FM Global EVP: AI is going to be a huge factor in insurance

Insurance Business America | May 08, 2019

FM Global EVP: AI is going to be a huge factor in insurance
Innovation is one of the biggest buzz words in insurance right now. It means different things to different people. While one firm might see innovation as investment into new ideas coming out of the insurtech ecosystem, another might see it as using technology to make improvements to something they’ve always done. Regardless of how insurance companies tackle innovation, there are two common themes that seem to penetrate each interpretation – data analytics and artificial intelligence (AI). I believe AI is going to be a huge factor in the insurance industry – it just has to be,” said Bret Ahnell, executive vice president at FM Global, a global risk management and insurance solutions provider for complex property risks. “I think the winning users of AI going forward will be defined by the companies that have good data. What are you going to do AI on if you don’t have good data? “FM Global has been a data-driven company for decades. We know where to find good data, so now we’re looking at how to turn that data into powerful knowledge for our clients.

Spotlight

The United States insurance regulatory system has been in existence for more than 150 years. According to the National Association of Insurance Commissioners (NAIC), the U.S. regulatory mission is “to protect the interests of the policyholder and those who rely on the insurance coverage provided to the policyholder first and foremost, while also facilitating an effective and efficient market place for insurance products.” Solvency is the cornerstone of insurance regulation, providing crucial safeguards for policyholders and for the economy. This I.I.I. white paper explores efforts related to solvency regulation that could have far-reaching and critical implications for the entire global insurance system both internationally active insurers and those whose operations are distinctly local. Beginning with an overview of the history of key changes in the United States and European solvency regimes, the paper focuses on the current initiative to build a common framework of capital requirements and prudential capital standards for internationally active and global systemically risky insurance groups since, in theory, the failure of a systemically risky insurer can cause significant dislocation in the global financial system. The paper also describes the perspectives of various stakeholder groups and the impact of this massive undertaking on different markets.

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Spotlight

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