Dennis O’Connell from Westfield Specialty recently shared his thoughts on how artificial intelligence (AI) could change the world of professional liability insurance. Speaking about the possible effects of AI, he highlighted some risks many people don’t fully understand. At the same time, he showed how those insured can manage compliance concerns tied to AI use. Interestingly, O’Connell pointed out that AI might actually help reduce losses in this area.
O’Connell explained that while AI brings new challenges, it also offers tools to improve risk assessment and claims handling. By using AI, insurers could spot problems earlier and process claims more efficiently. This could save money and reduce mistakes. However, he cautioned that companies need to be aware of potential AI-related risks and make sure they follow rules carefully to avoid issues.
He also noted that some worries about AI come from misunderstandings or lack of clarity on how the technology works in insurance. With proper policies and clear communication, many of these concerns could be eased. O’Connell encouraged insurers and insured businesses to work together, stay informed, and be open to AI’s benefits.
This perspective comes as the insurance industry explores ways to use AI to improve service and control costs. As new regulations emerge and AI keeps evolving, experts like O’Connell believe there’s a real chance to make insurance safer and more reliable, not riskier. The key is balancing innovation with responsibility to protect everyone involved.