MALVERN, PA — The Institutes RiskStream Collaborative has announced the initiation of its AI Council Initiative, marking a significant step forward in integrating artificial intelligence (AI) into the insurance sector. This move follows a successful summit focusing on AI and Large Language Model (LLM) applications in insurance, which drew over 150 industry leaders to explore collaborative opportunities.
The AI Council Initiative aims to establish a governance framework for AI and LLM usage within the insurance industry. It will guide RiskStream’s Advisory Board on optimal use cases for AI technologies and recommend where multiparty solutions could be developed or awarded to solution providers. The Council will also foster a collaborative environment for sharing insights on the ethical application of AI in insurance.
Patrick Schmid, President of The Institutes RiskStream Collaborative, emphasized the importance of this initiative, stating that while blockchain has been a major focus, AI now represents a crucial tool for developing multiparty insurance solutions. The AI Council will serve as a hub for innovation, with plans to form working groups targeting specific applications such as fraud detection in workers’ compensation and enhancing training for insurance associates.
Additionally, RiskStream has issued a Request for Information (RFI) to AI/LLM solution providers. This RFI seeks to identify partners capable of advancing seven key use cases identified during the summer summit. The responses will help determine the necessary components and collaborators for building effective multiparty AI solutions in the insurance field.
Peter L. Miller, CEO of The Institutes, expressed enthusiasm for the initiative, highlighting its potential to drive efficiency and transform collaborative efforts within the insurance industry through strategic AI deployment.
As industry participants engage with the AI Council, they gain not only insights and networking opportunities but also the chance to leverage cutting-edge AI solutions as they are developed and introduced to the market. The launch of the AI Council Initiative symbolizes a forward-thinking approach to tackling shared challenges in insurance through technology.
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