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Informative Article | Software Engineering | United States of America | Volume 13 Issue 10, October 2024 | Popularity: 5.3 / 10
Artificial Intelligence (AI) in Managing P&C Multinational Insurance Programs
Imran Ur Rehman
Abstract: The Property and Casualty (P&C) insurance industry in the United States is continuously evolving, driven by the need to manage and mitigate risks for businesses, especially as they expand into global markets. Multinational insurers are instrumental in providing comprehensive risk management solutions, supporting US businesses? resilience and economic stability. A key component in this process is the Controlled Master Program (CMP), which addresses the complexities of cross-border transactions. However, despite the robust applications used by insurance carriers, significant challenges remain in managing multinational insurance policies. Artificial Intelligence (AI) offers promising solutions to many of these challenges, such as data standardization, legacy system integration, regulatory compliance, and cybersecurity. AI-driven data standardization tools can harmonize diverse datasets from various carriers, enhancing the efficiency of claims management and underwriting. Similarly, AI can bridge the gap between legacy systems and modern technologies through intelligent integration platforms. Compliance management is made more efficient through AI-based tools that monitor and ensure adherence to regulatory requirements. AI-powered cybersecurity measures provide real-time threat detection, reducing the risk of data breaches. Moreover, AI supports scalability, interoperability, and data privacy, ensuring that systems can handle growing volumes of data and transactions while maintaining seamless operations with third-party systems. Continuous monitoring and automated updates further enhance the performance and compliance of insurance programs. Ultimately, AI-driven tools can transform the management of controlled master programs, allowing insurers to streamline operations, ensure compliance, and remain competitive in a rapidly changing industry.
Keywords: AI, P&C Insurance, Multinational Insurance, Controlled Master Program, Admitted and Non-Admitted
Edition: Volume 13 Issue 10, October 2024
Pages: 326 - 329
DOI: https://www.doi.org/10.21275/SR241003101503
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