Mark McLaughlin, global insurance director, IBM, said insurers will benefit from developments in data, artificial intelligence, cloud computing and industry platforms.
Insurers and reinsurers at the Meeting of Reinsurance Officials in Montreal said mutual insurers lack stock companies' range of access to capital sources, which is why many look to reinsurers for help with capital and expertise.
Michael Barnes, assistant vice president, Willis Re, said mutual insurers' focus on policyholders likely means they would rather develop more complex solutions tailored to policyholder needs, than develop simple, limited products.
Charles Dugas, director of insurance solutions, Element AI, said insurers that want to implement an artificial intelligence program must work from a digital, modernized technology platform with access to data sources and computing power.
Greg Lockard, director of reinsurance operations, Shelter Re, said advances in technology and advancing consumer expectations are driving change throughout the insurance industry.
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