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When AI Gets It Laughably Wrong

Paul Carroll, Editor-in-Chief of ITL

As part of its attempts to push the frontiers of technology, Meta recently unveiled a chatbot powered by artificial intelligence that draws on the vast stores of "knowledge" on Facebook. The results, well ... they haven't been quite what Meta hoped.

The AI, known as BlenderBot3, has described Meta founder and CEO Mark Zuckerberg as "creepy and manipulative." Asked about the company's massive plans for the Metaverse, the bot dismissed it as likely passe but added, "Facebook still has a lot of money invested in it and will likely continue to do so for years to come." Of Zuckerberg, the bot said, "It is funny that he has all this money and still wears the same clothes!"

Count this as your occasional reminder that AI isn't magic. It is only as good as the information it draws from, and it very much needs adult supervision.

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Join Majesco’s Chief Strategy Officer Denise Garth and CyberCube’s Head of Client Management & Technology Services Ross Wirth for a discussion on rethinking data sources, helping insurers to innovate and provide value, and the challenge of having access to enough data for AI/ML algorithms.

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WeFox raised money at a valuation of $4.5 billion. My first reaction is the same one I had when Root raised funds at a valuation of $3.65 billion: This makes no sense

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Insurers with future-ready operations are 2.8 times more profitable and 1.7 times more efficient than their peers. Yet only one in 10 insurers is at that stage.

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Sponsored by Oliver Wyman

At Oliver Wyman, we have been helping clients understand Web3 and what it means for insurers, and guiding strategic moves — near-term and longer-term — around this evolving ecosystem. Our latest research finds the Web3 economy is currently under-insured and has huge potential for future growth. Here, we share a practical guide for insurance executives to help separate hype from reality, including Web3 insurance opportunities and risk considerations.

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The past several years have demonstrated that the insurance industry really needs to understand the social inflation landscape so we can begin to address it.

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ITL FOCUS AUGUST: Workers Compensation


As tough as staffing is throughout the insurance industry, the world of workers' comp has things doubly bad -- it has to deal not only with its own staffing issues but those of its clients.

As Mark Walls, vice president of client engagement at Safety National, explains in this month's interview, many companies are having to ask employees to do more to cover for gaps in staffing. Companies are also being less rigorous about pre-employment physicals and may rush people into action. The risk of injury is rising as a result.

At the same time, workers' comp carriers and third-party administrators are having to deal with their own shortages of adjusters, nurse care managers and so on, while dealing with caregivers that are struggling to line up enough doctors and nurses.

The result? Not pretty.

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Could Insurance Become Irrelevant?

Sponsored by International Insurance Society

In this webinar, based on McKinsey's global insurance report, we tackle some fundamental issues facing the industry that are seldom confronted: Insurers have spent years aggressively consolidating to achieve scale and innovating to improve productivity. Why aren't they more successful?

Register Today

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