With more insurers and reinsurers across the industry deploying artificial intelligence (AI) technology within their business, the overall impacts of AI across the industry are unknown which represents “big challenges for the future”, according to SCOR CEO, 
Thierry Léger.
Speaking during SCOR’s briefing at RVS Monte Carlo 2023, Léger explained how the industry is still in the beginning stages of AI, and how important it is for companies to adopt the right platforms into their business to provide access, so their employees can use the technology
He said: “An example would be if employees started to use Chat GPT and begin to share data on such a platform.”
Referring to SCOR, he added: “Now of course, all that data is just going to go out, and so you would then have SCOR’s data going into all sorts of areas in the world where you don’t want it.
“So what do you have to do first and what we have done is just secure the sector to make sure that the data is protected. So we bring so to say, Chat GPT and similar AI tools in-house, and there are different ways to do that.
Léger also explained how SCOR has hundreds of experts across data and notes that the demand for the technology is huge.
He also noted that as soon as SCOR provided “secure access” to experiment with AI, the company received more than 100 requests from teams to test the models, which he described as being “relatively simple.”
However, despite the technology’s quickness and extreme capabilities, Léger stated that these are all just assistance tools.
He used an underwriter as an example of what the AI tools have the abilities to enhance.
“At the heart, the underwriter is still the one that makes the ultimate decision, but it can help the underwriter to work much faster and with a better set of data that is much more informed.”
Moving forward, Léger also explained how at some point in the future there will be new solutions emerging from the technology.
Léger concludes by also stating that SCOR remains very excited about data and analytics in general, as well as the possibilities to also experiment with language as well as other tools across its business too.
