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Crisis Management

Navigating AI in Insurance: Balancing Policyholder Concerns & Insurer Benefits

Navigating AI in Insurance: Balancing Policyholder Concerns & Insurer Benefits

Navigating AI in Insurance: Balancing Policyholder Concerns & Insurer Benefits Insurers and policyholders are grappling with the integration of AI into underwriting and claims processes, revealing a divide in attitudes toward this technological advancement. Chris Lafond, CEO at Insurity, emphasizes the importance of understanding consumer sentiment toward AI, noting a need for a balanced approach that combines AI with human judgment to foster trust and acceptance. While consumers are becoming more accustomed to AI in everyday interactions, such as customer service chatbots, they express reservations about its use in decision-making roles within insurance. According to the 2024 AI in Insurance Report by Insurity, 50% of respondents oppose AI in claims management, and 45% are against its use in underwriting. Conversely, insurers view AI as a tool to enhance efficiency and service quality for policyholders. Sylvester Mathis, Chief Insurance Officer at Insurity, emphasizes the need for insurers to build trust and transparency around AI’s role in underwriting and claims processing. He suggests that transparent communication about AI’s benefits in improving accuracy and efficiency can help increase consumer confidence. Consumers fear that AI may erode the human aspect of insurance decisions, particularly in underwriting and claims management, where personal judgment plays a significant role. However, industry experts highlight that AI complements human expertise by streamlining routine tasks and allowing underwriters to focus on more complex cases. Scott Hawkins, from Conning, explains that AI systems triage applications, processing straightforward cases quickly and leaving complex ones for human underwriters. This approach combines the speed of AI with the nuanced judgment of experienced underwriters. Sathish Kumar Manimuthu, CTO at NeuralMetrics, underscores the importance of finding a symbiotic relationship between AI and human decision-makers in insurance. While AI can expedite processes and provide instant access to data, it cannot replace the intuition and judgment of human underwriters. Ultimately, the successful integration of AI into insurance requires a balanced approach that preserves human judgment while leveraging AI’s capabilities to enhance efficiency and accuracy. Insurers must prioritize transparency and communication to build consumer trust in AI’s role in underwriting and claims management. #SkyscraperInsurance #AIinInsurance #Underwriting #ClaimsManagement #ConsumerTrust #InsuranceTechnology #Insurity #NeuralMetrics #Conning #WeShareOurVisionForABetterTomorrow

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Outsmarting Vishing Striking a Balance between Emotions and Logic for Enhanced Protection

Outsmarting Vishing: Striking a Balance between Emotions and Logic for Enhanced Protection

In the ever-evolving landscape of cyber threats, fraudsters are adept at exploiting vulnerabilities through various tactics, including vishing, or voice phishing. Unlike traditional phishing emails or texts, vishing targets victims over the phone, making it a particularly insidious form of cybercrime.

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