ChatGPT, a conversational AI model built by OpenAI, is the most talked-about technology of 2023. And it has piqued the interest of insurance industry leaders. But where exactly will ChatGPT, and generative AI broadly, have the greatest impact? And what are its most and least promising use cases?Generative AI is set to revolutionize various types of insurance.
Over the course of the next three years, there will be many promising use cases for generative AI. The most valuable and viable are personalized marketing campaigns, employee-facing chatbots, claims prevention, claims automation, product development, fraud detection, and customer-facing chatbots. Although there are many positive use cases, generative AI is not currently suitable for underwriting and compliance.
While generative AI's rise was sudden, it will take time for insurers to fully embrace its power and potential. In the full report, we delve into the future of generative AI and provide actionable steps for insurance providers to prepare for its rise.Sign up for notifications from Insider! Stay up to date with what you want to know.Get a daily newsletter packed with stats about trends affecting your industry. Sign up for Chart of the Day.
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