Dutch risk managers reminded that it’s good to talk
Risk managers in the Netherlands must not disregard the importance of human input amid the rapid advance of artificial intelligence (AI), delegates were told at the annual Narim conference.
To reinforce the message, the meeting of Dutch risks and insurance managers took place at the Corpus Museum in Oegstgeest, described as a human biology interactive museum.
The event’s first speaker was the futurist Christian Kromme, who attempted to draw parallels between the development of AI and the development of human biology, stressing the influence of human behaviour on the use of technology such as AI.
When it comes to AI and insurance, there are two important issues, said Kromme – the change in liability when AI technology is involved and the use of AI in the rapidly developing insurtech world.
“With the use of AI, it is possible to analyse data on an individual level so it should be possible to produce more personalised insurance services,” said Kromme.
He also referenced the example of other fintechs such as payments company Klarna, which is using AI-powered agents to help with customer queries and looking to reduce headcount as a result.
However, AI is yet to have the same impact on the insurance market as on other industries such as the automotive or medical sectors. In part, this is because developing human relationships is essential to effective risk management and risk transfer.
As Narim president Albert van Haastrecht told Commercial Risk Europe, last year’s Narim conference was focused on adjustments needed to keep pace with a more digital world. But this year’s focus is on the importance of human traits that are critical in what remains a relationship-based business.
“Algorithms and AI can support daily processes but the technology can’t yet provide empathy, understanding and faith, which are the basis for a relationship between insurers, risk managers and brokers based on mutual respect and confidence,” said Van Haastrecht.
“The market also thinks the human aspect is important, and that is one reason we hold this event every year because it is important that we are able to talk to each other,” he added.
