The Insurance Supervision Agency of Slovenia (AZN) has pleasure in inviting you to the 7th Annual International Conference entitled
The Promise of AI in Insurance – Evolution or Revolution?
The event will be held on September 11th 2023 in Ljubljana, Slovenia.
The Insurance Supervision Agency is organising an international conference on September 11th which will focus on artificial intelligence and its role in the insurance industry today and in the future.
At the conference entitled »Artificial intelligence in insurance – Evolution or Revolution?«, we will have renowned speakers talking about the most current development in the field of artificial intelligence (AI), and what it means for the insurance sector, which is traditionally a conservative and prudent sector.
The insurance industry needs a sufficient amount of quality data for its operation, and with the advent of digitization, this data is easily available to insurance companies. The data is now also of better quality and more extensive. When this data is combined with machine learning, we arrive to so-called artificial intelligence (IA), which is gradually spreading to various areas of the insurance industry.
Along with the supervisors the insurance industry is learning the power and many facets of artificial intelligence. On the one hand, the supervisors are looking forward to using new tools that will facilitate the supervision of financial institutions, however, the widespread use of artificial intelligence in insurance companies also poses a lot of new challenges for the supervisors. Algorithms are getting more complex and therefore verification of their operation and their results even more complicated. They have short calibration cycles, which blur the boundaries between algorithm calibration and validation facilitated by a high degree of automation. Therefore, the supervisors are faced with the challenging task of creating guidance on general principles and regulations on the use of artificial intelligence in decision-making processes in financial institutions.
Human vs AI – Creating a Win-Win Situation
What does artificial intelligence mean for the human role in insurance? The big question is – will artificial intelligence replace some traditional roles in insurance? Could it replace the agent, the loss assessor, and the actuary? Perhaps not in the eminent future, however, the use of artificial intelligence will certainly make a huge contribution to alleviating the more intricate aspects of their work. In this rapidly evolving field, we have yet to see the full depth and breadth of the implications of artificial intelligence and its role in the insurance sector.
How is AI Changing the Game Plan in the Insurance Sector?
We encounter the use of AI in the development of new products, in the optimization of processes, and in the analysis of the policyholder’s experience. It helps insurance companies to pinpoint the behavior of customers and their risk factors and also helps to identify facilities, which makes damage assessment easier. Continuous communication between policyholders and the insurance companies already exists and is enabled through chat robots that understand human language.
Follow us for more information about the International Annual Conference of the Insurance Supervision Agency. More on the event, including speakers and the full program, will be announced in the coming days.