8 Ways Generative AI Is Rapidly Transforming The Claims Landscape (Risk & Insurance)

8 Ways Generative AI Is Rapidly Transforming The Claims Landscape

  Tuesday, May 2nd, 2023 Source: Risk & Insurance

Generative AI is an artificial intelligence (AI) technique that involves creating new content or data using machine learning models.

Unlike discriminative AI, which focuses on identifying and classifying existing data patterns, generative AI seeks to create new content, typically by using deep learning techniques such as neural networks to learn patterns from large datasets and generate new data that follow those patterns. And this is where it becomes useful for claims and risk management.

Generative AI has the potential to revolutionize claims administration in the next several years, transforming how insurance companies, third-party administrators and medical management firms manage claims processing and settlement.

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