Artificial intelligence (AI) is undeniably altering the insurance landscape. At this year’s Women in Insurance New York Summit, industry professionals will tackle the multifaceted ways AI is reshaping the workforce and how women can adapt as leaders.
The highly anticipated event is back in New York on Oct. 27 for a day of powerful conversations and connections.
Melissa McDermott (pictured), global insurance chief actuary at Everest, is part of the roster of trailblazing speakers at the summit. In an interview with Insurance Business, McDermott said that AI will bring a sweeping transformation, but not at the expense of human expertise.
“There are a handful of ways AI will impact underwriting and all functions of insurance,” she said. “I do think it’s going to make underwriting more streamlined. You’ll be able to underwrite a risk faster than before because AI can source information from many places and summarize it.”
But underwriting is only the beginning. For McDermott, claims handling will also experience a tectonic shift due to AI. Many insurers are already deploying tools to benchmark claims, analyze patterns, and bring in external data to improve estimates.
Fraud detection is also moving into sharper focus, the chief actuary noted, with AI models flagging suspicious claims more effectively than ever before.
From her actuarial vantage point, McDermott sees an equally profound shift. AI tools are simplifying coding, whether by helping actuaries learn new programming languages, documenting code, or guiding non-coders through technical workflows.
“It can transcribe code, document code, or answer coding questions. Companies are already using it on the actuarial side for pricing model codes,” McDermott said.
As AI adoption accelerates, McDermott believes leadership will play a critical role in shaping how insurance organizations adapt.
For women leaders in particular, she highlighted two must-have skills: reassurance and change management.
“First is helping people understand this isn’t about eliminating jobs; it’s about improving and enhancing jobs, letting people focus on more technical and meaningful work,” McDermott said. “AI gets rid of simple, repetitive tasks we used to spend so much time on.
“Second is change management. Leaders need to ensure everyone is on the same page. We need to learn from each other and make sure people aren’t working in silos. That means creating situations where people can share what they’ve learned so that knowledge spreads across the whole organization.”
One way to make this tangible, she added, is through “boots on the ground” engagement. Lunch-and-learn sessions, peer-led demonstrations, and even gamified challenges where employees showcase creative use cases can accelerate adoption.
“It doesn’t have to be a big monetary prize. Recognition often goes further than the prize itself,” McDermott said. “The point is to get people thinking outside the box and sharing their ideas."
Despite growing excitement around AI, employee skepticism remains a challenge. McDermott stressed the importance of steady communication: “Constantly bring it up with your teams – why it matters, how people are using it, and specific examples of how it’s making our jobs easier or producing better outcomes.”
In actuarial work, for instance, AI strengthens rather than diminishes the role. By augmenting analysis with vetted insights, actuaries can deliver more value to the business. “In that way, AI makes us stronger, not weaker,” McDermott said.
McDermott also offered guidance for younger professionals entering insurance during this period of technological change. Her message: make AI a habit.
“College and high school students already use tools like ChatGPT instinctively – for summarizing, outlining, or brainstorming ideas,” she said.
“For professionals who didn’t grow up with this technology, building that instinct is crucial. Start by asking: Can AI help me with this task? It might not give you a final answer, but it can provide a starting point or highlight considerations for a project, such as building a credit risk model.”
Developing that reflex, she added, will be “a major differentiator in the workforce of the future.”
McDermott will expand on these themes at the upcoming Women in Insurance Summit New York, where she is set to appear as a panelist in the session “Are you prepared to thrive in the AI era?”
The panel will explore real-world examples of AI in insurance, how the workforce will evolve, and the regulatory challenges professionals must navigate. Attendees will gain insights on how to reduce administrative costs, improve efficiency, and anticipate the skills needed to thrive in an AI-enabled industry.
The Women in Insurance Summit has promoted inclusive leadership and industry innovation for eight years now. The 2025 edition is set for Oct. 27 in New York, and with AI emerging as both a challenge and a game-changer for insurance, it’s the ideal venue to learn, connect, and help shape the industry’s future.
Reserve your place now: Register for the Women in Insurance Summit New York 2025
