How Generative AI and ChatGPT are Reshaping the Insurance Industry
AI will free many agents from clerical functions, lowering expenses. But in times of stress, many policyholders prefer personal interactions.
Effective use of generative AI will help insurers improve expense ratios, more effectively target distribution and control losses.
MGAs and insurers will have a deeper understanding of what business is productive and which existing accounts should be re-examined.
Increased computing power allows insurers to learn from huge data sets.
Customer-facing technologies will likely gain the most as today's chatbots give way to smarter interactions.
