2025 SOA ImpACT Conference Virtual:Session 2E: Beyond Algorithms: Model Risk Management for AI and GenAI Insurance Models-12.03.25 Recording

As artificial intelligence (AI) and generative AI (GenAI) models become more integrated into insurance operations—from underwriting and claims to customer engagement and product development—the need for robust model risk management (MRM) frameworks has never been greater. These models offer transformative potential but also introduce new dimensions of risk, including explainability, data drift, hallucination, and ethical concerns.This session will explore how traditional MRM principles are being adapted and expanded to address the unique challenges posed by AI and GenAI. Topics will include model inventory, governance, validation strategies, documentation standards, and regulatory expectations specific to these emerging technologies.With content designed for both newcomers to AI and seasoned modeling professionals, this session will help actuaries understand their evolving role in ensuring the responsible and effective use of advanced models within their organizations.Key Takeaways:– Understand the unique risk characteristics of AI and GenAI models– Learn how to adapt traditional MRM practices to emerging technologies– Explore explainability, validation, and governance techniques tailored to AI– Stay ahead of evolving regulatory expectations in the AI space