Insurance Sector Primed For Wider Use Of AI

Artificial intelligence, all the rage in popular culture, is not a new fad in the insurance market, where it quietly powers operations that make businesses run more efficiently, at lower costs and with fewer errors.

Still, AI is in its infancy and its rapid development means insurers, brokers and their customers should see the technology continue to broaden throughout customer service, claims handling and sales, experts agree.

Thanks to the viral popularity of ChatGPT, an AI chatbot developed by OpenAI that allows users to perform tasks that range from frivolous to serious, AI is suddenly mainstream. But having a chatbot write a poem about a pet is not the same as having it handle claims or steer buyers to coverage, which is why AI in insurance is being carefully implemented in select areas of commercial and personal lines.