The Institutes’ President and CEO explores how the AI-driven Predict & Prevent™ model is transforming the RMI landscape

Pete Miller, CPCU, President and CEO of The Institutes, recently participated in a Travelers Institute Wednesdays with Woodward® webinar to discuss the powerful role of AI in reshaping risk management strategies. The session, titled "AI and Analytics: Exploring Key Drivers of Predict & Prevent," focused on how artificial intelligence and advanced analytics are revolutionizing the risk management and insurance (RMI) landscape with proactive risk prevention.

Miller shared his insights on the transformative potential of the Predict & Prevent model—a proactive approach that harnesses the power of AI, IoT, and data analytics to anticipate and prevent risks before they happen. With technological advancements accelerating at an unprecedented pace, Miller discussed how this model is not only positioned to enhance policyholder safety, but also significantly reduce claims and costs for insurers.

"The best loss is the one that never happens," said Miller during the webinar. "Insurance is frequency and severity. Proper use of these Predict & Prevent techniques can moderate both. You can decrease frequency because you were able to stop the loss, and even if a loss does occur, you can mitigate severity because you had technology in place to alert you sooner."

Throughout the webinar, Miller explored how real-time prediction capabilities powered by AI and analytics have become increasingly accessible and cost-effective. These technologies are creating tangible opportunities for risk management professionals to help individuals and businesses minimize risks, prevent losses, and reduce overall costs in many areas of risk management and insurance. From underwriting and pricing to streamlining and personalizing the claims process, Miller indicated that predictive AI is evolving into a general-purpose tool that will impact all businesses. Miller emphasized that the collective expertise of RMI leaders, regulators, and Insurtech innovators is critical to unlocking the full potential of these technologies.

The full Wednesdays with Woodward webinar is now available for viewing here on the Travelers Institute website.

About The Institutes

The Institutes® are a not-for-profit comprised of diverse affiliates that educate, elevate, and connect people in the essential disciplines of risk management and insurance. Through products and services offered by The Institutes nearly 20 affiliated business units, people and organizations are empowered to help those in need with a focus on understanding, predicting, and preventing losses to create a more resilient world. Learn more at Global.TheInstitutes.org.

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"The best loss is the one that never happens. #Insurance is frequency and severity. Proper use of these Predict & Prevent techniques can moderate both." - Pete Miller @The_Institutes