AI, Data, and the Urgency for Change in Insurance

In this insightful discussion, COVER’s Tony van Niekerk engages Marcus Looft, Strategy Director at Earnix, in a deep dive into the findings of the 2024 Insurance Trends Report. The conversation covers a spectrum of critical topics, from the modernisation of outdated legacy systems to the adoption of advanced technologies like AI and cloud computing.

Marcus explains the heightened urgency for change in the industry, emphasising the opportunities presented by modern tech to enhance decision-making, improve collaboration, and foster innovation. However, he also highlights the challenges, including inflation, cybersecurity threats, and the complexities of navigating new regulatory requirements.

A key focus of the discussion is the transformative role of data analytics and AI in improving operational efficiency and customer insights. Marcus stresses the ethical responsibility insurers have to maintain transparency and protect client trust while leveraging these tools. He shares examples of how companies are prioritising modernisation strategically, ensuring they balance technological advancements with human oversight.

Listeners will come away with a nuanced understanding of the insurance industry's evolving landscape, the challenges of transitioning from legacy systems, and the immense potential of technology to drive positive change. Whether you're an industry professional or simply curious about the future of insurance, this episode offers valuable takeaways.

Key points:

• Insurers face rising challenges from inflation, cybersecurity, and evolving risks.

• Modernising legacy systems is critical to leverage the benefits of AI and cloud computing.

• Technological advancements improve decision-making speed, collaboration, and transparency.

• Ethical considerations are paramount—human oversight should remain central to AI adoption.

• Regulatory compliance requires foresight, preparation, and modern IT systems.