Trends Report

Generative AI: What It Means For Insurance

GenAI Will Transform Customer Service, Claims Processing, Risk Assessment, And Fraud Detection

November 22nd, 2023
Indranil Bandyopadhyay, Principal Analyst
Indranil Bandyopadhyay Principal Analyst
With contributors:
Oliwia Berdak , Aaron Katz , Chantelle Fynn , Sam Bartlett

Summary

Generative AI (genAI) has an extensive range of applications in insurance, encompassing customer service, claims processing, risk assessment, and fraud detection, promising to augment insurers’ operational efficiency, effectiveness, and competitiveness. Prioritizing use cases for experimenting with this emergent technology is critical. Additionally, insurers must ensure that genAI doesn’t generate inappropriate or biased content that damages their reputation. This report outlines the impact of genAI on insurance, suggesting avenues for early adoption and how to circumvent potential risks.

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