Charanjit Singh Saggu

United Heritage Insurance has selected Guidewire InsuranceNow to modernize its operations, enhance agent and customer service, and grow its business. #GuidewireInsuranceNow #GuidewireCloud #insurance #innovation #insuranceinnovation #insurtech #insurancetechnology #propertyandcasualtyinsurance #cloudcomputing

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For mid-level and senior managers in insurance sales or underwriting, figuring out how to adapt to the AI revolution can be overwhelming. There are so many courses and tech conferences to choose from. It's important to explore career paths that incorporate AI Seek advice from experienced mentors who can help navigate this rapidly changing landscape. And recommend specific courses or conferences to boost skills and stay ahead in the game. (This post is generated by AI) #AI # digital Transformation The Institutes Knowledge Group CII Underwriting Community Swiss Re Sparkle - AI For Insurance LeadGem - Ai-Based Lead Generation for Insurance Brokers Insurance Institute of London Insurance Nerds

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Incidents like these only reinforce the need of proper risk assessment at the time of policy issuance than at the time of claims. There is a big trust deficit in the insurance ecosystem between all the stakeholders and there should be concerted efforts to improve the situation else it will always remain a "push" proposition

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Interesting to note that the headline factoid below coincided with #bfm's interview with #etiqa CEO. ❌ when an #EV gets into an accident, tends to result in a total loss. This is due to high cost of repairs. ✅ However there's 2 segment of users (from the interview), the go #green types who tends to be careful drivers ❌ the ones that bought an EV to experience supercar power and high acceleration without the price. ✅etiqa commands 60% of the EV car insurance, not surprising. I'm an Etiqa customer myself cause of their awesome #pricing and #digital experience ❌ the question is the tipping point of more dangerous drivers racking up claims and eventually the need to raise premiums. ✅ key though, per the news snippet is making money from salvaging parts. Looks like a business opportunity!

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As an innovator in product development, I’ve seen how standardized insurance products by IRDAI have revolutionized the industry. The introduction of Bima Vistaar could be a turning point, addressing past challenges such as inconsistent pricing and distribution hurdles. With a uniform premium structure and distribution via Women Bima Vahak, this initiative not only promises uniformity in pricing but also champions gender inclusivity. These factors will play a pivotal role in narrowing the protection gap in insurance and ensuring a successful rollout of Bima Vistaar. Exciting times ahead for the insurance industry! #IRDAI #BimaVistaar #insurance #productdevelopment #genderinclusivity #uniformpricing #protectiongap https://lnkd.in/dBMfgBe3

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I am very grateful for the opportunity to talk with Henry Gale from The Insurer (from Reuters) on #AI risks and insurance. Please see Henry's article linked below. By its probabilistic nature, no AI or #GenAI model will ever be error or hallucination free. This probability for errors comes from (testing and production) sample uncertainty, covariate shifts, and concept drift (both together called distributional shifts). Automating tasks and processes with AI means then to make the outcome of a process or task random. This AI-induced randomness is a new risks that corporates and their insurance carriers face. It is a risk which should be addressed under an AI governance framework. It is also a risk, which cannot be fully mitigated technically. At Munich Re we have developed an AI insurance suite called aiSure to cover this new residual risk as well as liability risks which come with adopting AI models. We believe that AI insurance can play a vital role in AI governance for corporates and can contribute to a more robust adoption of AI technologies by our businesses and society. #aigovernance #insurance #reinsurance #riskmanagement

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It was great to have Avi Gesser and Ina Ebert as guests in our Munich Re podcast “AI - Safe & sound”. Together with our moderator Alexandra Matthews, Avi and Ina were discussing the impact of AI on questions of liability and litigation. They shared very interesting insights on AI liabilities and potential impact on insurance. If you are interested in AI Governance and AI risks, listen to our new podcast episode with Avi and Ina linked below. #artificialintelligence #aigovernance #insurance

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Worth a read, raises some interesting points… https://lnkd.in/gETYf2tb #D&O #insurance #Liability #AI #ArtificiaIIntelligence #ML #MachineLearning #DataScience #Mathematics #Statistics #OperationsResearch #DataGovernance #Governance #Risk #OperationalRisk #Board #BoardGovernance #Directors #ProfessionalIndemnity #InsuranceRisk #Actuary #Actuarial

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Value-add risk insights and decision support at your fingertips. Data straight to analytics. The future is here. If you want to know more, I will be at RIMS next week. #WTW #Riskanalytics

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Confusion over insurance coverage terms is common among policyholders. By leveraging large language models, insurers can ensure clarity and transparency, reducing disputes over claims and enhancing customer satisfaction. https://lnkd.in/gkdgiNX5

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Confused about the difference between AI and Generative AI (Gen AI)? My colleague, Donald Light, Principal Analyst on Celent's Insurance team, breaks it down in his latest blog: AI (Artificial Intelligence): "Making a Decision AI" uses data science to guide decisions, like processing insurance submissions. Gen AI (Generative AI): "Summarizing and Organizing Gen AI" generates new content from existing data, aiding underwriters by summarizing and organizing information. Final decisions are still made by humans. Both types of AI can add significant value to insurance processes, from analyzing aerial imagery for hazardous conditions to summarizing submission packages. Check out his full blog to learn how both AI and Gen AI can transform your underwriting process > https://lnkd.in/eXP3sE9q #AI #Underwriting #GenAI

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💻In the first of a series of four articles, Patrick Greene, VP of Data at Munich Re Automation Solutions, discusses the common challenges that face insurance underwriters in the AI space. https://ow.ly/8W5I30sEOSe #Underwriting #ArtificalIntelligence #Insurtech #LifeInsurance

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