The Canadian Standards Association (CSIO) recently hosted a free webinar discussing the impact of technology and general artificial intelligence (AI) trends in the year 2025. The event, titled “Tech and Gen AI Trends in 2025,” aimed to provide insights and predictions on how technology and AI will shape the future of the insurance industry.
The webinar was led by a panel of experts, including CSIO’s President and CEO, Catherine Smola, and Chief Technology Officer, Trevor Bunker. They were joined by special guest speaker, Dr. Alex Liu, a renowned AI expert and professor at the University of Toronto.
During the webinar, the panel discussed the current state of technology and AI in the insurance industry and how it is expected to evolve in the next five years. They also touched on the potential benefits and challenges that come with the integration of technology and AI in the industry.
One of the key takeaways from the webinar was the increasing use of AI in underwriting and claims processing. With the help of AI, insurers can now analyze vast amounts of data and make more accurate risk assessments, leading to better underwriting decisions. Similarly, AI can also streamline the claims process by automating tasks and reducing the time it takes to settle a claim.
The panel also discussed the potential impact of technology and AI on the workforce in the insurance industry. While some jobs may become obsolete due to automation, there will also be a growing demand for new roles, such as data analysts and AI specialists. The panel emphasized the importance of upskilling and reskilling employees to adapt to the changing landscape.
Another significant trend discussed during the webinar was the rise of InsurTech companies. These are startups that use technology and AI to disrupt the traditional insurance industry. The panel predicted that InsurTech will continue to grow and challenge traditional insurers, forcing them to innovate and adapt.
In conclusion, the “Tech and Gen AI Trends in 2025” webinar provided valuable insights into the future of the insurance industry. It highlighted the potential of technology and AI to transform the industry and the need for insurers to embrace these changes to stay competitive. As we approach 2025, it will be interesting to see how these trends unfold and shape the future of insurance.
