Trawick International is using artificial intelligence (AI) systems to develop and implement insurance products which can be changed in real time by customers.
The insurer is testing the products but believes they are getting close to being ready for release into the open market.
Speaking at the World of America 2026 Convention, Trawick International president for LATAM David Capote explained how the insurer was using new technology and that it had particularly benefited its travel insurance business.
“We are already using artificial intelligence in the travel insurance sector in the United States to process travel claims,” Capote said.
“Now other things are coming like, for example utilization and product design.
“In product design, we are going to reach a point where it’s very likely that there will be real-time products tailored to the client.
“We are already creating actuarial rates and everything is where the client can adjust their products, their coverage to their needs in real-time and, and I think that there will definitely be changes in the market there soon.”
Capote (pictured) also discussed the potential uses and new data that will come from using new technology and the importance of treating this carefully and using data responsibly.
“That is also important because companies have to find that balance again between using technology that will give you much more data and how to charge a fair price,” he said.
“But you also don’t want to discriminate against or harm a client with the data without thinking precisely about not losing that spirit of spreading the risk among a group of people.
“So it definitely falls on each company to handle that the right way,” he added.