RIBO Explores AI's Impact on Ontario's Insurance Industry
The Registered Insurance Brokers of Ontario (RIBO) is exploring the impact of Artificial Intelligence (AI) on the property and casualty (P&C) insurance industry in Ontario. Recognizing AI's potential to improve efficiency and customer service, RIBO has commissioned the Behavioural Insights Team (BIT) to study its implications. This research included interviews with brokers and consultations with industry stakeholders to assess the challenges and benefits of AI. The findings will help shape RIBO's regulatory strategies to ensure consumer protection while fostering innovation in the sector. Additionally, RIBO will feature discussions on building trust in AI during the Future of Insurance Canada 2024 event.
What is the purpose of RIBO's research on AI?
RIBO's research aims to understand the implications of AI in the insurance sector, particularly regarding efficiency, service quality, and consumer protection.
Who conducted the study on AI's role in the insurance industry?
The study was conducted by the Behavioural Insights Team (BIT), with additional input from brokers and industry participants.
When and where will RIBO discuss its findings on AI?
RIBO will present its findings at the Future of Insurance Canada 2024 event on December 13 at the Sheraton Centre in Toronto.