Every day we see headlines about artificial AI. For the insurance industry, this technology provides guidance in many areas where AI-led changes are already underway. But, like any emerging technology, it also brings new areas of vulnerability.
In this Insurance News Analysis, Abbey Compton and I are joined by Daria Lee Sharman for a discussion of the topics she presents in her article, 7 challenges the insurance industry is facing with artificial intelligence. We discuss many of the questions that technology is raising across the value chain and industry sectors.
As Daria shares, AI output offers new capabilities at the level of customization carriers have been talking about for a long time about achieving in writing. There is great potential with generative AI to enhance human creativity and improve work skills and knowledge transfer.
However, the creativity and customization that can be achieved by carriers using generative AI is also in the hands of each claimant. Carriers will need to take steps to protect against more and more fraudulent charges.
As the number of claims increases, so does the need for new claims. Generative AI has great potential, but carriers and government agencies must continue to develop alternatives. For example, the insurance communities are moving through Florida to help solve the cases of Hurricane Ian, and the new Insurance to Save Lives Alliance wants to use technology to reduce the risk of dying from COVID-19.
Generative AI is at a turning point and is about to take off with the advent of Chat GBT. It will change the job and restart the business.