Full article with thanks to: forbes.com/sites/forbesbusinesscouncil/2024/01/04/considerations-for-modernizing-the-underwriting-process-in-commercial-insurance The commercial insurance industry is at an inflection point due to several economic uncertainties like inflation, sluggish rate growth, competition for distribution partner preferences and more. These factors, along with increasing natural catastrophes and the growing threat of cyber risks are challenging insurers. It is now necessary that carriers examine and transform their product portfolio strategies and pricing …
Pioneering Financial Decisions with Artificial Intelligence
Full article with thanks to: techround.co.uk/guides/8-ways-ai-impact-financial-decision-making With technology rapidly progressing, it’s evident that artificial intelligence has gained prominence in the finance sector. AI is revolutionising decision-making processes in areas such as investment and risk management for financial institutions and underwriters, ranging from underwriting workbenches to other key decision making processes. As we contemplate the future of decision-making in finance, it’s imperative to grasp …
Embrace AI or Get Left Behind: Thriving in the AI-Driven Landscape
Full article with thanks to: hbr.org/2023/08/how-to-reskill-your-workforce-in-the-age-of-ai How will AI affect businesses and employees? It’s the million-dollar question, and according to Harvard Business School’s Raffaella Sadun, the answer will depend on how well an organisation connects the new technologies to both a broad corporate vision and individual employee growth. One without the other is a recipe for job elimination and fewer …
Embracing AI: Transforming the Insurance Landscape and What That Means for Underwriting
Full article with thanks to: mckinsey.com/industries/financial-services/our-insights/insurance-2030-the-impact-of-ai-on-the-future-of-insurance Welcome to the future of insurance, as seen through the eyes of Scott, a customer in the year 2030. His digital personal assistant orders him a a vehicle with self-driving capabilities for a meeting across town. Upon hopping into the arriving car, Scott decides he wants to drive today and moves the car into “active” …
Generative AI Enhances Customer Service Jobs, Not Erases Them
Full article with thanks to: https://hbr.org/2023/03/generative-ai-will-enhance-not-erase-customer-service-jobs The potential for generative AI like ChatGPT to disrupt how humans interact with computers, change how information is retrieved, and transform jobs across industries has left a lot of company leaders scratching their heads. As with other breakthroughs in AI, ChatGPT and similar large language models (LLMs) raise big questions about their impact on jobs and …