MALVERN, PA — Pete Miller, CPCU, President and CEO of The Institutes, recently highlighted the transformative role of artificial intelligence in risk management during the Travelers Institute Wednesdays with Woodward® webinar. The discussion, titled “AI and Analytics: Exploring Key Drivers of Predict & Prevent,” emphasized how advanced analytics and AI tools are reshaping the insurance industry through proactive risk prevention.
Miller introduced the “Predict & Prevent” model, a forward-thinking approach that uses AI, IoT, and data analytics to anticipate and mitigate risks before they occur. He explained how this method is improving safety for policyholders while also reducing claims and costs for insurers. “The best loss is the one that never happens,” Miller said. “Proper use of these Predict & Prevent techniques can moderate both frequency and severity—stopping losses before they happen or reducing their impact when they do.”
During the webinar, Miller detailed how AI-driven real-time predictions have become more accessible and effective. These technologies are enabling insurers to refine underwriting and pricing processes, personalize claims handling, and improve overall risk mitigation strategies. He described predictive AI as a “general-purpose tool” capable of transforming the way businesses address risk.
Miller also emphasized that the full potential of these technologies depends on collaboration among risk management experts, regulators, and Insurtech leaders. By working together, industry professionals can harness AI’s capabilities to create safer, more efficient risk management systems.
The session underscored how innovation is positioned to reshape the insurance and risk management landscape, delivering significant benefits to insurers and policyholders alike.
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