Every day we see headlines about generative AI. For the insurance industry, this technology offers acceleration in many areas where AI-led transformation is already underway. But like any new technology, it also introduces new areas of risk.
In this Insurance News Analysis, Abbey Compton and I are joined by Daria Lee Sharman for a discussion on the topics she highlights in her article, 7 Challenges Facing the Insurance Industry with Generative AI. We talk through many of the questions that technology raises in the value chain and industry segments.
As Daria shares, generative AI offers new potential for the level of personalization companies have long talked about achieving in underwriting. There is greater potential for generative AI to augment the human underwriter and improve staff experience and knowledge transfer.
But the creativity and personalization that can be achieved by operators using generative AI is also within reach of every applicant. Carriers will need to take steps to protect themselves against increasingly reasonable but fraudulent claims.
As claims volumes continue to increase, so does the need for innovation in claims. Generative AI has great potential, but carriers and public entities must continue to innovate in other ways. For example, insurance villages are popping up across Florida to help settle claims from Hurricane Ian, and the new Insurance Partnership to Save Lives is trying to use technological solutions to bring down persistently high mortality rates even as deaths from COVID-1
9 have declined.
Generative AI is at an inflection point and about to take off with the advent of Chat GBT. It will transform work and reinvent business.
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