Like new technologies, there are concerns about the unintended consequences of generative AI and the need for responsible implementation, as well as the opportunities it opens. We were pleased to be in a hot spot normally claimed by Kenneth Saldanha In this episode of insurance news analysis to discuss this important topic, Bruce Henzela well-known person in the industry.
We discussed the story about a A 76-year-old British man who rejected his claim After a recent house fire, as he didn’t check the box of his policy application. This unfortunate case highlights the importance of understanding insurance companies’ clients, including significant changes in population demographics, designing applications processes that effectively communicate the importance of information collected, and how Gen AI can play a role.
Instead of relying on customers to identify previous claims, we discussed how generative AI analyzes the data and presents validated information to customers for verification.
We also discussed opportunities to offer insurance contracts. Generation AI may be wrong. Responsible AI is the key to harnessing the power of generated AI while reducing risk. Insurance companies should keep people in a loop and use AI as a tool to drive insight, automation and higher levels of service. Learning from cyber insurance frameworks, insurers can first focus on certain types of losses and gradually expand coverage as the market evolves. Balancing risk management with leveraging generative AI capabilities is critical for long-term success.
https://www.youtube.com/watch?v=x8l4lyqshvu
