5 key generative AI use cases in insurance distribution Accenture

Developed by OpenAI, it is based on the Generative Pre-trained Transformer (GPT) model and is designed to generate human-like text based on the input it is given. It employs an advanced language model that uses machine learning techniques to produce sentences that are contextually relevant, grammatically accurate, and often indistinguishable from human-written text. To mitigate training bias in Generative AI, insurers can curate diverse datasets and offer a more balanced input. Insurers can employ techniques such as re-weighting training data, adversarial training, and de-biasing algorithms to reduce biases in Gen AI models.

With the assistance of a fintech app development company, users can easily secure data handling and mitigate these risks with the help of mobile apps. Along with utilizing AI features, this makes sure that strict data security laws are observed. Chatbots driven by generative AI may offer policyholders quick support by solving their queries, suggesting them in buying coverage, and even helping them file claims.

Top use cases for Insurance using generative AI?

By addressing these obstacles strategically, you can ensure a smoother transition and maximize the benefits of AI implementation. If your organization lacks in-house AI expertise, it’s highly advisable to seek consultation from AI experts or partner with AI solution providers. Experts can help you navigate the complexities of AI implementation, from selecting the right technology to fine-tuning algorithms and ensuring data security. ‍Tailoring policies and services to individual needs foster stronger customer relationships.

Although the specific stages may vary slightly depending on the type of insurance (e.g., life insurance, health insurance, property and casualty insurance), the general workflow consistently includes the key stages mentioned here. Below, we delve into the challenges encountered at each stage, presenting innovative AI-powered solutions aimed at enhancing efficiency and effectiveness within the insurance industry. Generative AI plays a crucial role in the realm of insurance by facilitating the creation of synthetic customer profiles. This innovative approach proves instrumental in refining models dedicated to customer segmentation, predicting behavior, and implementing personalized marketing strategies.

This versatility makes it particularly valuable in contexts where data is diverse and dynamic. Generative Artificial Intelligence (AI) stands out as a powerful force poised to redefine the way insurers operate. In this section, we will delve into the fundamental concepts of Generative AI and its applications within the insurance landscape. By integrating AI in lending, lenders can accelerate loan application processing with precision, thereby enhancing loan throughput and reducing risk.

How are Chatbots Used in the Insurance Industry?

Health insurance providers have been doing something very similar, with generative AI chatbots offering 24×7 consultation to insurers, and helping them live a healthier life. This in turn, not only provides customers with a better experience but also helps insurers save money on unnecessary settlement claims by managing risk effectively. On the other hand, self-supervised learning is computer powered, requires little labeling, and is quick, automated and efficient. IBM’s experience with foundation models indicates that there is between 10x and 100x decrease in labeling requirements and a 6x decrease in training time (versus the use of traditional AI training methods). Deep learning has ushered in a new era of AI capabilities, with models such as transformers and advanced neural networks operating on a scale previously unimaginable.

This technological leap has unveiled many new use cases and can augment your workforce across various business functions. To learn next steps your insurance organization should take when considering generative AI, download the full report. By analyzing customer data and predicting behavior, insurers strive to exceed customer expectations, improve satisfaction and drive up retention. Generative AI-driven customer analytics provides valuable insights into customer behavior, market trends, and emerging risks. This data-driven approach empowers insurers to develop innovative services and products that cater to changing customer needs and preferences, leading to a competitive advantage. Generative AI emerges as a transformative force, particularly in automated product design within the insurance industry.

It equips the industry to envision and prepare for a spectrum of futures, reshaping policies and protection plans to be as dynamic and complex as the world they insure. Accenture advises that “companies will need to radically rethink how work gets done” following enterprise adoption of generative AI technology. Forbes partnered with market research company, Statista, to create the list of America’s Best Management Consulting Firms that are optimally positioned to help businesses tackle the known and unforeseeable challenges in 2023. The list relies on surveys of partners and executives of management consulting companies and their clients.

The technology is being used to automate various processes, enhance customer service, and improve risk management. The adoption of generative AI in the Indian BFSI sector is a testament to the technology’s potential to transform the insurance industry. Explore how Generative AI is revolutionizing insurance operations from underwriting and risk assessment to claims processing and customer service. In this section, we will delve into the advantages of harnessing generative AI in insurance, with a focus on enhanced risk assessment, streamlined claims processing, and personalized customer experiences. Generative AI finds applications in insurance for personalized policy generation, fraud detection, risk modeling, customer communication and more. Its versatility allows insurance companies to streamline processes and enhance various aspects of their operations.

AI in investment analysis: Optimizing investment decisions with AI-driven analytics

These are not isolated trends but harbingers of a future where insurance products are as dynamic as the risks they mitigate and the lives of those they protect. The entire insurance lifecycle, from application to claim processing, is marked by efficiency and convenience. Automation and AI-driven processes minimize paperwork, reduce waiting times, and enhance the customer experience. The insurance market’s understanding of generative AI-related risk is in a nascent stage. This developing form of AI will impact many lines of insurance including Technology Errors and Omissions/Cyber, Professional Liability, Media Liability, Employment Practices Liability among others, depending on the AI’s use case. Insurance policies can potentially address artificial intelligence risk through affirmative coverage, specific exclusions, or by remaining silent, which creates ambiguity.

By identifying potential risks in advance, insurers can develop proactive risk management strategies, mitigate losses, and optimize their risk portfolios effectively. Generative AI and traditional AI are distinct approaches to artificial intelligence, each with unique capabilities and applications in the insurance sector. Understanding how generative AI differs from traditional AI is essential for insurers to harness the full potential of these technologies and make informed decisions about their implementation. Generative AI for claims processing involves using AI to automate the claims handling process, a core topic in generative AI business strategy.

The insurance industry, like many others, is rapidly adopting generative AI technologies like conversational AI, to enhance customer service, streamline processes, and improve overall efficiency through automation. In fact, it’s thought that insurance companies will likely save $1.3 billion globally by the end of the year by using AI-powered chatbots and digital assistants​​. They can identify the most promising target demographics for specific products and marketing campaigns. This allows insurance firms to perform effective customer acquisition and retention strategies.

The increasing size of wind turbines is perhaps the most striking change the industry has seen in recent years. In the past 20 years, they have almost quadrupled in height, from around 230 feet to around 853 feet — nearly three times taller than the Statue of Liberty. Amid escalating financial crime compliance costs, financial institutions grapple with the rise of illicit activities involving cryptocurrencies and AI technologies. Cybercriminals are already one step ahead, leveraging the technology to write malicious code and perpetrate deepfake attacks, taking social engineering and business email compromise (BEC) tactics to a new level of sophistication.

These generative AI models can develop an automated underwriting system with synthetic data to augment training sets which improve the accuracy of insurance underwriting AI decisions. Integrating Conversational AI in insurance industry brings numerous benefits, including the potential for cost savings by reducing the need for live customer support agents. Similarly, you can train Generative AI on customers’ policy preferences and claims history to make personalized insurance product recommendations.

Many are calling 2024 the “year of AI.” As machine learning technology rapidly develops and becomes widely available, AI—artificial intelligence—will inevitably impact every industry and everyday life. AI hallucinations might be a short-term blip, as early models of generative AI attempt to fill in the blanks, and businesses learn how to interrogate the output of LLMs better. But for insurers, particularly those underwriting professional liability classes of business, there could be costly disruptions as the technology beds in.

In doing so, generative AI plays a pivotal role in helping insurance companies maintain a proactive and responsive approach to compliance, fostering a culture of adaptability and adherence in the face of regulatory evolution. The insurance industry is increasingly leveraging generative artificial intelligence (AI) to enhance underwriting processes and due diligence, especially in the face of rising cyber threats. AI tools are being used to automate administrative tasks, which traditionally consumed a significant portion of underwriters’ time, leading to efficiency gains and deeper insights.

Generative AI tools become even more powerful when trained (or tuned) on company-specific data. Generative AI has the power to transform the insurance sector by increasing operational effectiveness, opening up new innovation opportunities and deepening customer relationships. Take a look at the most popular use cases of robotic process automation in insurance and discover what’s driving the adoption of this technology. You can foun additiona information about ai customer service and artificial intelligence and NLP. Generative AI models are at the forefront of the latest push toward productivity in many industries. On the contrary, group insurance plans are offered to a defined group of people, such as employees and members of an organization or professional association. Here, the coverage costs are typically lower than those of individual policies due to the group purchasing power.

Boris Krumrey, Global Vice President of Automation Innovations at Ui Path, emphasized the need for insurers to tackle these systems before implementing generative AI into their businesses. Using generative AI for document analysis helps insurers create accurate and compliant reports required by regulatory authorities. How do the top risks on business leaders’ minds differ by region and how can these risks be mitigated?

This shift towards multimodal applications promises to further expand the potential of generative AI, paving the way for unprecedented innovations in the insurance industry. The combination of generative AI and ChatGPT brings an interesting proposition to the insurance industry. From automating customer interactions to providing tailored services, these technologies are setting the stage for unprecedented advancements in the sector. For seamless execution, insurers should work closely with regulatory authorities to implement best practices and drive success. Regulatory compliance experts ensure that Gen AI systems and practices align with regulatory requirements. For Generative AI to keep evolving in the insurance sector, new ideas will be required in many areas.

As we navigate the complexities of financial fraud, the role of machine learning emerges not just as a tool but as a transformative force, reshaping the landscape of fraud detection and prevention. AI in investment analysis transforms traditional approaches with its ability to process vast amounts of data, identify patterns, and make predictions. AI empowers insurers to foster growth, mitigate risks, combat fraud, and automate various processes, thereby reducing costs and improving efficiency. It is crucial to acknowledge that the adoption of these trends will hinge on diverse factors, encompassing technological progress, regulatory assessments, and the specific requirements of individual industries. The insurance sector is likely to see continued evolution and innovation as generative AI technologies mature and their applications expand.

Moreover, ChatGPT democratizes data analysis, enabling non-technical staff to perform complex analyses and make data-driven decisions. AI empowers UI/UX designers to gather and analyze user data, uncovering patterns and insights into user behavior. This information is crucial for creating user-centered designs that cater to specific needs and preferences in the insurance process.

The intricate and dynamic tech stack for generative AI in insurance is what empowers insurers to innovate and evolve. By utilizing these advanced tools, the insurance industry is not only improving efficiency but also delivering services that are more aligned with the personalized needs of today’s customers. In the hands of innovative insurance companies, generative AI is not just a tool but a transformative force, enhancing every facet of the insurance process from policy creation to claims settlement. It’s a brave new world where efficiency and personalization are not just ideals but everyday realities. The use of generative AI extends to the assessment of visual evidence, where deep learning models analyze photos or videos to accurately judge damage and claim validity. Property insurers are already harnessing this technology to make faster, fairer assessments of damage severity.

The use of generative AI in this context prioritizes privacy norms, allowing organizations to bolster their analytical capabilities while safeguarding individual customer data confidentiality. Generative AI automates claims processing by extracting and validating data from claim documents, reducing manual efforts and processing time. Automated claims processing ensures faster and more accurate claim settlements, improving customer satisfaction and operational efficiency.

Mobile apps development services providers can create user-friendly claim submission apps with the integration of IoT sensors for real-time data collection in case of claims. Therefore, insurance companies must invest in educational campaigns to inform their clients about the benefits and security measures of Generative AI. Equally important is the need to ensure that these AI systems are transparent and user-friendly, fostering a comfortable transition while maintaining security and compliance for all clients. Customer preparedness involves not only awareness of Generative AI’s capabilities but also trust in its ability to handle sensitive data and processes with accuracy and discretion. Surveys indicate mixed feelings; while some clients appreciate the increased efficiency and personalized services enabled by AI, others express concerns about privacy and the impersonal nature of automated interactions. For instance, it can automate the generation of policy and claim documents upon customer request.

Generative AI insurance may scan for structures and gaps in records to find errors in insurance claims. By generating synthetic data to simulate various fraud scenarios, these models can improve the accuracy of fraud detection algorithms and enhance overall security measures. Insurance companies can also use Generative AI to serve existing customers with personalized products and services. For example, you can develop a Conversational AI platform https://chat.openai.com/ powered by Generative AI to answer specific, customer inquiries and questions about policy coverage and terms. With Data-Driven AI models, insurance companies can do more personalized recommendations to consumer as well as to build the appropriate products for segments of clients by optimizing earnings and customer satisfaction. A variety of existing commercial insurance policies may respond to losses arising from business use of generative AI.

This establishes the ethical guidelines and guardrails that not only maximise regulatory compliance, but also underpin trusted relationships with customers. ‍Generative AI’s ability to analyze multifaceted data sources enables insurers to determine policy prices with greater accuracy. This means that policyholders pay premiums that more closely align with their specific risk profiles, resulting in a win-win situation for both insurers and customers. Generative AI can detect anomalies and unusual patterns in claims data, flagging potentially fraudulent activities.

Traditional AI systems are more transparent and easier to explain, which can be crucial for regulatory compliance and ethical considerations. This preparation is essential for businesses, including those in banking and insurance, looking to integrate generative AI. Regulators may impose specific requirements to ensure that AI systems do not inadvertently perpetuate biases or unethical practices. Insurance companies need to stay abreast of these regulatory changes and ensure their AI solutions are designed and operated in a manner that adheres to these regulations, protecting both their interests and those of their customers.

Given the inherent complexities and sometimes ‘black box’ nature of AI models, demonstrating compliance can be challenging. These applications require deep industry knowledge and often involve fine-tuning existing models or developing specialized ones. The goal is to integrate various generative AI applications into a seamless, scalable end-to-end solution. This cross-industry application allows for improved speed to market and the adoption of advanced capabilities.

Generative AI, driven by sophisticated algorithms and deep learning techniques, has the ability to create new content, insights, and solutions that were previously thought to be exclusively within the realm of human creativity. As the insurance sector continues to explore and implement generative AI, several opportunities and risks come to the forefront. In conclusion, generative AI holds immense potential to revolutionize the insurance industry.

It’s a tool that not only reveals what is but can also predict what could be, guiding insurers to make decisions that resonate with customers’ evolving needs. Generative AI is reshaping the insurance industry, offering a spectrum of benefits that, when adeptly leveraged, can transform the very fabric of insurance operations. The technology is not merely a trend; it’s becoming a cornerstone for insurers who aim to thrive in an increasingly digital landscape.

Lemonade, a peer to peer insurer in New York that provides cover to homeowners and renters, advertises that it uses AI for underwriting and claims processing and is investing in generative AI to automate other business processes. Global insurer Chubb is also considering the use of generative AI, although its recent public statements have expressed caution about the time it is likely to take before the technology is sufficiently mature. Traditional machine learning in the insurance sector has largely relied on historical data from organised sources such as policies or client information to forecast outcomes, such as future sales projections.

It can speed up policy and quote generation, balancing automation with the human touch for simplicity, transparency and speed. ‍Generative AI-powered algorithms can process claims with remarkable efficiency, significantly reducing the time required for claim settlement. This not only enhances customer satisfaction but also frees up resources for insurers to allocate to more strategic tasks. The risks of AI in insurance, a critical discussion point in generative AI business use cases, include data privacy, potential biases, over-reliance on AI decisions, and the challenge of regulatory compliance. These risks highlight the importance of human oversight and ethical AI use in the industry.

As a result, customers experience quicker service, and insurers see a reduction in backlog and manual errors. As insurers utilize more personal data to feed into AI models, the risk of data breaches increases. Moreover, the accuracy of AI-generated decisions can sometimes be questionable, especially when based on biased data or flawed algorithms. From enhancing risk and pricing models to streamlining processes, leveraging synthetic data, and exploring multimodal applications, the influence of generative AI in insurance is extensive.

We strive to provide our readers with insights and the latest news about business and technology. This training can be supervised, unsupervised, or a combination of both, depending on the desired outcomes. Generative AI serves as an analytical detective, spotting irregularities that could signal issues. Auto are insurance coverage clients prepared for generative insurers, tapping into this capability, can sift through accident claims to find discrepancies, ensuring that payouts are justified and accurate. It is a vast subject but the highlight is to leverage user-centric conversation design to complement AI models and make conscious decisions about eliminating bias.

They are – word for word – what the generative AI tool, ChatGPT, produced when we asked it to write an introduction for an article for the insurance industry on the opportunities and risks arising from the use of generative AI. It isn’t quite how we would have put it, but it’s not a bad effort – it is on point, it makes sense, the grammar is correct, the sentences flow well and even the tone is appropriate. Gabriele Baierlein, who joined Zühlke in 2016, is the Director of Business Development & Partnerships for the Zühlke Group. She has many years of experience in cross-industry sales and management, most recently as Market Team Lead at Zühlke, where she oversaw business development and the service portfolio for the consumer goods industry.

Generative models like ChatGPT or LLaMA are capable of locating and reviewing countless documents in seconds, freeing underwriters from this time-consuming and monotonous task. They can also extract relevant information and summarize it to evaluate claim validity and risks to better handle corporate and private clients. Despite their high prediction accuracy and analytical prowess, genAI models are a “black box” in terms of how their remarkable results are achieved. In insurance, where all decisions should be clear, well-motivated, and explainable, both specialists and clients may be reluctant to rely on AI. Most of the currently existing large language models (LLMs) can take a selection of underwriting notes, for example, and turn them into a professionally crafted letter to communicate a claim decision to a client.

Unlike “traditional” AI models that are trained by data prepared by the respective experts, publicly available generative AI models are trained by vast amounts of publicly available datasets. Regardless of the technology, the quality of the results always depends on the quality of the data and processes used. It’s crucial to balance what AI can do with what it should do, ensuring our advancements promote fairness and transparency. The true measure of our progress will be the trust we maintain in the insurance industry as we navigate these new waters. The infusion of generative AI into insurance marketing and sales is about understanding the ‘why’ behind the ‘buy’ and ensuring that every marketing dollar spent is less of a spend and more of an investment. By analyzing past interactions, purchase patterns, and even social signals, AI molds the customer experience into a bespoke suit, tailored to individual expectations and preferences.

Through the analysis of historical data and pattern recognition, AI algorithms can predict potential risks with greater precision. This enables insurers to optimize underwriting decisions, offer tailored coverage options, and reduce the risk of adverse selection. By segmenting the data according to different business functions, insurers can enhance their analysis and application. For instance, properly categorized claims data can improve predictions about revenue reserves and risk assessments. This structured approach in data management is essential for leveraging the full capabilities of generative AI in the insurance sector.

• Its implications for improving the reliability, accuracy, and efficiency of AI-driven services in the insurance industry are significant and hold great promise for the future.
• Faster and more accurate claims settlements lead to higher customer satisfaction and improved operational efficiency for insurers.
• Insurers will also need to consider the risk of hallucinations, which would require training around identifying them and appropriately labeling outputs generated by GenAI.
• Generative AI in insurance has the potential to support underwriters by identifying essential documents and extracting crucial data, freeing them up to focus on higher value tasks.

This document is not intended to address any specific situation or to provide legal, regulatory, financial, or other advice. This document has been compiled using information available to us up to its date of publication and is subject to any qualifications made in the document. Generative AI has the potential to revolutionize the insurance industry, and those who can operationalize it responsibly will be at the forefront of this exciting journey towards the future of insurance. Appian empowers you to protect your data with private AI and provides more than just a one-off, siloed implementation.

Generative AI is transforming the insurance industry by streamlining operations, improving customer experience, and reducing costs. The technology offers several use cases, including risk assessment, underwriting, claims processing, fraud detection, and marketing personalization. Generative AI can create synthetic data, which can be used to improve the performance of predictive models and maintain customer privacy. According to an article on Forbes, insurance companies are leveraging generative AI to engage their customers in new and innovative ways. The technology is being used to create personalized content that resonates with individual customers, thereby enhancing customer engagement and satisfaction.

By analyzing vast amounts of data like historical claims, customer information, and external factors, generative artificial intelligence can provide underwriters with assistance in evaluating potential risks. Generative AI streamlines claims processing by automating tasks such as document classification, damage assessment, and fraud detection. Insurance companies can leverage generative AI to build claim processing systems integrated with generative AI algorithms.

Learn how to forecast and mitigate patient appointment no-shows for improved scheduling and resource management. Learn how to create a compelling business case for AI/ML projects using first principles, 80/20 principle, and risk analysis to maximize ROI and avoid pitfalls. Electron JS is a runtime framework that allows a user to create desktop applications Chat GPT with HTML5, CSS, and JavaScript. It relieves developers from the task of creating OS-specific versions for their applications. Providing innovative solutions to clients endows Ideas2IT to burgeon as one of the leading software solutions and providers at GoodFirms. Ideas2IT exists to bridge the gap between business thinking and tech-product development.

Finally, we deliver AI that insurers can use with confidence, knowing it meets strict industry regulations. Concerns such as these are top of mind for firms that are implementing Generative AI tools. Each firm will come up with its own mitigation strategies and rely on Generative AI tools to the extent that they are comfortable with. We should note that this type of internal ChatGPT cannot (and should not) replace underwriting judgment. Audio generators such as ElevenLabs can transform text into realistic human speech, in a voice of your choice.

This section will explore strategies for measuring ROI, including setting Key Performance Indicators (KPIs) and emphasizing the importance of continuous monitoring and optimization. The road to successful Generative Artificial Intelligence (AI) implementation in insurance may come with its fair share of challenges. As a result, policyholders who drive safely and maintain their vehicles well enjoy lower premiums, while high-risk drivers pay rates commensurate with their risk level. The global market size for generative AI in the insurance sector is set for remarkable expansion, with projections showing growth from USD 346.3 million in 2022 to a substantial USD 5,543.1 million by 2032. This substantial increase reflects a robust growth rate of 32.9% from 2023 to 2032, as reported by Market.Biz. In creating a generative AI interface for insurance, the focus should be on simplicity and efficiency.

Insurance agents’ roles are becoming ever more challenging as they contend with diverse client needs, rising client expectations, and demand for personalides solutions. Interest in parametrics might be high, but insureds must carefully assess their needs to ensure they’re selecting a product that fits their exposures. As terms have tightened in recent years, parametrics have helped close gaps in property insurance coverages. “People are now more aware of how to integrate these products effectively, leading to a growing desire to purchase them for the right reasons,” Johnson said.

DTTL (also referred to as “Deloitte Global”) and each of its member firms and related entities are legally separate and independent entities, which cannot obligate or bind each other in respect of third parties. DTTL and each DTTL member firm and related entity is liable only for its own acts and omissions, and not those of each other. Driving business results with generative AI requires a well-considered strategy and close collaboration between cross-disciplinary teams.

Furthermore, generative AI enables insurers to offer truly personalized insurance policies, customizing coverage, pricing, and terms based on individual customer profiles and preferences. While traditional AI can support personalized recommendations based on historical data, it may be limited in creating highly individualized content. For instance, in customer service, generative AI enables personalized customer interactions.

The OpenDialog platform uses LLMs where relevant and combines this with rule-based processes appropriately. This gives organizations the ability to leverage LLMs to the best of their capacity, all while ensuring it’s in line with business policies, in turn protecting data-sensitive processes. Insurance companies implementing generative and conversational AI need to be confident that the technology will generate responses that are aligned with business rules and mitigate the risk of running afoul of compliance. Understanding the decision-making process that leads up to the generated responses, as well as ensuring control over these outputs, is therefore essential during the building process, in the decision moment, and after the fact.

Approaching the development of generative AI solutions with a responsible AI framework enables insurers to proceed with the confidence that they are addressing potential risks as clearly and comprehensively as possible. The regulatory environment for generative AI in the insurance industry is still taking shape. But it’s already clear that insurers will have to navigate an intricate route to ensure that they remain compliant with the letter and spirit of regulations designed to protect customers. It can be used to create different types of applications such as mobile, desktop, web, cloud, IoT, machine learning, microservices, game, etc. Successfully overcoming data quality and integration challenges is pivotal in realizing the full potential of generative AI in insurance.

Teams responsible for the development of AI models and tools must also reflect a real diversity of viewpoints and experiences. That’s important to help ensure that bias is surfaced before a solution is created and that those solutions address the widest possible spectrum of users’ needs. Transformational scenarios like these, and plenty more besides, are already possible with generative AI. The technology has the potential to transform insurance companies from front to back, having a huge impact on both operations and customer experience. Imagine a customer with a health insurance policy who is planning an international trip.

The idea is to mimic human understanding, where multiple forms of input can be used to make decisions or generate output. By leveraging a generative AI-powered tool, insurers can deliver seamless experiences to both employees and clients, enabling quick access to internal business information, smooth communication, and efficient workflows. This not only improves customer service but also increases overall efficiency and optimizes resource utilization, resulting in valuable time and resource savings.

“There’s a good reason why the insurance industry doesn’t turn on a dime every five minutes and embrace the latest technology,” says Matthew Harrison, executive director, Casualty, at Gallagher Re. As regulators sought to catch up and individual businesses developed their own guidelines around the technology’s use, it became apparent the insurance industry was gaining a new and likely transformative technology. But so were others, including malicious actors, who were unconstrained by regulatory requirements. Generative AI has begun to rewrite the playbook for the insurance industry, and most companies are taking a two-pronged approach to its implementation. Simultaneously, they are reimagining and rearchitecting their long-standing processes to remove steps.

Highly skilled employees faced with job loss from AI may try to sabotage the AI technology or the business that has adopted it, potentially causing a wide range of losses to the employer and to third parties. It would not be an understatement to say that Generative AI is set to revolutionize the insurance industry over the next 5-10 years. There have been few noteworthy developments related to AI usage in Insurance industry and its adoption by Insurers. Insurers can use generative AI to develop and offer highly customized policies that align with individual customer needs and preferences. Our Employee Wellbeing collection gives you access to the latest insights from Aon’s human capital team.