AM Best Audio Podcast

Bob Parisi, head of Munich Re F&C Cyber Solutions, North America, said artificial intelligence is an immediate threat to cybersecurity, and ransomware appears to be resurging.

Allister Yu, vice president of operations, Rhoads Online Institute, said organizations that focus on learning from their own information can become more efficient and make informed decisions.

Insurers at RIMS' annual Riskworld conference, held in Atlanta, said next-generation customer experience will combine data, technology and expertise to create tailored solutions.

A panel of artificial intelligence and insurance experts said carriers should begin with a good understanding of their own data in order to leverage AI tools and in turn enhance customer experience and improve processes.

Insurance distribution experts at RIMS' annual Riskworld conference in Atlanta, said organizations have learned that acquiring appropriate risk protection is boardroom responsibility.

Ken Griffin, Managing Director, Head of Insurance Solutions for Barings, said that while asset market values have declined, so has the market value of their liabilities.

Leah Savageau, senior fixed income research analyst who covers the banking sector for AAM said one of the bigger issues she’s noticed was more intense migration of deposits out of smaller banks versus larger banks.

A panel of risk and insurance experts at the RIMS Riskworld conference in Atlanta said business interruption and secondary perils are also rapidly evolving risks.

Fergus Critchley, head of crisis management North America at Willis Towers Watson, and Morgan Shrubb, head of North America War, Terrorism and Political Violence, Axa XL, said insurers are adding coverage elements.

Chris Sparro, CEO of North America Insurance, Sompo International Commercial P&C, and Kristof Terryn, CEO, Zurich North America, said inability to attract sufficient talent to replace its aging workforce puts the sector at risk.