The Institutes RiskStream Collaborative® Expands Their Emerging Technology Work in Artificial Intelligence Through the AI Council Initiative

Barchart · 10/16 11:21

The Institutes RiskStream Collaborative® announced today that they have expanded their work in Artificial Intelligence (AI) with the launch of its AI Council Initiative. The launch follows a successful AI and Large Language Model (LLM) Multiparty Applications in Insurance Summit over the summer, where over 150 industry participants gathered to share multiparty use cases for AI/LLM across the insurance value chain. The goal of the AI Council will include a new industry-led AI governance arm, working groups, and a Request for Information (RFI) to solution providers for implementing multiparty AI/LLM solutions for the insurance industry.

RiskStream’s AI Council governance arm will provide perspective on AI/LLM usage in insurance, zoning in on multiparty opportunities, and offer recommendations to RiskStream’s Advisory Board on best use cases for RiskStream working groups to develop products and/or where to award solution providers via a RFI approach. The Council will also provide a network for the industry to share perspectives on optimizing ethical use of AI in insurance.

“The launch of the AI Council Initiative is the next logical step for multiparty usage of emerging technology in insurance,” said Patrick Schmid, President of The Institutes RiskStream Collaborative. “Since its origin, RiskStream has mostly concentrated on blockchain technology, which has led to very important multiparty solutions, but blockchain is only one tech tool in the emerging tech toolbox. Our advisory board feels strongly that there is need for multiparty solution hub for AI/LLM within insurance, and that RiskStream provides a natural place for that as well.”

Through the AI Council Initiative, there are plans to launch two AI/LLM working groups for workers compensation fraud detection as well as leveraging the technology to optimize insurance associate training and education. RiskStream has also released an RFI to existing AI/LLM solution providers to help with seven other use case opportunities that were gathered during the industry-wide AI/LLM summit and prioritized through RiskStream’s Advisory. The goal of the RFI would be to determine the pieces and solution providers that are needed to build solutions and infrastructure for multiparty AI/LLM in insurance. Solution providers are welcome to respond to one, multiple or all the sections within the RFI. Industry participants will receive collaboration and networking value through the AI Council, as well as the potential to leverage several multiparty AI/LLM solutions as they move to market.

“It's exciting to see The Institutes RiskStream Collaborative and their work move into the realm of artificial intelligence,” said Peter L. Miller, CPCU, CEO of The Institutes. “By leveraging AI and LLM technology in a strategic manner, the industry can not only drive operational efficiency, but also transform how the insurance industry collaborates on shared challenges.”

The RiskStream Collaborative ecosystem is the ideal place for industry collaboration on Artificial Intelligence, as RiskStream serves as a neutral entity for insurance companies to collaborate, innovate and solve industry problems.

For more information about joining The RiskStream Collaborative AI Council Initiative or participating in the RFI, please contact RiskStreamDL@theinstitutes.org.

About The Institutes RiskStream Collaborative

The Institutes RiskStream Collaborative® aims to create an ecosystem within the risk management and insurance industry that leverages emerging technology platforms to design/build (or leverage existing) solutions that aim to streamline the flow and verification of data in multiparty business processes. RiskStream’s goals as a blockchain and emerging technology consortium are to help industry participants lower operating costs, drive efficiency from improved processes, and enhance the customer experience.

About The Institutes

The Institutes are a global not-for-profit comprising diverse affiliates that educate, elevate, and connect people in the essential disciplines of risk management and insurance. Through products and services offered by The Institutes’ nearly 20 affiliated business units, people and organizations are empowered to help those in need with a focus on understanding, predicting, and preventing losses to create a more resilient world.