NEW YORK - Artificial intelligence will aid decision-making and reduce costs, but human interactions and diverse perspectives are still needed in the insurance industry, panelists said Friday.
They were speaking at the Business Insurance Diversity, Equity and Inclusion Institute's annual DEI Leadership conference.
AI will make the cost of decision-making zero, said Ritendra Roy, New York-based managing director, financial institutions group, at Oppenheimer & Co. Inc.
Actuaries will no longer be needed to price risk, and people won't be needed to run models, Mr. Roy said.
AI will make the insurance industry more efficient, but it shouldn't replace human interactions, said Aartie Manansingh, New York-based head of the private equity and transaction solutions group at Willis Towers Watson PLC.
"We should use technology in our industry to make us more efficient, but don't forget also to create a culture where we are talking to each other, to clients, interacting with each other," Ms. Manansingh said.
"Let's not lose sight of all the other things that make us unique in an effort just to be more efficient," she said.
AI can help lighten job loads, said Sean Gleason, Chicago-based vice president, underwriting-financial institutions, at Argo Group.
"We can use AI for those things that are repetitive or redundant, or, quite frankly, people think it's not their job to do it, but nobody wants to claim it. That's the way I think about it," said Mr. Gleason, who moderated the panel.