How technology will reshape reinsurance

How technology will reshape reinsurance | Insurance Business Asia

EVP on the impact being made by artificial intelligence



The future of the reinsurance industry is set to be dominated by technological advancements – specifically around generative AI. Accordingly, EY’s Global Insurance Outlook 2024, 52% of insurance CEOs plan on investing significantly into AI this year, with 59% adding that any jobs impacted by AI will be counterbalanced by new roles.

Speaking to Re-Insurance Business, Thom Smith (pictured), executive vice president at G. J. Sullivan – Reinsurance, said that while it’s always a challenge to predict future trends, the impact of new technologies on the industry is most likely a given.

“As an industry, we’ve begun to embrace things like machine learning and blockchain technology,” he said. “But I think we really need to delve more deeply into artificial intelligence, because it has the potential to create a much broader impact. It can help us enhance our underwriting processes, claims management and customer interactions. At GJS Re, we’re anxious to learn how AI can help enhance our business and provide new opportunities.”

Artificial intelligence as a force for good

Smith isn’t alone in his predictions. According to EY’s report, despite employee anxiety around AI stealing their jobs, 58% of insurance CEOs believe that AI is a force for good. For Smith, a commitment to understanding the right ways to implement AI has culminated in him serving as an advisory board member for a newly launched program at the University of San Francisco’s School of Management – the Strategic AI Certificate Program.

“I’m among 25 other advisors but I’m the only one from the insurance world,” he told Re-Insurance Business. “So, I hope to be able to not only learn how

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Warren Buffett’s best investing and life advice from 2024 Berkshire Hathaway meeting

Just about every yr, tens of countless numbers of buyers flock to Omaha — and quite a few additional tune in around the globe – to observe Berkshire Hathaway chairman Warren Buffett area queries from shareholders at his company’s once-a-year meeting.

This year, as ever, Buffett shared his insights not only on the economical fundamentals at the rear of Berkshire’s lots of subsidiaries and portfolio organizations, but also the route to a successful life.

This year’s total 4-moreover-hour affair is value a enjoy, listen or read through. But with no obtaining into the nitty-gritty, here’s two vital pieces of information Buffett shared on Saturday — a person about funds, and one particular about lifetime.

On wise investing: ‘We by no means anxious about missing some thing we didn’t understand’

One shareholder requested Buffett about one particular of the most basic choices any investor can make: when to get or promote an expense.

The description of the procedure he and longtime associate Charlie Munger used features great perception to his expense philosophy.

“Charlie and I produced selections very speedy, but in influence soon after several years of imagining about the parameters that would help us to make the speedy conclusion when it presented alone,” he reported.

He did not make his sizable investment decision in Apple, he mentioned, right up until he felt he had a comprehensive grasp of shopper actions, an understanding he came to after possessing several other buyer corporations, both equally productive and unsuccessful.

Soon after several years of gathering intelligence on a unique matter, he mentioned, “there is something that arrives along and ticks a full bunch of observations that you have built and information you have, and then crystallizes your thinking into motion, significant action in the circumstance of Apple.”

The point for traders: Buffett does

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Alibaba, navigating sea change, reorients business towards bread-and-butter e-commerce and AI, pares down overhaul

By March 2023, Alibaba had lost three quarters of its value from the peak in October 2020, as the e-commerce giant, once seen as China’s answer to, faces questions on whether it can recapture its former glory while dealing with China’s economic slowdown, regulatory scrutiny and fierce competition from old and new rivals.

The Alibaba headquarters in Hangzhou, Zhejiang province. Photo: AFP
It was against this backdrop that Alibaba, owner of the South China Morning Post, announced in that same month an overhaul plan to break itself into six independently run entities on top of other smaller units.
Less than three months later, Alibaba announced that Joe Tsai, one of two “permanent partners”, will return to take the helm of the group as chairman, with Eddie Wu Yongming, one of the earlier lieutenants of Ma, assuming the role of CEO. Zhang left the company last September, and his original plan of launching separate IPOs for the Cloud Intelligence Group and Cainiao Smart Logistics Network were eventually cancelled.

Ma, who no longer holds any management role but has become Alibaba’s largest shareholder after early investor SoftBank cashed out its stake, wrote a rare long memo to Alibaba employees this week, endorsing the changes made by Tsai and Wu and urging employees to embrace innovation.

“We made countless mistakes in the past 25 years, and we will [continue to] make mistakes in the next 77 years”, wrote Ma. “To face problems is not to deny the past, but to responsibly find the way to the future.”

In a podcast interview with Norges Bank Investment Management’s CEO Nicolai Tangen last week, Tsai also said the group has made “mistakes”.

“We have fallen behind because we forgot who our real customers are,” Tsai said. “Our customers are the users who use our

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Stony Plain launches Economic Development Strategy and Action Plan

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Stony Plain is continuing to increase and prosper economically.

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Stony Plain Administration presented the new Economic Advancement Technique and Motion Prepare to Stony Plain Council in the course of their Apr. 8 council meeting.

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“Today marks an important milestone in our journey for economic improvement,” reported Michelle Levasseur, Financial Growth Officer. “This will tutorial our endeavours in fostering advancement, prosperity, and resilience in our vibrant community.”

By means of analysis and discussion, as nicely as the support from Patricia Huntsman Culture and Communications, the Town of Stony Basic begun building an updated Economic Enhancement Technique and Action Plan focused on emerging traits, diversifying economic improvement opportunities and sectors, as very well as outlining critical initiatives to help companies and group customers. With this prepare, the City of Stony Plain’s plans include things like but are not confined to producing new positions, sustaining existing positions, and aligning financial progress with the growth system and crucial tasks these types of as the Highway Development Approach.

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“The undertaking formally started in June 2023 with the engagement of Patricia Huntsman and her crew,” mentioned Levasseur. “They quickly began reviewing the Highway Progress Approach and conducting supplemental investigation and analysis of other strategies and areas that would affect and lead to the technique.”

4 important sessions have been held with residents, companies, industry groups, and inner stakeholders.

“Working carefully with Patricia’s workforce, we analyzed and validated the enter received and study gathered. The fruits of this

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