AI and quantum computing could transform the protection gap: Swiss Re

Fundamentally, the cost of producing insurance products remains too high—but this could be transformed by evolving technologies, including generative artificial intelligence (gen-AI) and quantum computing. This will in the long term allow the industry to automate activities that today require human intervention, look at a significant amount of data and derive conclusions, and consequently to assess and price risk better. All this could help the industry in closing the protection gap.

This is the view of Moses Ojeisekhoba (pictured), chief executive officer of Global Clients and Solutions at Swiss Re. An advocate for embracing new technology, he told Intelligent Insurer that gen-AI and quantum computing are very much evolving—and they have the potential to transform parts of the industry.

He added that it will be important to build understanding and trust around such technologies. “Digital trust is super-important. You can build it and hope they will come, but sometimes you build it, and nobody comes. The main difference between those two outcomes is trust.”

More technology can support greater resilience in society, Ojeisekhoba says, and it can also play a key role in narrowing the protection gap in certain areas.