The CEO of the Association of International Life Offices (AILO) has warned the international life industry is facing “transformative pressure” as forces such as artificial intelligence and cybercrime weigh on businesses.
However, he advised these changes also represent opportunities for the life insurance community.
Speaking at the recent AILO summit, CEO Bob Pain said: “The international life industry is facing transformative pressure – from AI and cybercrime to changing regulatory and economic environments.
“But it is also a moment of opportunity. The summit embodied what AILO stands for: forward-looking collaboration, fearless conversation, and a united commitment to raising standards and realising potential across our global community.”
Also speaking at the summit, Brian Walsh of Ireland-based software provider Reitigh, highlighted how agentic AI is already driving operational transformation across life insurance by streamlining data extraction and automating complex manual processes, while cybercrime expert Geert Baudewijns of Secutec warned of the risks associated with digital progress, having been involved in more than 500 cyber extortion cases.
