ChatGPT, a conversational AI mannequin constructed by OpenAI, is probably the most talked-about expertise of 2023. And it has piqued the curiosity of insurance coverage trade leaders. However the place precisely will ChatGPT, and generative AI broadly, have the best affect? And what are its most and least promising use instances?
Insider Intelligence
Generative AI is about to revolutionize numerous forms of insurance coverage. Based mostly on the affect of the expertise within the US, property and casualty insurance coverage would be the most remodeled and medical insurance would be the second-most impacted. Nonetheless, life insurance coverage is anticipated to be least impacted by generative AI, particularly within the brief time period.
Over the course of the following three years, there might be many promising use instances for generative AI. Probably the most invaluable and viable are personalised advertising and marketing campaigns, employee-facing chatbots, claims prevention, claims automation, product improvement, fraud detection, and customer-facing chatbots. Though there are various optimistic use instances, generative AI just isn’t presently appropriate for underwriting and compliance.
Whereas generative AI’s rise was sudden, it’s going to take time for insurers to completely embrace its energy and potential. Within the full report, we delve into the way forward for generative AI and supply actionable steps for insurance coverage suppliers to arrange for its rise. Click on right here to buy this report and use code CHATGPT50 for $50 off.
