From: Commercial Risk
But relationships and trust will still remain core in new market: Lüthy
The risk management sector and the commercial insurance market may well be heading for a rapid period of change – driven by the rise of AI and the evolving risk landscape in which we all live and work. But while the whole underwriting process may about to be revolutionised by the adoption of AI technologies, the core traditional principles of trust, partnership and compromise will remain critical, according to a leading Swiss insurer.
The impact of new technologies, including AI, has already been felt in the retail insurance sector, of course, and insurers are making big investments in upgrades to their back office and core systems to drive efficiencies at all levels.
So far, the more complex commercial and corporate risk and insurance space has been less affected by the technological revolution. But Urs Lüthy, head of commercial insurance for Switzerland at Zurich Insurance, told Sirm delegates on the opening day of the Swiss risk and insurance management association’s 50th anniversary conference in Bern that change is coming, and sooner rather than later.