔹 Enhancing Customer Experience: Chatbots available 24/7 and personalized services tailored to customer needs improve communication. 🔹 More Efficient Data Processing: Automating routine tasks and analyzing large datasets lead to better decision-making and trend prediction. 🔹 More Accurate Risk Assessment: AI uses a wide range of data sources to more accurately assess risks and set insurance rates. 🔹 Fraud Prevention: Advanced algorithms identify fraudulent activities and protect insurers from losses. 🔥 The future of insurance lies in AI, but we must not forget challenges like ethics, privacy protection, and data security. 🔥 If you're interested in how AI is transforming the insurance sector, be sure to read more in this article by PwC: https://lnkd.in/ePCYSveD #PwC #AI #artificialintelligence #insurance #Actuary

An important insight into the risk AI brings for Directors & Officers. 💭 If you want to have a discussion about your possible exposure as a Director or Officer please drop me a private message. #AI #artificialintelligence #wearelockton #cyberinsurance #DirectorsandOfficers #Finance #CEO #csuite #IT #UAE

AI is powerful, but only if we manage the risks properly 🔐 And that’s exactly what Qover’s Data Protection Officer Angeliki Tiligadi outlined in our AI webinar. 💬 Angeliki stresses the importance of sharing clear information with end customers. At Qover, we let customers know when an AI agent answers them without any human supervision, and they can always choose to be put in touch with a live agent. 🔁 She also talked about the critical human-in-the-loop strategy. When a customer asks a complex or sensitive question, we make sure a live agent validates the AI tool’s answer. 📃 All the while, our legal and compliance team makes sure that we act according to the latest regulations around AI, including the European AI Act. While some risk carriers might be more hesitant to embrace the AI revolution, I truly believe that the benefits, along with the appropriate mitigation measures, significantly outweigh the disadvantages. For more of our DPO’s tips, rewatch the webinar or read the recap 👉 https://hubs.li/Q02Qp1cD0  #AI #Insurance #ClaimsManagement #AIclaims #EmbeddedInsurance

AI continues to garner attention, which brings a focus on how the #tech is governed. Taking proactive steps to govern AI responsibly is a critical implementation. Under human supervision, AI can be more transparent in it's decisioning. https://lnkd.in/emdDfAAs #ML #AI #regulation

The Evolving Role of Underwriters in the Age of Artificial Intelligence: In the era of AI, underwriters are transitioning from manual tasks to more strategic roles, requiring new skills in data analysis and creativity. #Education #Training #Technology #RiskManagement #Underwriting

The insurance landscape is on the brink of a transformational shift, driven by the convergence of data and AI. In a world where information is at the core of accurate pricing, and a business where innovation reigns supreme, leaders must embrace technological advancements to thrive in the digital era. In this Viewpoint, Arthur D. Little explores how AI technology revolutionizes the use of data in every aspect of this age-old sector. You can read it here: https://lnkd.in/dnEBFn-h #AI #insurance #CEO