SIRC diary: The AI monster
November 7 2024 by Marcus Alcock
Amidst all the chatter here at the 20th Singapore International Reinsurance Conference (SIRC) concerning how much ground reinsurers might (or might not) have to concede at the 1.1 renewals, or the continuing impact of global geopolitical uncertainty (I write this as the polls close in many US States!), one topic that has certainly caught my attention has been that of generative AI.
The subject featured heavily in the panel discussion, ‘Mastering a Sustainable Future in Turbulent Times: A View from the Top’. In an excellent session moderated by Clemens Philippi, CEO of MSIG Asia (Singapore), the impact of generative AI on the future of the (re)insurance featured prominently, and I was struck by just how seriously the market is already taking a technology that now seems beyond any doubt to have a profoundly transformative impact on all our lives.
On the panel at the discussion, Dawn Miller, Chief Commercial Officer at Lloyd’s and CEO of Lloyd’s Americas, conceded that this is a “huge topic” and said that as an industry it is approached with “a lot of humility”.
On the positive side, Miller said that already generative AI is making its presence felt in the market as some modelling for natural catastrophes is now AI-driven, while she added that Lloyd’s itself has some two dozen AI concepts ongoing at the moment. Now that’s what I call commitment!
What struck me is how transformative the market thinks AI will be. To quote Miller again: “It’s a bit of a journey, and one that will have some negative dips” but one that we can’t ignore. As she added: “We were all sceptical about the iPhone when it came out, but now we can’t live without it.” Indeed.
Interestingly, fellow panelist Matthew Carletti, managing director of Citizens JMP, was at pains to point out that AI will NOT replace the art of underwriting, though he suggested that AI will have more of an impact in the claims arena. We shall see.
Oh yes, one final point as I sign off here from what has been another wonderful, well-attended SIRC. Please bring back the Media Room – us journos are as much a part of the market as the rest of you, and work hard to bring you informative and intelligent comment on the key themes of the conference. We need some space to do this, please!
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