ValueMomentum’s Post

We should be cognizant about the privacy and security while adopting any new technology; GenAI can't be a exception. Let's hear from David Kuhn on how we can carefully navigate in GenAI space...

Artificial intelligence is proving to be a very valuable tool for #insurance companies. One of the biggest challenges with #AI, however, is data privacy. This is why it’s crucial to make sure that your insurer is open and transparent about their AI practices.

Dive into one of our recent blogs, which covers regulating AI in your workplace. As technology advances, it brings both opportunities and risks. Learn practical ways you can implement AI strategies while safeguarding data privacy. Read more: https://lnkd.in/dxGNTGBZ At Lyceum Insurance Services, we're here to support your journey with AI. Contact us today to explore how we can help your business thrive while staying secure. #AIinBusiness #DataPrivacy #LyceumInsurance #BusinessInnovation

Proud to be featured in Nick Martindale's latest article for Information Age, discussing how AI is transforming insurtech. Key point: AI should augment, not replace, human capabilities. Ensuring data integrity and robust cybersecurity is crucial as we navigate this exciting evolution. Thanks, Nick, for the opportunity to share insights on this important #instanda #Insurtech #AI #Innovation #EthicalAI https://lnkd.in/gmgyuU7E

Gallagher’s recent update on emerging technology regulations is a wake-up call to industries across the board. States like Colorado are at the forefront of proposing new legislation focused on AI regulation, indicating a shift in how local insurtech companies will approach AI innovation and compliance in the future. #insurtech #aigovernance #futureofinsurance

Crawford & Company CEO Rohit Verma discusses the responsible deployment of Generative AI in the insurance industry. As GenAI gains traction, balancing transformative power with data security, privacy, ethics, and accuracy becomes crucial. Read more here: https://hubs.la/Q02tVyjx0 #AI #Insurance #Technology #InsuranceInsights

Crawford & Company CEO Rohit Verma discusses the responsible deployment of Generative AI in the insurance industry. As GenAI gains traction, balancing transformative power with data security, privacy, ethics, and accuracy becomes crucial. Read more here: https://hubs.la/Q02s_rrg0 #AI #Insurance #Technology #InsuranceInsights

🚀 Transforming Insurance with AI: The Future is Here! 🚀 The insurance industry is witnessing a significant transformation, all thanks to Artificial Intelligence (AI). Here are key trends where AI is revolutionizing the sector: - Predictive Analytics: AI-driven predictive models are reshaping risk assessment and underwriting, enabling insurers to provide more tailored policies and pricing. - Automated Claims Processing: AI is simplifying claims processing, reducing processing times, and enhancing customer satisfaction. - Fraud Detection: Advanced AI algorithms are pinpointing fraudulent claims with exceptional accuracy, ultimately saving billions for the industry. - Customer Experience: AI-powered chatbots and virtual assistants are delivering round-the-clock customer support, elevating engagement and retention levels. Stay at the forefront of innovation and embrace the AI revolution in insurance! 💡 #Insurance #AI #TechnologyTrends #Innovation #FutureOfInsurance Read more about the evolving challenges and opportunities in the insurance industry: [Link to the Article]

In my latest article, I delve into the dynamic landscape of AI regulation across state, federal, and international arenas. 17 states are in play, and AI regulation has already been passed in the EU. Key themes involve proposed requirements around transparency and protections from abusive practices and discrimination. We are also starting to see requirements to create "Chief AI Officers". It is now imperative for business leaders to take a hard look at their data governance programs and update them to comply with any applicable AI regulations.

With streamlined processes and the ability to assess risks much more accurately, generative AI is enabling insurance organizations to transform how they serve policyholders and accelerate growth. But with this leading-edge technology comes another set of risks, including concerns around ethics and bias, data security, and privacy concerns. To gain more rapid benefits from the integration of AI-powered insights, insurers can work with solution providers who are able to open the “black box” and provide full transparency about public data and the validity of its sources. For additional insights on how to establish a strong governance approach with generative AI, check out this commentary by EY: https://lnkd.in/e-q6dbhY