Insurance industry thought leader Frank Schmid is to kick off a series of panels on cyber-risk, insurtech and artificial intelligence with an AI keynote talk on the final day of the 2024 Bermuda Risk Summit next month.

The annual event, to be held March 13-15 at the Hamilton Princess & Beach Club, is presented by the Bermuda Business Development Agency in partnership with the Association of Bermuda Insurers and Reinsurers and EY.

Dr Schmid is chief technology officer at Gen Re and a member of the executive board of Gen Re AG in Cologne, Germany.

Previously, he was affiliated with AIG, the National Council of Compensation Insurance, and the Federal Reserve Bank of St Louis.

Dr Schmid said: “Generative artificial intelligence is general-purpose technology. 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.

“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 on the final day 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”.