Jeffrey Heaton’s Post

70% of #insurance executives view underwriters as “potential broker/agent relationship and product development consultants.” The key to unlocking this tremendous value? AI-powered insurance document processing. Explore how augmenting human ingenuity with #AI is reshaping insurance underwriting. Read “Managing the Hype Cycle: The Importance of Setting Expectations for AI in Underwriting,” for expert analysis and insights. Click to learn more: https://lnkd.in/edvGkzVJ #DigitalCoworkers #InsurGPT #GenAI #Insurtech #InsuranceDocumentAI

It was a pleasure and honor to contribute to the roundtable discussion on Artificial Intelligence hosted by the Federal Insurance Office at the U.S. Department of the Treasury. AI, including generative AI, offers a way to more efficiently drive analysis and insight across the end to end insurance lifecycle but can also pose heightened risks such as data privacy and fairness. A balanced approach weighing the benefits against the risks is needed to effectively mitigate and transfer AI risk while harnessing its opportunities. #artificialintelligence #generativeAI #insurance #risk #regulations https://lnkd.in/eN5gssHC

Many of my clients have recently or are currently going through modernization/transformation efforts-- after reading the article below, I'm curious to hear from my network. Do you think your job is at risk due to AI integration? Let's discuss! https://lnkd.in/eVrnC8wD #actuary #actuarial #underwriting #acceleratedunderwriting #AI #insurance

The Casualty Actuarial Society in collaboration with the Society of Actuaries, is pleased to announce the publication of a new research paper titled "Comparison of Regulatory Framework for Non-Discriminatory AI Usage in Insurance." This insightful report offers a comprehensive overview of the latest and emerging regulatory activities in China, the U.S., Canada, and Europe, focusing on the prevention of discriminatory practices in the use of artificial intelligence (AI) within the insurance industry. Learn more: https://bit.ly/3SPgPPr #insurance #AI

Learn how AI is set to transform the insurance industry! Our comprehensive guide sheds light on the strategic approaches needed for successful implementation. Check it out here: https://wix.to/T7T8lUu #AI #Insurance #BusinessStrategy

How #GenerativeAI will reshape #insurance - https://buff.ly/3WIqs4T #AI #genAI #technology #IT #automation

This blog guides you through the journey of transforming the data, skills, and knowledge at your disposal into a gen AI model while safeguarding your intellectual property and data. #AI in the insurance industry is a strategic necessity #redhat #rhsummit #transformation #aimodel

🚀 Artificial intelligence in the fight against insurance fraud! 🚀 Our recent report reveals that only 8% of property and casualty (P&C) insurers consider themselves to be underwriting pioneers. Through the use of artificial intelligence and automation, these insurers can efficiently and accurately assess insurance risks. 🔍 Key barriers for insurers: - Limited access to data (54%) - Outdated systems (51%) - Lack of skilled staff (47%) Despite these challenges, we see huge potential in AI and machine learning to improve underwriting processes and reduce fraud. Insurers that can effectively implement these technologies can expect improved efficiency, accuracy and a better customer experience. 📊 Interested in more? Read in Czech language the full article to find out how AI can transform the insurance industry. 👉 https://bit.ly/3Vgyi3U #CapgeminiCeskaRepublika #WPCIR24 #Insurance #Innovation #AI#GetTheFutureYouWant

How do you see AI impacting the future of insurance—are the benefits worth the potential risks? 💡 Great article diving into the intersection of Insurance, AI, and Regulation! AI is revolutionizing the insurance industry, but it also comes with risks like bias and inaccuracies. ⚖️ With new regulations, like Colorado's AI Act, insurers need to be proactive in ensuring transparency, protecting data, and mitigating risks. 🔐 The article wraps up with 5 practical steps insurers can take to navigate this evolving landscape while staying compliant and efficient. 📊 #InsuranceTech #AI #InsurTech #ArtificialIntelligence #Regulation #RiskManagement #DataPrivacy #Compliance #Innovation #FutureOfInsurance #AIEthics

This is simple math. AI = $1.1 trillion of potential value for insurance. A trillion dollars of value is huge. McKinsey estimates that AI technologies could add up to $1.1 trillion in annual value for the global insurance industry: approximately $400 billion could come from pricing, underwriting, and promotion technology upgrades and $300 billion from AI-powered customer service and personalized offerings. https://lnkd.in/gxCdt7kS