Natural catastrophes still remain the principal cause of destruction on Earth. But these so-called “Acts of God” are not the only risks to which our societies are exposed: there are also “Acts of Man”, “Acts of the Devil” and the constant mutations and interactions between them.
The incident, publicly disclosed in December 2017, occurred when hackers successfully infiltrated the critical safety systems of an unidentified industrial facility, reported to be located in Saudi Arabia.
During his presentation at the SCOR Conference 2017, titled “Transhumanism: the future impact of advanced technologies on society and on the insurance industry”, Laurent Alexandre, CEO of DNA Vision, warned insurers of the new threats posed by the use of Artificial intelligence to manage risk, and by the rise of potential competitors from the IT industry.
According to Alexandre, the current rise of advanced technologies represents a new kind of challenge for the insurance industry. What he calls the ‘transhumanist movement’ “seeks to suppress risk and death”, notably through the use of Artificial intelligence (AI). In his view, the global objective of key players from China and Silicon Valley “is to create a world without risk. Though it is difficult to assess, a balance will be reached between the decrease of risk through means such as profiling, and the exponential growth of new risks linked to AI: new kinds of terrorism, genetic problems and errors, social dysfunction, etc.”
Alexandre said that, beyond new ways of considering and managing risks, these companies carry a specific threat to (re)insurers: “insurance used to be the industry of data. Today, IT companies are the real business of data. Insurance is becoming a marginal player in what used to be its core expertise.” The insurance industry must adapt very quickly to the new paradigm by embracing AI and using it at the core of its business. “If the big IT companies believe that insurers are unable to become data specialists”, he concluded, “they will attack. And they will win.”
Laurent ALEXANDRE, CEO of DNA Vision, talks about "Transhumanism : the future impact of advanced technologies on society and on the insurance industry"