InsurTech weekly - Balancing fear of change with value-added opportunities

_{Adoption of Generative AI impacting insurance skills}

‍While it's true that the insurance industry has experienced fundamental technological advancements in the past, the upskilling required for Generative AI is of a different nature. This technology demands not only the acquisition of new skills for its implementation, maintenance, and utilisation, but also shift in mindset and approach to work.

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_{Best practices for a brighter future in Banking-as-a-Service}

‍Can we fix BaaS with better standards or with a FINRA-like entity? FINRA is a self-regulatory organization in the broker-dealer industry. This model would work for BaaS to cover the gaps in governance between the banks, providers, fintech companies, and regulators. Without it the nightmare scenario for BaaS is playing out.

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_{Value enterprises have already generated with AI}

‍Organizations are already seeing material benefits from gen AI use, reporting both cost decreases and revenue jumps in the business units deploying the technology. The survey also provides insights into the kinds of risks presented by gen AI—most notably, inaccuracy—as well as the emerging practices of top performers to mitigate those challenges and capture value.

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