Page 56 - Insurance Times January 2024

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28th FAIR Conference-2023

19th - 22nd November 2023

ADNEC-Abu Dhabi-UAE

The third plenary session at the 28th FAIR Conference - Abu that emerged in 2022 and also discussed the use Cases of
Dhabi-UAE was on 'Artificial intelligence applications in AI in underwriting and claims Management. He cited the
underwriting, claims and distribution'. The panellists examples of HDFC ERGO General Insurance's AI-powered
discussed and debated the AI applications in underwriting, Risk Assessment tool, which uses algorithms to analyse
claims and distribution and highlighted some intriguing customer data and assess risk factors, enabling more
insights. accurate underwriting decisions and Acko General
Insurance's Telematics for Risk Profiling. He also mentioned
The session was moderated by Aon chief legal and
compliance counsel, Middle East Mohammad Abandah and Bajaj Allianz General Insurance's Predictive Analytics for
included insights from Prof(Dr) Abhijit K. Chattoraj, Dean Claims Severity and dwelt on how AI gathers real-time data
from connected devices in vehicles, enabling personalized
SW&SS; Chairperson - Programme of Insurance Business
Management, Birla Institute of Management Technology risk profiling and usage-based insurance. He also mentioned
and The Code Consultancy managing director Mina Saheb. how ICICI Lombard employed Fraud Detection and
Prevention, an AI-based fraud detection system, to analyse
Professor Chattoraj unfolded the InsurTech scenario by
patterns and anomalies in claims data, helping identify and
highlighting the Global Insurtech funding in 2021 vis-a-vis
prevent fraudulent claims.
India. India's performance was relatively more robust, with
a stable share of Insurtech funding. He pointed out unicorns Professor Chattoraj talked at length about the governance
issues related to AI. He touched upon the need for principles-
based regulation that provides the
most promising approach to
managing AI risks without stifling
innovation and competition.
Mr Abandah set the tone by
outlining how critical to modern
business improvement that AI has
already become. According to a
recent survey by DLA Piper of
around 700 companies with
turnover of at least $1bn, 96% said
that they intended to implement AI
technology in the next year.
Ms Saheb said that AI should be
seen as an accelerator and an
enabler of the insurance business.

50 January 2024 The Insurance Times