AI Keynote Kicks Off Innovation Conversations at Bermuda Risk Summit

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AI Keynote Kicks Off Innovation Conversations at Bermuda Risk Summit

Hamilton, Bermuda, February 15, 2024: Insurance industry thought leader Frank Schmid, will kick off a series of panels on cyber risk, InsurTech and AI on day three of the 2024 Bermuda Risk Summit, presented by the Bermuda Business Development Agency (BDA), in partnership with the Association of Bermuda Insurers and Reinsurers (ABIR) and EY.

Frank Schmid is Chief Technology Officer at Gen Re and a member of the executive board of Gen Re AG in Cologne. Previously, Frank was affiliated with AIG, the National Council of Compensation Insurance, and the Federal Reserve Bank of St. Louis.

“Generative Artificial Intelligence is General-Purpose Technology (GPT). 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,” Dr. Schmid said. “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.”

Dr. Schmid will be introduced by Sophia Yen, Principal, Insurance Strategy & Innovation Leader, EY. 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 prior to March 1, the end of our price discount period.

In addition to innovative content, registration includes C-suite networking opportunities each day, including an opening reception sponsored by SS&C Technologies, and a Friday networking happy hour, sponsored by BermudAir. We also encourage attendees to take advantage of the BDA Connect app and book 1-on-1 networking meetings directly with other delegates. For the best experience, download BDA Connect on your phone via the App Store, or Google Play.

The BDA thanks our headline partners ABIR and EY and are pleased to report that AM Best, and SS&C Technologies, Inc. are gold sponsors, Kirkland & Ellis and KBRA are silver sponsors, Demotech, Docosoft, KPMG and Teneo are bronze sponsors, and Aon, Rein4ce and Walkers are supporting sponsors. Our airline partner is BermudAir. Other sponsorship opportunities are still available. Click here and e-mail if you wish to participate.

A small number of special price hotel rooms are still available; click here and book your room while supplies last. In addition, all registered delegates qualify to receive 20% off flights on our official airline partner BermudAir, which flies to Bermuda from Westchester, NY, Fort Lauderdale, Florida, and Boston, Mass.

The immediate economic impact of the 2023 Bermuda Risk Summit, which had a total of 450 attendees (over 150 from overseas) including lodging, transportation, food and beverage, retail and recreation was estimated at $1.8 million, and supported 266 jobs. Far more significant were the long-term economic benefits brought about by the approximately 100+ additional visitors who flew to Bermuda for business meetings during the week of the summit.

Organising the BDA’s signature events aligns with the ‘Local and International Business Retention’ and ‘Business Attraction and Investment Promotion’ strategic priorities outlined in Bermuda’s Economic Development Strategy.

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