Every day we see headlines about generative AI. For the insurance industry, this technology will accelerate many areas where AI-driven transformation is already underway. However, as with any emerging technology, new areas of risk also arise.
Abby Compton and I are joined in this insurance news analysis by: dahlia lee shaman For a discussion of the topics she highlights in her articles, 7 challenges facing the insurance industry with generative AI. We discuss the many questions technology is raising across value chains and industry segments.
As Daria shares, generative AI opens up new possibilities for the level of personalization that insurers have been talking about achieving in underwriting for years. Generative AI has great potential to augment human underwriters and improve employee experience and knowledge transfer.
However, the creativity and personalization that carriers can achieve using generative AI is also readily available to all billers. Carriers will need to take steps to prevent increasingly plausible but fraudulent charges.
As the number of insurance claims continues to rise, so does the need for innovation in insurance claims. Generative AI has great potential, but carriers and the public sector must continue to innovate in other ways. for example, Insurance villages are popping up all over Florida. To assist in resolving litigation resulting from Hurricane Ian and new hurricanes. Insurance cooperation that saves lives aims to use technology solutions to reduce the mortality rate, which remains high even as the number of deaths from COVID-19 is decreasing.
Generative AI is at a tipping point and about to take off with the advent of Chat GPT. It will transform work and reinvent business.
