Gen Re CTO to give talk on generative AI at Bermuda Risk Summit
The Bermuda Risk Summit will feature a talk on generative artificial intelligence – and the importance of insurers reorganising themselves to adapt to leaps in technology.
The talk will be delivered by Frank Schmid, the chief technology officer of Gen Re on the third day of the Risk Summit, which takes place from March 13-15.
“Generative Artificial Intelligence is General-Purpose Technology (GPT),” said Schmid. “Aside from generality of purpose, a defining quality of a GPT is the emergence of a feedback loop between downstream innovation and continued improvement of the technology.
“Past arrivals of GPTs have shown that the gains to the firm are not so much achieved by improving the way given tasks are performed. Rather, the bulk of productivity gains occur by the firm reorganising itself. This makes the insurer's organisational adaptability critical to business success.”
Schmid will be introduced by Sophia Yen, principal, insurance strategy & innovation leader at Bermuda Risk Summit sponsor EY.
Schmid is also a member of the executive board of Gen Re AG in Cologne. Previously, he was affiliated with AIG, the National Council of Compensation Insurance, and the Federal Reserve Bank of St Louis.
Other panels taking place on the final day of the Bermuda Risk Summit, being held at the Hamilton Princess & Beach Club from March 13-15 include: ‘Securing Tomorrow: Developments in Cyber Risk Strategy’, ‘Tradition vs Transformation: Embracing InsurTech Innovation’, ‘Riding the Digital Wave: The Role of AI in Insurance Evolution’, ‘Market View: Investor Trends’, ‘Market View: Rating Agencies’, and ‘Geopolitical Insights and Insurance Dynamics’.
A full agenda is available online. Potential delegates are encouraged to register before March 1, the end of the price discount period.
