Governance Challenges to GenAI’s Prolific Adoption in Insurance (The Insurer )

Governance Challenges to GenAI’s Prolific Adoption in Insurance

  Tuesday, September 12th, 2023 Source: The Insurer

Few, if any, technologies have achieved mass adoption in a shorter period of time than ChatGPT, thanks to its massive accessibility and highly intuitive interface.

Not only has ChatGPT harnessed the extraordinary power of generative AI (GenAI), but it’s also incredibly easy to use. That’s why GenAI will be adopted widely across the business, and why strong governance models are necessary to guide adoption as the technology is democratised.

Insurers are already using GenAI to automate processes and integrate diverse datasets, analyse customer behaviour and tailor marketing communications.

In actuarial and underwriting, GenAI streamlines the ingestion of large datasets, freeing underwriters to focus on high-value analytical and risk assessment work. In IT, cyber teams use GenAI to analyse operations data for attempted fraud, monitor network security and document attacks for regulatory reporting.

More sophisticated deployments are not far away; smarter ‘co-pilot bots’ will make knowledge workers in underwriting, actuarial and claims even more productive.

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