by Ralitsa Nenkova, Global Insurance Leader, Kyndryl Consult
Agentic AI is poised to transform many businesses – but it’s possible that the insurance industry will feel its disruptive force more than any other. Colin Payne, the Head of Innovation at the U.K.’s Financial Conduct Authority (FCA) and the Chair of the Global Innovation Network suggests insurance is “almost a perfect use case” for agentic AI.
I recently had the pleasure of talking with Payne about his unique view on the role of regulators in a moment of intense and increasing change; the risks and potential of AI; and specific ways that insurers may be rewriting the rules – and potential – of their business with agentic AI. Below are excerpts from our discussion.
Listen to the full-length conversation here:
The systems we’re looking at don’t just analyse data. They’re dynamically sourcing information. They’re making recommendations, they’re executing tasks, and they can form strategies.
Insurance is a kind of almost perfect use case... Suddenly insurance is moving from being reactive and product-centric to proactive and service-oriented.
If you imagine you have coordinated agents trading or handling claims, they can unintentionally create systemic risks... You need to understand how the market could be distorted by multiple models.
The decision-makers need to be fluent in AI risk, not just familiarity. It’s not sufficient for the board to be using ChatGPT.
