Let's Get Surety #131 AI and Risk Management With The Institutes' Peter Miller
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Feb 25, 2025 In a captivating discussion, Peter Miller, President and CEO of The Institutes, sheds light on how AI is transforming the insurance industry. He elaborates on AI's powerful role in risk management, revealing its capabilities in fraud detection and underwriting. Peter emphasizes the balance between innovative AI solutions and the human touch required for customer interactions. The conversation also touches on emerging regulations and the need for education in implementing AI ethically. Don't miss his insights on the future of customized insurance products!
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Early AI Experience
- Peter Miller built his first AI system in 1989, using a then-new neural network approach.
- He jokes he's been subject to Amazon's AI manipulation through targeted Kindle recommendations.
AI's Suitability for Insurance
- Insurance, being data-rich, is well-suited for AI applications, particularly generative AI.
- Generative AI's pattern-matching abilities excel with vast datasets, offering significant potential.
Current AI Applications in Insurance
- Current AI use in insurance focuses on process improvements, like office automation and fraud detection.
- Transformational applications, though less common now, could revolutionize data analytics and process design.