Machine learning

Gen AI is particularly useful to search, generate, classify, cluster, and summarize information as well as extract valuable data and insights which could prove useful in the claims process.

Start thinking ahead about Gen AI now, Geico marketer says. Insurance industry analysts expect more investment in and adoption of Gen AI by carriers in the coming year.

Digital Insurance's top AI insurance stories including topics related to Gen AI and regulations.

The National Association of Insurance Commissioners, comprised of U.S. state insurance regulators, issued a policy bulletin calling for insurers to set governance and risk principles for the use of AI, and take responsibility for third-party data and systems.

Insurers considering using Gen AI for claims, underwriting and other operational functions will need to watch out for "hallucinations," the phenomenon of Gen AI language models producing inaccurate or nonsense results.

The reinsurer is working on how to use Gen AI to support decision-making without letting it fully automate decisions. PwC and others also see claims and customer service applications for the technology.

For several years, Brooke Vemuri, vice president of business transformation and engineering at Legal & General America, the U.S. life insurance unit of the global financial company, has led improvements to the carrier's sales, onboarding and other operations processes.

Duncan Anderson, global technology leader for insurance consulting and technology at WTW, manages insurers' expectations for what AI technology can do to analyze and monitor pricing of coverage.

Panelists emphasized the significance of a comprehensive data strategy and ethical AI use, along with the industry's potential for innovation.

Adopting data profiling and machine learning could propel the industry into a future of enhanced efficiency, better risk assessment and superior customer experiences.