The Slovenia Insurance Supervision Agency announced that Jeffery Yong, Chief Advisor at the Bank for International Settlements’ Financial Stability Institute, will speak at its 11 September conference in Ljubljana on how large technology firms and advances in artificial intelligence are changing insurance, drawing on developments in Asia. The agency’s note highlights the growth of digital insurance marketplaces as large platforms embed insurance products such as health, travel and property cover into their ecosystems while also supplying enabling services like cloud computing and data analytics. It also points to AI-driven changes in insurers’ operations, including customer-service chatbots, automated risk assessment and claims processing, and notes that customer-facing use of generative AI is being introduced cautiously due to transparency, reliability and consumer trust concerns. Digitalisation is presented as improving efficiency and access to insurance while creating new risks, including reliance on a small number of major service providers and more complex governance and regulatory challenges.

Original source View in tracker