Futurism in Insurance with Mark Breading, Senior Partner in Consulting at ReSource Pro
In the latest episode of Risk Management: Brick by Brick, Jason Reichl takes a trip to InsureTech Connect 2023 to chat with some of the best in the Risk Management world. This time, he chats with Mark Breading, Senior Partner in Consulting at ReSource Pro, an insurance-focused business solutions company that integrates people, processes, technology, and data analytics.
Jason and Mark discuss futurism and, more specifically, how AI is going to impact the future of the insurance world; the dual nature of big data and how we can handle it; and where the insurance industry is headed within the next decade.
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The AI Impact on Insurance
AI is everywhere, and the insurance industry is no different.
Mark is a futurist, and so he’s always thinking about the future of AI and how it will impact the industry: “Well, first of all, I’m a futurist. I’ve always been a futurist. I always think about where the world is going, and where’s it heading for the insurance industry, but then trying to bring it back to today. Today, a lot of the conversations we’re having, you won’t be surprised, are around AI. But the discussions are really more about how do we govern AI?”
At InsureTech Connect, people have been asking: What does AI mean for the industry and how do we make sure we are using it in an intelligent and appropriate way?
Now, we’ve said it before and we’ll say it again: AI is a gamechanger, but it’s not going to flip the industry on its head. There will still be risk managers, we’ll all still have jobs, we’ll just have new tools to use, such as AI.
Really, AI isn’t what we need to think about, it’s more about how we use it in combination with what we already have.
Can AI Really Help Climate Change?
We all know climate change is a real issue, even if some of us would prefer it to be the myth others consider it to be. Like financial trends, the pandemic, and remote working, climate change has a heap of potential impacts on the insurance industry, many of which are negative.
However, AI could be our saving grace, as long as we are still cautious, as it can help us to break down these problems and figure out how to overcome them due to their help in data hoarding.
According to Mark, to tackle these problems head-on, we first need to consider what the issue means for customers: are they directly affected and in what way? Then, we need to look at the risks and whether they are reducing or increasing. Finally, the focus turns to how the problem will affect operations, if at all.
To find out more insights from Mark on the future of AI in the insurance industry, tune in to this episode of Risk Management: Brick by Brick.
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