The Egyptian Insurance Federation confirmed that artificial intelligence (AI) technologies are changing the traditional insurance model, as they can automate various aspects of the insurance process, from risk assessment to claims processing, and thus, improve accuracy and reduce overall administrative burdens, understand complex supply chain networks, and identify… Weaknesses, suggest improvements, and play a critical role in mitigating and managing risks.
The Union’s weekly bulletin added that Blockchain technologies provide new ways to manage supply chain risks and simplify insurance operations, as smart contracts supported by Blockchain technology can automate claims and payments, which improves transparency and trust between parties, in addition to tracking goods in real time across the supply chain. It helps insurance companies and companies monitor the movement, condition and conditions of goods, detect and manage risks in a shorter time.
She continued that digital technologies are working to bring about a major transformation in supply chain management, while shaping the future of risk management and insurance, as they allow greater transparency, improve efficiency, and increase supply chain flexibility, while opening innovative ways for insurance companies to deal with risks, while companies must At the same time addressing new risks, such as cyber vulnerabilities arising from the increasing trend towards digital transformation, to proactively leverage technology to manage and mitigate risks in their supply chains.
The Union believes that the current path of the global scene is characterized by the risks of cybersecurity threats, climate change phenomena, and the comprehensive digital revolution, which affects companies and their supply chain management processes, while adapting to these transformations remains crucial, and insurance in all its forms and advanced coverages stands in the line.
The front line is to enable companies to better manage these risks, by integrating innovative technological solutions, such as artificial intelligence, predictive analytics, and blockchain, as the process of identifying, assessing, and managing supply chain risks becomes more accurate and improved, and insurance, when integrated into the supply chain and utilized in a thoughtful way, can play a role in A pivotal role in managing supply chain risks by increasing operational efficiency, enhancing flexibility, and ensuring business sustainability and growth in an ever-evolving and risky business environment.