The Institutes RiskStream Collaborative® announced today that it has expanded its solution interests to include artificial intelligence, starting with the AI & LLM in Insurance: Multiparty Applications Summit, to be held July 11, 2024. Summit participants can anticipate an overview of large language models (LLMs) and training; discussion of the importance of data obfuscation, privacy, and security; and conversations about regulatory and compliance implications.
The goal of the summit is to bring the property-casualty and reinsurance communities together to provide education on the platforms, discuss opportunities, and prioritize use cases that can then be solutioned through industry-led virtual working groups. Expanding RiskStream’s initiatives to include AI offers member companies additional value through education, innovation, and industry collaboration.
“We are committed to educating and empowering the insurance industry to harness the transformative power of collaborative technologies, including artificial intelligence,” said Patrick Schmid, Ph.D., president of The Institutes RiskStream Collaborative®.
“This process begins with the AI & LLM Summit. This event will serve as a pivotal opportunity for industry leaders and innovators to gather and prioritize multiparty use cases and to explore the importance of privacy, security, and responsible use of AI in insurance. The end goal is to enhance industry efficiency, accuracy, and customer experience in the insurance sector and to do so in a responsible and ethical way,” Schmid added.
The Institutes RiskStream Collaborative® is a not-for-profit emerging technology consortium within the risk management and insurance industry that has traditionally leveraged an enterprise blockchain technology platform to design and build solutions that aim to solve multiparty business process challenges. RiskStream is piloting several solutions leveraging blockchain and is broadening the technology scope. Regardless of the technology platform, RiskStream’s goal is to help industry participants lower operating costs, drive efficiency from improved processes, and enhance the customer experience. The RiskStream ecosystem is the ideal place for industry collaboration on multiparty use of AI, as RiskStream serves as a neutral entity for insurers to collaborate and solve industry problems.
Peter L. Miller, CPCU, president and CEO of The Institutes, stated, “By providing a means for cross-party education and fostering collaborative discussions, the AI & LLM Summit will begin a necessary dialogue on how industry organizations can optimally leverage AI technologies in a secure manner, maintain organizational privacy, and solve multiparty business-process challenges. A key theme that may develop is how technologies like confidential computing and trusted execution environments can aid the industry in providing regulatory clarity and ensuring data privacy while reducing concerns around widespread, AI-related negative impacts.”
You can register for RiskStream’s AI & LLM in Insurance: Multiparty Applications Summit here.
For questions about the summit or information about joining the RiskStream Collaborative, please visit www.RiskStream.org/ or contact RiskStreamDL@TheInstitutes.org.
About The Institutes RiskStream Collaborative
The Institutes RiskStream Collaborative® aims to create an ecosystem within the risk management and insurance industry that leverages emerging technology platforms to design/build (or leverage existing) solutions that aim to streamline the flow and verification of data in multiparty business processes. RiskStream’s goals as a blockchain and emerging technology consortium are to help industry participants lower operating costs, drive efficiency from improved processes, and enhance the customer experience.
About The Institutes
The Institutes are a global not-for-profit comprising diverse affiliates that educate, elevate, and connect people in the essential disciplines of risk management and insurance. Through products and services offered by The Institutes’ nearly 20 affiliated business units, people and organizations are empowered to help those in need with a focus on understanding, predicting, and preventing losses to create a more resilient world.
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