AI Chat: ChatGPT, AI News, Artificial Intelligence, OpenAI, Machine Learning AI in Insurance with Alexandra Matthews from Munich Re
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Dec 5, 2023 In this episode, Alexandra Matthews, Business Development Manager and AI Performance Insurance Underwriter at Munich Re, talks about the intersection of AI and insurance. She discusses collaborating with AI providers to de-risk customer operations, boost sales, and address bias in AI. The podcast explores insuring AI risks and the challenges of defining coverage for AI-related policies. It also covers the risks of AI in business, including data drift and ethical concerns, and the importance of understanding AI decision-making.
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Munich Re's AI Insurance Origin
- Munich Re's AI insurance team formed after an AI company sought coverage for their system.
- This led to a custom product, then a broader offering for AI performance insurance.
Challenges of Insuring AI
- AI insurance faces unique challenges due to AI systems' dynamic nature and constant evolution.
- Traditional insurance relies on historical data, which is lacking for many AI applications.
Unique AI Applications
- Each AI application is unique, making it necessary for insurers to start from scratch with each underwriting basis.
- Unlike standardized risks like fire or car accidents, AI applications vary significantly.