MALVERN, PA — The Institutes RiskStream Collaborative®, a leading technology consortium within the insurance sector, is broadening its technological horizons by venturing into artificial intelligence. Its inaugural initiative, the AI & LLM in Insurance: Multiparty Applications Summit, scheduled for July 11, 2024, aims to unite the property-casualty and reinsurance communities in a comprehensive exploration of AI’s potential.
The summit will address key aspects of large language models (LLMs), including their development and training, with a strong focus on the critical issues of data obfuscation, privacy, and security. Additionally, it will tackle the regulatory and compliance implications of deploying AI within the insurance industry.
Patrick Schmid, Ph.D., president of The Institutes RiskStream Collaborative®, expressed enthusiasm about the initiative, stating, “We are committed to educating and empowering the insurance industry to harness the transformative power of collaborative technologies, including artificial intelligence.” Schmid emphasized the summit as a starting point for industry-wide engagement with AI, aiming to enhance operational efficiency, accuracy, and customer experience through responsible and ethical use cases.
Traditionally focused on leveraging blockchain technology for solving multiparty business process challenges, RiskStream is now expanding its scope to include AI. This strategic move is intended to offer additional value to member companies through education, innovation, and industry collaboration.
Peter L. Miller, CPCU, president and CEO of The Institutes, highlighted the summit’s role in fostering cross-party education and collaborative discussions. Miller pointed to confidential computing and trusted execution environments as potential solutions for maintaining data privacy and regulatory clarity amid AI integration.
By integrating AI into its agenda, The Institutes RiskStream Collaborative® not only aims to bolster the efficiency and customer service of the insurance industry but also establishes a neutral platform for collaborative problem-solving. This initiative represents a significant step forward in the convergence of emerging technologies and traditional insurance processes, paving the way for a more secure, efficient, and customer-centric future.
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