Crawford & Company’s Post

The claims market in 2024 is fraught with challenges, from severe weather to regulatory changes. Industry leaders Kelly Whittington (Aviva), Alister Jupp (Crawford & Company), and Manan Sagar (Gallagher Bassett) provide their insights on how firms can navigate this complex landscape. Learn more about their strategies and insights. https://hubs.la/Q02FrzbT0 #Insurance #AI #ConsumerDutyAct #ClaimsManagement #InsuranceIndustry

Here we go at the Hymans Robertson Insurance and Financial Services Annual Seminar. Inevitably, Consumer Duty and AI impacts are on the agenda. #consumerduty #artificalintelligence

At the beginning of February, European Parliament and European Council negotiators struck a provisional deal to ensure their use and development of AI protects fundamental rights across Europe. But how will the latest law impact insurance and banking? This The Actuary magazine piece looks into answering this question: https://ow.ly/mrUx50QJVVI #Actuary #AI #Insurance

Great discussion here! Lot's of fascinating takeaways, including: - There is a total global insurance protection gap of $2.8 trillion (3% of world GDP), $1.0T of which is in pensions, and $0.9T in cyber - 90% of Fortune 500 use captives now, with close to $200 billion in captive premiums written globally - Insurance industry needs to do a better job at communicating its societal value to the outside; i.e., "We develop retirement solutions." is more relatable than "We do pension risk transfer."

I’m very much looking forward to hosting our Global Insurance Outlook webinar on Monday and you can still sign up! I’ll be joined guest speakers from Global Atlantic Financial Group, Gen Re and Athora discuss some of the key challenges and opportunities facing insurers. We’ll cover topics including:   💡 How to prepare for the transformative impact of AI 💡 The imperative need to deliver societal value 💡 Evolving customer needs and blurring industry lines   Register here: https://lnkd.in/eBzjQWW5   #EYInsurance #InsuranceTrends #InsuranceEvents

48% of UK customers agree the insurance industry is a diverse employment sector. Find out what else they say, and what insurers need to consider as they look to enhance customer support, reduce the engagement gap, and differentiate their businesses : https://lnkd.in/ggKw52Ru #talentattraction #talentshortage #UBI #embeddedinsurance #AI #climatechange #customerservice #riskmanagement #data #dataprivacy #innovation

In insurance, understanding and trusting the decision-making process of predictive models is essential. Today, as AI regulations worldwide take shape, explainability has come back into focus as being critical for balancing regulatory compliance and fairness with model performance. But often, various questions are raised… ❓Why are black-box models not explainable? ❓How do I improve black box explainability? ❓What benefits does explainability bring to my business and our customers? Want to find out more about how you can explain black box models? Read Chris Davison's latest article ⬇️ https://hubs.la/Q02xxpTH0

Rapid advances in #AI are spurring the development of regulatory initiatives around the world. Our report by Dennis Noordhoek examines how they impact the insurance industry and ways to strike the right balance between consumer protection and #innovation. This 60-second video distils the key findings. Visit our website for the full report & summary: https://lnkd.in/eUBuHFK9

Navigating an ever-changing regulatory landscape can be challenging for insurers. The rapid adoption of #AI and #ML models presents an added challenge for the #insurance sector. How can insurers ensure compliance in a constantly evolving regulatory landscape, amid both state-level and national regulations? Read our latest article to learn more: https://lnkd.in/dvWc5aAa

ICYMI: Consumer Reports highlights the importance of DFS' recent circular letter which outlines proposed guidance for insurance companies who employ AI for underwriting to avoid discrimination. See more from Consumer Reports: https://on.ny.gov/48XRCrq Read DFS's recent circular letter: https://on.ny.gov/3IJ2H4S