The Institutes RiskStream Collaborative® Expands Its Emerging Technology Work to Artificial Intelligence
June 27 2024 - 1:31PM
Business Wire
RiskStream is holding an AI & LLM in
Insurance Summit in July 2024 to discuss multiparty insurance
industry applications
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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Media Contact: Bridget Craskey
craskey@TheInstitutes.org