Gen-AI as a game-changer for insights-driven decision-making for insurers
Boston Consulting Group (BCG) suggests that leading insurers are having a generative artificial intelligence (Gen-AI) moment. That’s the view expressed by BCG’s Christopher Freese, managing director and senior partner of its Berlin office, in his similarly titled article.
While the technology has received a mixed reception, with some people in the insurance industry seeing it as a fad and others as a revolution, Freese calls Gen-AI an improvement on “traditional machine learning models used for processing or computer vision”.
“It democratises access to AI, simplifying the interface so profoundly that anyone, regardless of programming expertise, can leverage AI’s power. In that sense, it’s reminiscent of the introduction of the iPhone and the Apple app store, which paved the way for a whole new ecosystem of applications and services.” This new ecosystem is set to transform the insurance value chain. The adoption of these changes serves as a means to drive innovation within organisations and, by extension, revolutionise the entire industry. Entities that resist this transformation may find themselves falling behind in the competitive landscape.
Gen-AI innovation: game-changing
One company that sees Gen-AI as a game-changer is EdgeVerve, which enthusiastically sees the technology transforming the insurance value chain by automating processes with speed and efficiency, while expanding the capacity for data ingestion and data processing. It can also provide more meaningful data insights, and ultimately enhance insurer decision-making.
Sathish Kumar EV, director of EdgeVerve, will discuss “ Gen-AI as a game-changer for insights-driven decision-making for insurers” on a webinar panel of industry experts on October 17, 2023 to discuss the end-to-end operational and productivity challenges insurers face. These challenges include long queues, reduced underwriter productivity, inefficient quoting, inefficient submission processes, and fragmented carrier-broker communications. Kumar argues that Gen-AI can improve the insurance value chain and heighten operational efficiencies.
Lead through innovation
The trouble is that the insurance industry isn’t known for a fast-paced adoption of new technology. It has often lagged behind other sectors when it comes to investing in AI. However, those that embrace innovation could potentially lead the industry. Gen-AI is going to evolve and get better, and applications will broaden and expand. It’s therefore crucial to consider how it can be used today, and how it may be exploited in the future to drive insights that will make decision-making more effective, profitable and processes more efficient.
Joining Satish Kumar on the panel will be:
