OLDWICK, N.J.–(BUSINESS WIRE)–In this AMBestTV episode, attendees to the Global Insurance Summit in New York, NY, said insurers and reinsurers are working with scientists to better understand chaos and complexity, which should help them better understand sophisticated risks. Click on http://www.ambest.com/v.asp?v=gis519 to view the entire program.
With the insurance industry evolving at a rapid pace, one of the topics discussed at this year’s conference is where artificial intelligence in practice can take the insurance industry.
“With the advent of machine learning, increased computing power and other paradigms such as blockchain, which is being embraced increasingly by the insurance industry, I would say anything is possible,” said Sridhar Manyem, director of industry research, AM Best. “That is the reason AM Best has recently announced that innovation will become part of its rating criteria, since it really believes that anything is possible. AM Best sees that the pace of innovation is increasing rapidly and being embraced by many insurance companies.”
“This industry was founded on data,” said Greg Richardson, chief risk and strategy officer, Transatlantic Reinsurance Company. “Oftentimes, it lacks sufficient data to make the kind of predictions that are needed. Obviously, the advent of the personal computer, and now with developments in artificial intelligence, internet and big data, these offer the ability to access and process a lot more relevant data in order to make better decisions. It is going to be the combination of human ingenuity and intuition combined with the power of these new technologies that is going to make the industry better.”
Other people that appear in this episode:
- David Piesse, global head of insurance, Guardtime;
- James Whitelaw, chief marketing officer, Transatlantic Reinsurance Company; and
- Anya Kutsina, co-founder and executive director, global business development, Ultimate Risk Solutions.
Recent AMBestTV episodes:
- Jordan’s Insurers Face Risk and Asset Concentration, Says AM Best Financial Analyst: Luca Patron, financial analyst, AM Best, said Jordan’s insurance market is competitive, but insurers there face challenges in diversifying their risk and assets: http://www.ambest.com/v.asp?v=jordan619.
- Machine Learning, Models Set Stage for New Parametric Products, Says AM Best Director: Sridhar Manyem, director of industry research, AM Best, said insurers are harnessing technology that would allow new types of coverage to pay claims based on analytic outcomes: http://www.ambest.com/v.asp?v=manyem519.
- Insurtech Can Help Insurers Re-Purpose Legacy Data: Chris Hampshire, vice president, Gallagher Bassett, said insurers have an opportunity to use new technology to reorganize stored information, increasing the effectiveness of their analytic efforts: http://www.ambest.com/v.asp?v=hampshire419.
- Stable Outlook for Evolving Italian Life Sector, Says AM Best Associate Director: Michael Dunckley, associate director, AM Best, said Italian life insurers are responding to changing market conditions with a greater emphasis on linked hybrid products: http://www.ambest.com/v.asp?v=italylife419.
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