Artificial intelligence is expected to lead to more flexible, relevant, and customer-centric insurance products. This is according to PolicyStreet Co-founder and Chief Product Officer Winnie Chua, who said that for many insurers, the shift is not just about efficiency but also about fundamentally rethinking how coverage is designed and delivered.
The Thai insurance regulator, the Office of Insurance Commission (OIC), has asked Google to help formulate guidelines to prevent and suppress insurance-related offences in the form of fake applications or offerings of unlicensed foreign insurance companies that are operators not supervised by the Commission.
The Insurance Association of China has stated that it will promote the implementation of model clauses for humanoid robot insurance.
JBA Risk Management, a flood specialist, has updated its Global Flood Model, introducing enhanced hazard maps, a broad range of future climate event sets and improvements to both processing speed and exposure disaggregation.
Manulife Hong Kong and Macau has appointed Dr Liu Hongjuan as Chief AI & Data Officer for Hong Kong and Macau, supporting the establishment of Hong Kong as an AI Centre of Excellence.
The potential in financial insurance business is significant in Turkiye, according to Mr Ali Sertac Canal, Deputy General Manager of state-owned Turk Reasurans (Turk Re).
Insurers are looking into offering separate coverage for vehicle and battery in a bid to reduce insurance premiums for users of electric vehicles (EVs).
Australians are at greater risk of scams and dodgy providers as they reveal a deep trust in AI for financial advice, the life insurance industry has warned.
As small and medium enterprises (SMEs) rapidly adopt Artificial Intelligence (AI) and cloud-based infrastructures to scale, they are discovering that these growth engines also act as "risk multipliers", introducing new vulnerabilities into their core operations.