AI transforming global insurance, but needs good governance

Kicking off the third and last day of the 2025 Singapore International Insurance Conference, Andrea Scascighini, chief underwriting officer for Casualty at Swiss Re, highlighted the significant impact of artificial intelligence (AI) and technology on the insurance sector. Pointing to Asia’s technological dynamism, he referenced China’s transition to a cashless society and Singapore’s biometric airport systems as examples of how technology is reshaping everyday life.

Key points:
AI is transforming underwriting
Responsible adoption is essential
Human expertise remains central

Scascighini explained that since the release of ChatGPT in 2022, AI has evolved from a largely experimental concept to a practical tool that influences work, communication and even consumer choices. In insurance, AI is enabling more precise risk assessment, boosting efficiency and enhancing creativity. He described practical applications already in use, including automated submission analysis, portfolio-wide policy wording reviews, and AI-powered assistants that support underwriters in complex decision-making.

He highlighted that AI also helps underwriters identify emerging risks through continuous monitoring of markets, regulations, and industries, allowing teams to anticipate changes more effectively. By automating routine tasks, underwriters can focus on higher-value activities, drawing on their expertise to make more strategic decisions.

Scascighini cautioned, however, that AI adoption requires careful governance and ethical oversight. New forms of liability, such as AI-related litigation and the risks associated with large-scale AI data centres, demand thorough risk management.

Looking ahead, he outlined a roadmap for integrating AI successfully: focus on initiatives that deliver tangible business value, ensure data is clean and connected, implement robust governance frameworks, and combine technology with human expertise. According to Scascighini, the future of insurance lies in harnessing AI responsibly while retaining the human judgment and domain knowledge that underpin sound underwriting and strong client relationships.

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