How Generative AI and ChatGPT are Reshaping the Insurance Industry
Effective use of generative AI will help insurers improve expense ratios, more effectively target distribution and control losses.
Widening use of AI will allow insurance professionals to focus on the value-added aspects of their roles, not on mechanical functions.
Because public large language models learn from the data that users submit, insurers must be cautious about the information they expose.
Security and privacy mishaps will draw regulators deeper into the regulation of AI use in insurance.
MGAs and insurers will have a deeper understanding of what business is productive and which existing accounts should be re-examined.
