Artificial Intelligence
A fourth of the insurance industry lacks AI-experienced talent
A fourth of the insurance industry lacks AI-experienced talent
Other concerns include a lack of customer understanding.
2 days ago
APAC insurers wary of geopolitical instability in next two years
Cyber threats, on the other hand, are a moderate to severe risk.
Chinese consumers most receptive to AI-driven premiums
Australians were the least receptive.
8 in 10 insurers plan to increase tech investment this year
36% of insurers prioritise AI and machine learning.
Insurers in ANZ leverage AI amidst tightening margin
Due to inflation, extreme weather events, and evolving consumer expectations.
Australia’s life insurers top global data readiness
Worldwide, data readiness was the primary obstacle to maximising AI.
Kotak Life launches AI-powered HR assistant
Its chief human resources said it aims to modernise HR services.
How can insurers seize opportunities amidst heightened volatility?
Key strategies include diversification and setting up rigorous capital models.
D&O market faces risks due to insolvencies, AI, geopolitics
Securities class actions have risen by 43% year-on-year in Australia.
Suncorp partner with Duck Creek Technologies to digitalise operations
It aims to replace multiple on-premises legacy systems.
Australian council backs tech-neutral consumer laws for AI
The council also urged the government to avoid regulatory duplication between the ACL and existing financial legislation.
Generative AI slashes P&C claim times by 50% – Bain & Co.
It could also decrease loss-adjusting costs by 20% to 25%.
Insurers are increasing investments in generative AI by 300%
Half of CEOs view AI as an opportunity, whilst the other half see it as a risk.
Only 28% of APAC insurers prepared for AI shift
Half of insurers attribute poor customer experience to limited technology adoption.
CEOs see 3-5 years for AI investment returns
Yet, also over half (57%) of organisations see AI as a vital tech.
Why are few companies opting for AI-specific insurance?
Ransomware and phishing now worry 35% of executives.
Insurers eye AI's dual role in risk and opportunity
AI vendors can become single points of failure.
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Embrace AI or be left behind, an expert said at the Asian Banking & Finance and Insurance Asia Summit today.
Commentary
Ageing populations and rising mortality main concerns for life insurers and reinsurers