Generative AI — which comprises artificial intelligence technologies and applications that generate entirely new content including text, audio, images, video, code, and data — is already transforming insurance.
Financial institutions are using the technology for use cases including conversational finance, financial analysis, and synthetic data generation. Now insurers are tailoring the tech to the insurance value chain to drive more personalized customer experiences and internal automation efforts.
While most initiatives are currently in the early pilot stages, incumbent and startup insurers are betting heavily on generative AI’s transformative potential. Lemonade, for example, has identified 100 business processes that can be automated with generative AI. Similarly, Chubb CEO Evan Greenberg mentioned on the company’s Q1 earnings call that it’s ready to start using these AI tools at scale.
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