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The AI Latest Opportunities, Trends and Risks in Insurance and Beyond
On March 21st, the Singapore College Of Insurance (SCI) and the International Compliance Association (ICA) co-hosted an engaging discussion on AI’s evolving role in the insurance industry and beyond.
A sincere thank you to Edward Wong, Benjamin Cheong 张汶权, and Gareth Lang for sharing their invaluable insights, and to Pekka Dare for expertly moderating the session.
Here are the key takeaways from this session:
1. AI in Cybersecurity: The Growing Risk of Autonomous Cybercriminals
AI tools are becoming integral to cybersecurity, but with that comes the increased threat of AI-driven cybercrime, including AI-generated phishing campaigns and autonomous attacks. Insurers must proactively assess and enhance their cybersecurity strategies, focusing on transparency, ethical safeguards, and staying informed about emerging AI-driven threats to stay ahead in this evolving landscape.
2. Navigating Regulatory and Legal Risks
The panel explored the global regulatory landscape, particularly the EU AI Act, and discussed how AI regulations differ across regions like the EU, China, and the U.S. A major takeaway is the importance of conducting vendor due diligence and ensuring compliance with local data privacy laws when deploying AI. Professionals should consistently review internal AI policies to ensure alignment with regulatory requirements, strengthening transparency and accountability while mitigating compliance risks.
3. Practical AI Applications in Insurance: Efficiency and Human Oversight
AI is revolutionizing claims valuation, underwriting, and compliance tasks in the insurance industry, driving greater efficiency and accuracy. Collaboration between internal teams is crucial to monitor AI systems effectively and ensure they are explained and implemented in a way that builds customer confidence.
4. AI Governance and Ethics: Ensuring Ethical AI Development
Ethical considerations were a major focus, with the panel stressing the need for cross-functional collaboration between privacy officers, data advisory boards, and other stakeholders. Professionals must build and implement robust AI governance frameworks that are transparent, accountable, and ethically sound.
5. Continuous Learning and Collaboration: Staying Ahead in AI
With AI’s rapid evolution, staying informed and continuously learning is key to staying ahead. The panel stressed the importance of ongoing education on AI developments and trends. Professionals should collaborate closely with internal teams to ensure that AI initiatives align with business goals and mitigate risks. Encouraging a culture of continuous learning and cross-team collaboration will enable organizations to successfully navigate the challenges and opportunities AI brings.
We extend our heartfelt thanks to all attendees for their active participation and discussions, which made the event successful. A special thank you to the International Compliance Association (ICA) and May May Lim 林枚郿 for co-organizing this event with us.
For more information, contact events@scidomain.org.sg
