With climate change, the insurance industry is facing a rapidly growing dilemma. Stronger, more frequent, and more unpredictable natural disasters are driving insurers out of high-risk markets, expanding the geographies at risk, and leaving many overexposed. In such an environment, the ability to anticipate the effects of climate change will be a crucial driver of success. That’s why savvy insurance leaders are turning to data science and artificial intelligence, which, thanks to both the abundance of climate and actuarial data available and the models’ sophistication, are starting to enable companies to model new environmental risks with unprecedented fidelity.
AI also promises a huge opportunity to improve insurers’ underwriting and pricing capabilities more broadly across many risks. However, these models and algorithms are often unexplainable “black boxes,” which can make it difficult for companies to fully trust their outputs and for regulators to prove they are not inappropriately biased.
This timely discussion cuts through the chaos about AI tools and provide expert insights for insurance and insurtech leaders.
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14 июн 2023
