Unveiling Generative AI: A Game Changer for Customer Engagement

The buzz surrounding generative AI has permeated every industry, and the insurance sector is no exception. With capabilities such as creating human-like responses and generating insightful outputs, generative AI technologies have brought forth a unique blend of opportunities and challenges for organizations.

From streamlining various business operations, such as content creation, to spurring debates about its potential impact on employment, generative AI has firmly embedded itself in the strategic discourse. Paul Carroll, editor at Insurance Thought Leadership, emphasized in his May 2023 commentary, ‘Generative AI: Coming Faster Than You Think,’ that a balanced perspective on the short-term and long-term implications of these technologies is vital for shaping future business paradigms in the insurance industry. He writes, ‘The rule of thumb about breakthrough technologies is that they’re overestimated in the short term but underestimated in the long term.’