Weekly News Roundup – 30th June

At an Instech event this week, some of the OneAdvent team had the opportunity to examine how connected technology is empowering insurers to make fast and efficient decisions in risk selection and saw a live demo of generative AI. For those interested in this topic, McKinsey have released a report exploring the ‘new era of generative AI’ and how such applications can impact business and society.  In other news, the recent tragic events involving the Titan submersible have highlighted how space tourism (like deep sea tourism) is lacking an appropriate regulatory regime.

The economic potential of generative AI: the next productivity frontier (Source: McKinsey)
A new report around the rise of generative AI shows its potential to ‘transform roles and boost performance’ across a number of functions.

Sub disaster puts spotlight on another extreme venture: space tourism (Source: Insurance Journal)
Experts explore what should be done in the sphere of commercial space travel to tighten up safety protocols and improve regulation.

Insurtech VC funding has fallen dramatically this year – report (Source: Global (Re)Insurance)
The latest data from Dealroom.co shows that insurance is still an underfunded market, particularly ‘in areas such as life insurance’.

Human-centred design and inclusive tech solutions: is this the future of insurtech? (Source: Insurance Edge)
Can automated or AI decision making replace the human factor across insurance? This article takes a look at the progress made so far.

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