Generative AI is an emerging technology with potential to completely change the way businesses interact with customers, suppliers and sales prospects. ChatGPT, as an example, made the loudest noise, but many other platforms are being developed to provide additional opportunities to improve business processes and efficiency, provide better customer experiences, increase revenue and create new opportunities.
For those of you interested in generative AI, the new Generative AI Expo at ITEXPO is a chance to discuss the latest research and development in this field as well as a chance to explore the practical applications of generative AI in a range of industries.
Generative AI Expo, part of the #TECHSUPERSHOW, is set for February 13-15 in Fort Lauderdale, Florida. The conference brings together researchers, practitioners and industry experts to share their latest findings and unique perspectives, exchange ideas and discuss the present and future of generative AI.
Generative AI even has a presence in the insurance sector. Info-Tech Research Group recently unveiled in its latest research that the implementation of generative AI within insurance companies can yield several benefits that transform various operational aspects.
A virtual assistant with generative AI technology can streamline operations by organizing and sorting underwriting and claims data for thorough investigation. A VA also enhances job efficiency by acting as a facilitator and assisting in risk assessments, claims evaluations and false claim predictions. Essentially, a VA optimizes the workflow for insurance professionals.
By deploying Gen AI, insurers can reduce call volume and call-handling times and offer 24/7 service with seamless escalation to live agents to handle more complex requests. This is achieved by providing automated answers to common customer questions about policies, plans, and payment options.
In claims processing, generative AI and machine learning lets insurers proactively detect suspicious claims and fraudulent behavior. This proactive stance not only protects clients and shareholders but also enhances the brand's trustworthiness by ensuring a secure and fair claims process.
Staying with security measures, generative AI can facilitate the remote management of insured assets, helping to prevent losses from occurring. This capability aids in loss prevention and contributes to a reduction in claims, offering higher security for insured assets and potentially leading to more favorable insurance terms for clients.
Despite its potential, many insurers are not getting the most out of generative AI and its capabilities, like the ones listed above. The reason for this is that insurers are often constrained by a lack of a comprehensive deployment strategy, according to the report.
IT must shift from supporting to driving innovation, requiring deep client understanding and developing products that meet their demands, specialized roles like data scientists and AI experts. To manage this, insurers need talent acquisition of specialists, upskilling and cross-training existing staff, effective retention strategies.
Info-Tech also emphasizes the need for IT leaders to develop responsible AI principles. They must prioritize accountability, transparency, data privacy and security, IT governance as well as detecting fairness and bias in AI models.
By implementing these changes, insurers can leverage IT to drive innovation and become more competitive.
"Embracing Gen AI proactively is important for insurers to stay ahead of the curve, satisfy the ever-evolving demands of their customers, and safeguard their position in an increasingly competitive landscape,” said David Tomljenovic, head of financial services industry research at Info-Tech Research Group.
Generative AI adoption, as Info-Tech points out, is a critical step for insurance companies aiming to deliver innovative, customer-centric solutions.
Be part of the discussion about the latest trends and developments in the Generative AI space at Generative AI Expo, taking place February 13-15 in Fort Lauderdale, Florida. Generative AI Expo discusses the evolution of generative AI and feature conversations focused on the potential for generative AI across industries and how the technology is already being used to create new opportunities for businesses to improve operations, enhance customer experiences, and create new growth opportunities.
Edited by
Greg Tavarez
