The top AI insurance stories of 2024

December 23, 2024 3:25 PM

A person using a laptop with a holographic chat box that says Chat AI.

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The top artificial intelligence stories of 2024 include conversations with Nationwide and Greater New York Mutual about emerging technologies.

Copilots can act as chatbots, virtual assistants and productivity tools

Digital Insurance reached out to insurance professionals to ask how they would define a copilot, an AI assistant that can write poems and code. But what exactly is a copilot and how are insurers using this type of Gen AI?

Greater New York Mutual CIO transforms insurer's data handling

Vasudevan Veeraraghavan, CIO of Greater New York Mutual Insurance Companies, discusses the transformation of insurtech. Veeraraghavan was previously director of financial services at Capgemini, during which he worked extensively with Chubb.

Nationwide’s approach to Gen AI

Digital Insurance spoke with Melanie Kolp, senior vice president and chief technology officer of Technology Enterprise Solutions at Nationwide.

To get the most out of using Gen AI, Nationwide created a Blue Team and Red Team management approach. The Blue Team thinks of ways to apply Gen AI's power to create opportunities and the Red Team is concerned with guidelines and governance mitigating risks. Kolp is on the Executive Steering Committee that supervises the Red and Blue teams.

Can Gen AI teach the next generation of underwriters?

The role of the underwriter is changing. Challenges like shifting employer expectations and static underwriting operations in an industry facing rapid digital acceleration are adding pressure to underwriters across all insurance lines. Within the next decade, insurance will face a talent crisis that can only add to the mounding challenges underwriters face in their roles.