INSURANCE
“
INSURTECH INNOVATIONS HAVE TRANSFORMED UNDERWRITING PRACTICES IN RECENT YEARS ”
JAMES HARRISON GLOBAL HEAD OF INSURANCE , DUN & BRADSTREET
Audit trails are also particularly useful in ensuring accountability and visibility , allowing for insurers to demonstrate that their processes and transactions comply with regulatory standards .
However , the adoption of AI introduces additional compliance challenges . Businesses may face penalties for unlawful AI use or lack of transparency , underscoring the critical need to stay informed about regulatory developments . Harrison emphasises , “ The importance of staying up to date on regulation cannot be overstated .”
“ The future of the insurtech sector promises a significant transformation in underwriting practices , largely driven by advancements in technology . AI and machine learning will play a big role , powered by data and analytics .
“ By extracting actionable insights from datasets , insurers will be able to make more strategic underwriting decisions , allowing for optimisation of the entire value chain . However , they must ensure that they have well-managed , structured data as a foundation for AI , making smart data analytics central to this transformation ,” he continues . “ IoT devices and social media will play a pivotal role in the development of underwriting , as insurers will be able to
80 September 2024