Artificial Intelligence

AI-related insurance fraud with "shallowfakes" is up by 300%, according to Allianz UK.

Financial losses from these cybercrimes increased from $3.5 billion in 2019 to $12.5 billion in 2023.

AI can enhance predictions for floods, earthquakes and hurricanes for better disaster response and recovery.

Executives at ILTA Evolve 2024 discuss cybersecurity issues, generative AI, cyber insurance challenges and more.

The increased utilization of AI will improve efficiencies in routine tasks, but it does not eliminate the need for human oversight.

AI has given threat actors a leg up in deepfake technology, costing one company $26.5 million.

For now, the onus is on insurers and insurtech companies to ensure AI does not cross ethical boundaries.

Generative AI agents complement human insurance agents by doing the 'grunt work,' so they can focus on empathy and connection with policyholders.