Risk Manager + AI: EU Rethinks AI Regulations, CobbleStone Introduces New AI for Contract Management, AI Shakes Up Insurance

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From improving coverage to enhancing operational efficiency, AI is reshaping the way risk is managed from the enterprise to SMB. We are here to explore the latest trends and insights in risk management and AI, without wasting your time. What you need to know today, nothing more. Find more on our site. 

• AI Shakes Up Insurance, Forcing Brokers and Agents to Adapt

• How AI Training is Revolutionizing the Workplace

• EU Rethinks AI Regulations, Following U.S. Lead

• Foundant Technologies Powers Up Grant Compliance with AI

AI Shakes Up Insurance, Forcing Brokers and Agents to Adapt

AI is rewriting the insurance playbook. From underwriting to claims, automation is taking over tasks that required hours of manual labor. This shift is forcing brokers and agents to rethink their strategies and roles.

By the Numbers:

- 80%: Percentage of insurance companies implementing AI in some capacity.

- 50%: Reduction in underwriting time with AI.

- $1 billion: Projected savings in claims processing by 2025 due to AI.

Why It Matters: AI is not just changing the way insurance work is done; it's reshaping the entire industry landscape, leading to more efficient processes and potentially lower costs for consumers.

What's Next: Brokers and agents are pivoting towards advisory roles, focusing on customer relationships rather than routine tasks. As AI continues to evolve, expect more traditional roles to transform significantly. Read More

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CobbleStone Introduces New AI for Contract Management

CobbleStone has rolled out an AI-powered enhancement to its contract lifecycle management (CLM) software. This upgrade aims to streamline processes and enhance efficiency in legal operations. The new features promise to optimize risk management and compliance, bolstering users' ability to handle contracts with greater agility.

- 30% reduction in contract processing time reported by early adopters.

- 20% increase in compliance accuracy, according to CobbleStone.

- Integration with over 1000 legal databases for comprehensive risk assessment.

Why It Matters: AI enhancements in CLM software can significantly cut down operational costs and improve compliance in legal affairs.

What's Next: CobbleStone plans to roll out further AI-driven updates over the next year, focusing on predictive analytics and enhanced user experience. Read More

How AI Training is Revolutionizing the Workplace

Companies are ramping up AI training for their employees to ensure responsible use and minimize risks. This proactive approach aims to reduce bias and avoid unethical use of AI tools. By focusing on training, businesses hope to leverage AI without falling into common pitfalls.

- 85% of companies are investing in AI training programs.

- 73% have reported concerns about AI bias.

- 60% say training has improved AI tool efficacy.

Why It Matters: Effective AI training can prevent misuse and foster innovation. It’s crucial for businesses to navigate AI's complexities responsibly to maintain trust and efficiency.

What's Next: More companies are expected to follow suit, integrating comprehensive AI training into their employee development programs. As AI tools evolve, ongoing education will be vital to keep teams informed and compliant. Read More

EU Rethinks AI Regulations, Following U.S. Lead

The EU Commission is making waves in AI governance, stepping back from certain regulations to give the tech more room to grow. This comes as Trump's executive order targets what he calls 'unconstitutional' regulations, aiming to streamline processes across sectors.

By the Numbers:

- The EU's AI sector is projected to reach $126 billion by 2025.

- Trump's order could affect over 2,000 existing regulations.

- Insurance AI usage is expected to grow by 40% in the next three years.

Why It Matters: These shifts in policy signal a major rethinking in how AI is governed, impacting industries from tech to insurance.

What's Next: Expect more debates as stakeholders weigh in on the balance between innovation and regulation. The EU will likely roll out revised guidelines by early next year. Read More

Foundant Technologies Powers Up Grant Compliance with AI

Foundant Technologies is revolutionizing the way organizations manage grant applications with its latest software release. This tool offers AI-generated summaries, real-time reporting, and collaboration features that promise to streamline the compliance processes. As grant management grows increasingly complex, tools like these aim to mitigate risks and enhance efficiency.

- 30% faster application processing time reported.

- Over 100 organizations already onboarded.

- 40% reduction in compliance errors with AI integration.

Why It Matters: Grant compliance is a critical aspect of funding management, and errors can lead to significant financial and reputational risks.

What's Next: Foundant plans to expand its software capabilities with additional AI-driven features in the coming months. Organizations can expect enhanced analytics and predictive insights to further reduce compliance risks.