How AI is Shaking Up Insurance

Whether artificial intelligence will help the insurance industry work smarter, or whether it will mean massive job losses, or maybe represent something in between is yet to be seen. But what is for certain is that the dawn of artificial intelligence has already come and that nearly every facet of the insurance industry will soon be reckoning with what it means and how it will fit in its future.

Large language models, such as ChatGPT, and image-generation AI, such as DALL-E, have wowed audiences over the past few months, but in many respects, machine learning and algorithms have been playing a role in many aspects of the insurance industry for years already.

Simple chatbots on websites and many underwriting tools are already using many of the baseline tools found in the new artificial intelligence tools splashing the headlines, but what is remarkable is the speed with which many of these tools are evolving and the potential many of these seem to have for quickly jumping into innovative aspects of the industry that have not yet seen AI’s influence.