From: Captive International
The past year has brought key developments in the use of artificial intelligence in captive insurance. Captive International looks at the benefits—and the challenges.
In the past few years, artificial intelligence (AI) has made waves across various industries, offering new tools and capabilities that have transformed traditional practices. In captive insurance, the rise of AI has generated significant interest.
While some experts caution against the overhyping of AI’s capabilities, others are optimistic about its potential to revolutionise risk management, underwriting, and operational efficiencies. However, the nuances of AI adoption in the captive insurance industry are complex, and there remain questions about the long-term implications.
Over the last year, AI technologies have made noticeable strides in the realm of captive insurance. According to Marcus Schmalbach, the chief executive of RYSKEX, one of the most significant advancements has been in enhanced risk modelling. AI algorithms, driven by machine learning, have become increasingly sophisticated, allowing for more precise risk assessments and predictions.
