InsurTech weekly - What competitive advantages can insurers gain from embracing technology?

Explore the competitive edge technology brings to insurance, how data unlocks new opportunities in bancassurance, and the latest AI safety testing tools from the UK AI Safety Institute. Discover key insights and best practices.

_{1/ Tech-based competitive edges in insurance}

Data management and analytics have become essential for carriers looking to tap emerging opportunities. Bain analysis shows that attaining technology leadership can lead to better performance on the dimensions of premium growth, expense ratio, and customer loyalty.

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_{2/ Data-based opportunities in bancassurance}

A customer-centric approach has become an imperative in the financial services sector, increasingly supported by the processing of vast amounts of market and customer data, among other factors. However, the complex and ever-changing regulatory environment presents challenges for personal data sharing. This Viewpoint shares some best practices for addressing these challenges to unlock the full potential of personal data in the bancassurance sector.

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_{3/ AI safety testing}

The U.K. AI Safety Institute, the U.K.’s recently established AI safety body, has released a toolset designed to “strengthen AI safety” by making it easier for industry, research organizations and academia to develop AI evaluations.

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