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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 emerging technology, it also introduces new areas of risk.
In this Insurance News Review, Abbey Compton and I join Daria Lee Sharman to discuss the issues she highlights in her article, 7 Challenges Facing the Insurance Industry with Generative AI. We talked about many of the questions that technology is raising across the value chain and industry segments.
As Daria shares, generative AI offers new potential for the level of personalization that carriers have long talked about achieving in subscription. There is further potential with generative AI to augment the human underwriter and improve employee experience and knowledge transfer.
However, the creativity and customization that can be achieved by carriers using generative AI is also within the reach of all claimants. Carriers will need to take steps to guard against increasingly plausible but fraudulent claims.
As claim volumes continue to rise, so does the need for claims innovation. Generative AI has great potential, but operators and public sector entities must continue to innovate in other ways. For example, insurance villas are springing up in Florida to help settle Hurricane Ian claims, and the new life-saving insurance collaboration seeks to use technology solutions to reduce stubbornly high death rates, even as deaths from COVID-19. 19 have decreased.
Generative AI is at a tipping point and is about to take off with the arrival of Chat GPT. It will transform work and reinvent business.
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