Johannesburg, 7 November 2024 - COVER held its first-ever Innovators Network Executive Roundtable, welcoming over 30 financial services executives to Rosebank, Johannesburg, for a pivotal discussion on Artificial Intelligence (AI) in insurance. This event, focused on advancing AI in the industry, was built upon COVER’s successful TechFest conference, which annually explores technological advancements in insurance. The Executive Roundtable provided a space for technology leaders and executives to openly discuss the practical challenges, opportunities, and strategic implications of AI.

The session offered participants the chance to learn from peers and experts, including representatives from Microsoft and Sapiens, about the current and future state of AI applications within the industry. Attendees examined practical examples of AI implementation and engaged in discussions around ethical considerations and competitive opportunities AI presents to the financial services sector.

COVER’s Editor-in-Chief opened the session, expressing gratitude to the executives for their participation and setting the stage for a morning focused on knowledge-sharing. The event kicked off with Hollard CIO, Viren Naidu, who presented a comprehensive overview of key considerations for non-technical executives evaluating AI adoption strategies.

Denver Naidoo, Chief Data Officer at Old Mutual Insure, shared insights on the importance of strong project management and the courage required to sometimes defer project launches. He emphasised that delivering an optimal end-user experience is crucial, even if it means delaying the project to ensure quality.

Rupert Nicolay, Microsoft’s Worldwide Financial Services Director, highlighted global AI trends observed by Microsoft and discussed strategies to support clients in their AI adoption journeys. Nicolay’s presentation underscored the transformative potential AI holds for the financial services sector.

Ilan Buganim, Chief Technology and Information Officer of Sapiens, delved into the current cloud-first, mobile-driven environment, illustrating the ways AI can enhance insurance services through personalised and enriched customer experiences. Buganim emphasised the importance of having a single source of truth within data structures to fully leverage technological advancements.

Microsoft’s Executive Director of Corporate, External and Legal Affairs, Siyabonga Madyibi, closed the morning presentations by addressing the ethical dimensions of AI. Madyibi encouraged attendees to reflect deeply on ethical considerations as they explore AI-driven projects, particularly regarding responsible usage and data governance.

As a keynote speaker, Ludwick Marishane offered attendees his innovative framework for thinking about and executing on new ideas, providing a roadmap for approaching complex innovation challenges within organisations.

The COVER Innovators Network session concluded with interactive roundtable discussions and an opportunity for executives to network over refreshments. COVER extends its sincere thanks to the financial services executives who participated, as well as to Microsoft and Sapiens for their invaluable support in facilitating a successful and insightful event focused on AI in insurance.