Experts talked about the latest technological developments shaping insurance and pension markets

 
 

“Workshop to Determine Strategies for Insurance and Pension Markets”, which was organized by the Insurance Association of Turkey (TSB), gathered leading experts on an international platform. The workshop focused on the technological developments affecting insurance and pension markets, and the first panel’s guest was Michaela Koller, General Director of Insurance Europe.

Within the scope of the workshop, the panel moderated by Michaela Koller discussed “Latest Technological Developments Influencing the Insurance Market in the World and Turkey: Blockchain, Artificial Intelligence, Cyber Risks”.

The speakers of the panel were Angela Carpintieri, an expert on artificial intelligence and the Director for Data & Analytics at PwC Switzerland; Dr. Magdelena Ramada Sarasola, a blockchain expert and economist who leads insurance R&D activities focusing on blockchain technologies; Stephen Simchak, President of Cyber Risks Working Group at The Global Federation of Insurance Associations (GFIA); and Gero Martin Gunkel, an expert on the adaptation of artificial intelligence applications.

Stating that blockchain is an un-hackable and unmodifiable system, Dr. Magdelena Ramada Sarasola said: “Blockchain is not a technology, it is a sociological innovation. It is important to become a part of this ecosystem to produce. The following phases include developing new models, amendment of the legislation, and creating space for new developments.”

Angela Carpintieri said that artificial intelligence became a part of everyone’s life, and added as follows: “We are using artificial intelligence in many processes including claims, policy, HR, IT and so on. Artificial intelligence technology can produce results in a very short period of time for a claim by considering the policies and developments after the policy issuing process. The algorithms learn by themselves and start to make decisions. However, this brings out issues such as liability of decisions, security, control mechanisms, and economic and social risks. Arrangements are required to address those issues and risks should be evaluated with transparency.

Underlining that artificial intelligence reduces post-accident assessment processes from approximately 58 minutes to 5 seconds, Gero Martin Gunkel said: “AI provides serious benefits in terms of both labor force and time cost. Plus, accuracy of system results improve every year. AI offers new opportunities for new services. With AI, it is possible to make rapid follow-up and analysis for new customers. However, I should say that the claims about computers replacing humans are far from reflecting the truth. Perception and recognition capacity of humans is way above the artificial intelligence. Artificial intelligence produces good results only in presence of a strong data set.”

Stephen Simchak said that cyber products were in the process of developing and added: “Consumers’ demands and expectations are significant for risk management. Companies should analyze their risks well and take necessary mitigating measures. It is important to monitor the scope of cyber products and to evaluate whether they correspond to requirements. Especially SMEs might be unaware of those risks, so they must include cyber risks in their insurance policies.”

 
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