Yannick Even’s Post

Learn from our Chief Risk Officer, Julie Cirillo, how we're using AI to expand into new markets and service a broader range of clients. #workerscomp #insurance #PEOsolutions

Alright then, here’s my first proper post… I want to start by looking at how Data Governance is an enabler for insurance innovation, specifically how it will contribute to the future of underwriting. Enhanced underwriting represents 7% ($5 billion) of London Market premium in 2023 and is expected to grow significantly over the next 5-10 years resulting in opportunities for carriers, brokers and clients alike. Growth will be dependent on data being ingested into models and algorithms to calculate pricing and automate transactions, therefore making Data Governance and Quality key to success. A recent report from LMA (link below) highlighted this trend and defined the segment and its challenges. Of course, I focused on the data section. The report emphasises the importance of Data Governance and Quality, noting that: - Data quality directly contributes to model effectiveness but there are key challenges in the availability and quality of data - Investment in Data Quality initiatives has not yet solved the problem - Robust Data Governance is required to ensure good quality data is feeding the models and to act as a custodian of a rules engine In my view the report is correct, Data Quality and governance are enablers for enhanced underwriting propositions. Although Governance is mentioned, a specific reference to AI ethics would have been a valuable addition. AI ethics is going to be an important consideration for these propositions in terms of how models are trained and developed over time. If left unchecked AI can inadvertently reinforce biases, make unfair decisions, or lack transparency, therefore making it absolutely key to a successful Enhanced Underwriting proposition. What do you think about the implications of enhanced underwriting? I would love to hear your thoughts.

The insurance industry is facing a growing challenge: Key Person Risk (KPR). As experienced professionals retire, businesses risk losing decades of critical knowledge—spanning client relationships, industry expertise, and more. AI tools are stepping in to help reduce KPR and ensure business continuity by capturing and transferring institutional knowledge seamlessly. How AI tools make a difference: - Captures knowledge throughout projects for smooth handoffs. - Frees up teams to innovate, not document. - Ensures thorough, error-free knowledge transfers. From AI-powered knowledge mapping to AI-supported mentorships, these tools are transforming how the insurance industry preserves one of its most valuable assets —its proprietary knowledge capital. Learn more about reducing KPR with AI in the full article published in Digital Insurance: https://okt.to/wE7OsW Authors: Eric Fairchild, Kristine Miller, Harrup S.

AI integration is allowing for greater efficiency in pricing, claims management, and underwriting processes. It also is creating new challenges in ethical responsibility, consumer trust, and regulatory compliance. Find out how insurers are implementing these new technologies:

Synthetic data is the cool "AI" way of saying "insuring to model," which is the essence of parametric insurance. In the worldview of Earnix, actuarial modeling will be based on models generated by AI, rather than on actual experience. Shocking? Parametric insurance products that have struggled to gain acceptance. Perhaps the AI marketing spin will make ensure parametrics look as cool as they really are? #reputation #risk #resilience #letriskmanagersmanagerisk

🚀 The Future of Risk Management with AI is Here! AI is not just a buzzword; it’s transforming risk modeling and analysis in the insurance industry. Discover how nearly half of industry experts believe AI will bring the most significant benefits to this critical area. Dive into the insights and stay ahead of the curve: https://lnkd.in/eV7ezhmY #InsurTech #RiskManagement #AI #Insurance

Unlock the future of commercial underwriting with Publicis Sapient! Discover how AI and data-driven insights are transforming risk assessment, improving efficiency, and driving growth. Learn more about revolutionizing your underwriting process. #AI #Underwriting #Innovation

Unlock the future of commercial underwriting with Publicis Sapient! Discover how AI and data-driven insights are transforming risk assessment, improving efficiency, and driving growth. Learn more about revolutionizing your underwriting process. #AI #Underwriting #Innovation

🚨 Attention Doctors: Indigo Is Pioneering the Future of Risk Management with AI Underwriting! 🚨 This blog explores AI underwriting, how it works, and its game-changing impact on risk management. 🤖💡 🔥 Highlights: -Limitations of Traditional Underwriting: Why old methods aren't keeping up. -AI Enhances Underwriting: Machine learning boosts accuracy and efficiency. -Real-World Benefits: Faster decisions, reduced errors & better risk assessments. -The Future is Here: What's next for AI in risk management? Don't miss out on understanding this cutting-edge technology shaping the future of medical malpractice underwriting. 👉 Read more: https://lnkd.in/gfkQYtga We'd love to hear your thoughts! How do you see AI transforming risk management in your field? Let's chat below! 🚀 #AI #RiskManagement #Underwriting #Innovation #MachineLearning #IndigoInsurance