Docugami’s Post

Interesting session with discussions on how AI governance is evolving to address and mitigate the risks highlighted by AI. Watch the replay and my colleague Barbara Mayer presenting in the FERMA | Federation of European Risk Management Association in the webinar https://lnkd.in/eYctRSbc.

What short-term and long-term impact of AI do we expect on different industries? No industry will be immune to AI transformation. But the insurance industry in particular is already undergoing a revolutionary transformation. Insurers use AI to automate risk analysis. Learn more about the opportunities, trends, and risks of AI usage in: https://lnkd.in/evMswHet

The growing use of artificial intelligence (AI) by insurers promises big benefits for corporate insurance buyers, but also comes with risks, Ferma members were told. AI has the potential to cut costs, speed up processes, standardise submissions and generate risk insights, according to the speakers. But the technology could lead to less risk differentiation by insurers, while the technology is not yet suitable for predicting risks, they warned. More here 👉https://ow.ly/zpK950Rp4o0 #Ferma #AI #RiskManagement FERMA | Federation of European Risk Management Association

The growing use of artificial intelligence (AI) by insurers promises big benefits for corporate insurance buyers, but also comes with risks, Ferma members were told. AI has the potential to cut costs, speed up processes, standardise submissions and generate risk insights, according to the speakers. But the technology could lead to less risk differentiation by insurers, while the technology is not yet suitable for predicting risks, they warned. More here 👉https://ow.ly/zpK950Rp4o0 #Ferma #AI #RiskManagement FERMA | Federation of European Risk Management Association

Can we use AI for our contracts? 🤔🤖💻 It's a question we're often asked, and honestly, the answer is yes! There are some great tools out there that can draft, summarise, advise on and mark-up contracts. BUT... The problem is that if something isn’t right, you have ABSOLUTELY NO COME BACK. Because however good they are, or become, AI tools can’t be relied on.  When you’re a start-up budgets are tight and the appetite for risk is high, so it's fine to use them, but as your business grows, your approach to risk needs to as well, which means key contracts need to protect you, because they are an insurance policy. So we're not saying don’t use AI tools at all, just be aware of what you’re using them for and why and do a risk assessment / cost benefit analysis of getting things checked by someone who knows what they’re doing and will stand behind their advice (i.e. with professional indemnity insurance!).  If you’re not convinced your contracts/ legal docs/ processes are doing what they should, please get in touch. We won’t over-lawyer or reinvent the wheel – we just want to help you to recognise risk and deal with it appropriately. #AI #LegalAI #LegalTech #LegalSupport #LegalAdvice

How to discover Patterns? Sifting through documents to spot patterns and extract hidden insights from them can be daunting. This insight can be crucial in a legal case, financial analysis, or an insurance claim. AI takes care of the document review process, spotting patterns and drawing insights at rapid speeds. Explore more here: https://lnkd.in/d7cZ8MyW

In the rush to adopt AI, #governance is often overlooked. Our client, a leading P&C #insurance company, recognized the importance of balancing innovation with trust. Together, we built an #AI governance framework that empowered their teams to explore opportunities without compromising their reputation. Read the full client story: https://ow.ly/vo0b50UoBls

Build an #AI governance framework that empowers your teams to explore opportunities without compromising their reputation! Centric Consulting

The growing use of artificial intelligence (AI) by insurers promises big benefits for corporate insurance buyers, but also comes with risks, Ferma members were told. AI has the potential to cut costs, speed up processes, standardise submissions and generate risk insights, according to the speakers. But the technology could lead to less risk differentiation by insurers, while the technology is not yet suitable for predicting risks, they warned. More here 👉https://ow.ly/zpK950Rp4o0 #Ferma #AI #RiskManagement FERMA | Federation of European Risk Management Association

The growing use of artificial intelligence (AI) by insurers promises big benefits for corporate insurance buyers, but also comes with risks, Ferma members were told. AI has the potential to cut costs, speed up processes, standardise submissions and generate risk insights, according to the speakers. But the technology could lead to less risk differentiation by insurers, while the technology is not yet suitable for predicting risks, they warned. More here 👉https://ow.ly/zpK950Rp4o0 #Ferma #AI #RiskManagement FERMA | Federation of European Risk Management Association