Insur. weekly 498 ?? A product perspective on tackling regulatory constraints
Florian Graillot
Investor @ astorya.vc (insurance & emerging risks ; Seed ; Europe)
Hi All,
First of all, let me welcome those who joined us recently. We are now over 12.500 subscribers !
Below, you'll find the three most engaging articles from this week. They are about insurance & risks innovation, FinTech comparables and tech trends worth a look.
Amazon unveiled Alexa+ in an attempt to revive its voice-based assistant, thanks to state-of-the art Generative AI features. (read more)
Waymo is now at 200,000 weekly ride with its autonomous cars, 2x up from August last year. (read more)
1?? Generative AI in insurance
The first article is a report IBM put together on the state and future of Generative AI in the insurance industry. It details both opportunities and existing use-cases. The latest highlight most incumbents have been leveraging AI solutions to revamp the user interface, while customers would value more to get personalized offers. And based on a survey of 1,000 senior insurance executives, it appears half of them perceive AI as a risk, the other half rather see it as an opportunity!
2?? A product perspective on AI in Financial Services
The second article is an essay from Simon Taylor on why there are not yet great AI products in Financial Services. It explores both the opportunity to leverage AI solutions to address core banking functions and major challenges (namely compliance and explainability) incumbents need to tackle first.
3?? Why Autonomous Cars lag behind in Europe?
The third article, published on Fortune, explores the gap between the US and Europe in terms of Autonomous Cars initiatives. The article highlights the broadening gap between live initiatives spreading across the US while Europe is still testing at local scale. It also lists what it would take for self-driving cars to become a reality in Europe.
I read an article from Reinsurance News, relying on an interview with GallagherRE's CEO on the need for insurers and re-insurers to collaborate against climate risks. This is an opportunity to broaden that opportunity towards the whole 'emerging risks' category and tech or data startups.
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?? Archives of?InsurTech?Weekly
Investing at the convergence of risk & technology | Former operator & founder | Engineer | Builder
2 天前I believe the regulatory aspect slows down the capability evaluations and implementations. Unlike other markets where there’s an openness to test and validate - the financial and insurance products are heavily regulated. And also under risk averse settlements - due to history of losses, etc.
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2 天前Florian. Thanks for this. Always a great carefully curated selection of articles. The IBM article was particularly interesting. Over the course of my working career I have worked with many global insurance companies and have always been struck by the dependence on legacy systems. As the inexorable march of AI continues it becomes increasingly / strategically important to tackle the challenges posed by outdated core systems that could hinder the integration of new AI capabilities. Also the article clearly shows the lack of alignment between insurance companies and customer expectations around the benefits that could be derived from AI initiatives. Unsurprisingly, customers hope that AI will drive more personalised offerings rather than just the customer service enhancements that insurance companies are prioritising.
Investor @ astorya.vc (insurance & emerging risks ; Seed ; Europe)
2 天前Which topic did you enjoy the most this week? 1/ Generative AI in insurance 2/ Challenges to do great AI in banking 3/ Autonomous Car in Europe