The insurance claims sector is tapping into technologies such as machine learning and artificial intelligence to increase efficiency, improve outcomes and detect fraud.

The threats that are posed by new technologies such as artificial intelligence (AI), which had consistently reduced since 2021, is now predicted to be a growing threat for the next 12 months ahead, according to Beazley’s latest Risk & Resilience report: Spotlight on: Cyber & Technology Risks 2023.

In 2030, the world will look, feel and function in new ways. But how will the insurance value chain be affected by the new technology, ideas and regulations that will exist in seven years?

And while achieving an absolute zero claims status is impossible, moving to a reality where insurers, risk managers and policyholders work together to reduce the probability of loss is the goal of many predict-and-prevent risk management programs.

Whether artificial intelligence will help the insurance industry work smarter, or whether it will mean massive job losses, or maybe represent something in between is yet to be seen.

Economic turbulence, political unrest, climate catastrophes, and the aftermath of a global pandemic are just a few of the forces demanding that everyone -- homeowners, consumers, businesses, and policymakers, as well as risk-management professionals -- take responsibility for understanding and reducing the perils facing all of us, Triple-I CEO Sean Kevelighan said in a recent episode of the Predict & Prevent podcast.

Insurance companies have lost control of their claims frequency and the use of technology enabled claims instigation practices to drive more claims through litigation has become a significant social inflationary threat to the industry... .

Paperwork backlogs in insurance have evaded even the savviest of technology solutions. In particular, the processing of unstructured medical documents or cabinets filled with claims data was difficult to automate, so many have kept doing the work by hand.

It’s 2035 and a maritime court has convened to determine who’s at fault when a seagoing vessel made an error in passage planning -- a safety exercise that maps a voyage from start to finish, including harbour navigation and docking.

With AI’s potential to dramatically change how businesses operate and make decisions, becoming data-driven has never been more important. However, as technology advances and the world becomes increasingly connected, organizations are finding it more and more difficult to become truly data-driven.

Tropical Storm Bret has formed in the central tropical Atlantic -- two months ahead of schedule for that part of the ocean. Fortunately, the technology and expertise were in place to anticipate this second named storm of the 2023 Atlantic hurricane season.

Generative AI tools such as ChatGPT, which once seemed far off on the horizon, have arrived and are beginning to take shape. Industries, including construction and insurance, are contemplating whether, how, and to what extent they will incorporate this technology.

Cybersecurity Ventures estimates cybercrime will take a $10.5 trillion toll on the global economy by 2025. If it were measured as a country, the underground cybercriminal economy would be the third largest in the world after the U.S. and China.

Despite the industry’s stodgy reputation, insurance is often ahead of the curve, embracing new technologies that improve efficiency, enhance customer experience and increase profitability.

With the rapid advancement of artificial intelligence (AI), concerns about job displacement have become prevalent. However, it is essential to understand that AI, including language models like ChatGPT, has the potential to enhance and transform job roles rather than replace them.