Delegation visits tech mecca to learn about AI
Australian insurers have visited Silicon Valley to gain insights about artificial intelligence on the latest leg of their US working trip.
Insurance Council of Australia CEO Andrew Hall says the delegation of industry executives and senior government officials learnt how AI is reshaping the insurance industry.
He thanked the team at Plug and Play Tech Centre – a platform that connects early-stage investors, start-ups and large corporations – for a presentation on ways to apply AI in insurance disciplines such as underwriting and customer service.
“AI is driving efficiency, accuracy and personalisation in insurance,” Mr Hall said on his LinkedIn account this morning. “By adopting these technologies, Australian insurance companies can better serve their customers and optimise their operations.”
The delegation’s US trip is led by ICA and the American Chamber of Commerce in Australia.
Last Friday, ICA announced a partnership with California’s Department of Insurance to work together on common challenges such as disaster resilience and climate risks.
The deal followed the delegation’s visit to the US state’s capital city, Sacramento, where they attended a wildfire and flood summit.
“An enduring insurance sector partnership will be established. The Insurance Council of Australia and California Department of Insurance committed to a historic climate and resilience partnership between industries, based on our common climate risks, to build a shared view of growing risks and solutions,” the partners said in a joint communique.
At the summit, it was agreed that Australia and California can build global best practice in disaster preparedness, response and resilience.
The summit highlighted the important role of shared firefighting resources across hemispheres, which are increasingly strained as disaster seasons overlap.