Jayne Plunkett on the benefits of AI and IoT technology in the insurance industry
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The Head Casualty Underwriting Reinsurance, Swiss Re, gave a presentation "Beyond digitalization: Turning tomorrow's risks into opportunities" at the Insurance Industry Digital Transformation conference at the Swiss Re Centre for Global Dialogue.
Read the text version of Jayne Plunkett's interview below:
"With this conference I hope that we can create a real dialogue around technology, and not just the gadgets, but the real applications of technology to the insurance industry and specifically to our business within Swiss Re as we take these ideas and these discussions back home. If I can make a wish for the insurance industry, it's that we use technology to actually bring more of the assets of individuals and businesses into our kind of safety net. Into the thing that we protect all around the world.
I think there's many technologies that will shape the insurance industry. Some of them will shape the front end, and those are pretty well covered when we think about distribution. Some of the more interesting ones, specifically for me around risk modeling are artificial intelligence, and cognitive computing. Because they change the questions we ask, and they change the answers we get from the data. I think this will lead to better risk insights and better management of the risks that we take in today.
I think the insurance industry is adapting at different paces. It very much depends on the company, and frankly it depends also on the leadership. Some companies adapt very quickly, because their leaders drive this and they see this as an important element. Others are probably behind the adapting curve, so I think we'll continue to see this pace of change as very, different depending on the company."