Generative AI in Practice is InsTech’s monthly newsletter dedicated to the use of generative AI in insurance.
The InsTech Perspective
“When all you have is a hammer, everything looks like a nail”
The news this week that a new Swiss Army knife is being created without a knife got us thinking about what kind of tool Generative AI is. A blunt instrument which is expected to solve every problem the same way or a powerful multi-tool with the dangerous bits removed?
We had the chance to join a leading London Market insurer this week for a half-day workshop discussing how the company is using Generative AI. Whilst we would categorise this company as amongst the “early adopters” of technology, the breadth of use cases presented for both internal and external applications was an encouraging sign for the whole insurance market. It wasn’t just the presentations from senior management that were impressive. Many in the audience were enthusiastic about how they could use GenAI tools in their daily lives.
We’re delighted to see the growth in subscribers as we reach Issue 10 of this newsletter. The real use cases we report on below are all publicly available, but the stories we feature and the themes we follow are heavily influenced by what we are learning as we are out and about talking to hundreds of people each month. Generative AI is definitely not a hammer but neither is it a panacea for all problems. The most common applications we’ve seen in the last year cover 5 or 6 core areas of application. More to follow on what those are in our next issue.
What the insurance industry is doing with GenAI
Cyber insurer Cowbell has introduced Prime Tech with Co-Pilot, a generative AI-driven underwriting solution which aims to speed up contract reviews while improving accuracy, communication and recommendations for risk assessment.
Swiss Re has launched Swiss Re Life Guide Scout, a new functionality powered by generative AI that supports underwriters in speeding up risk assessment.
Technology provider Artificial has integrated ACORD Transcriber into its suite of machine learning and generative AI tools to enhance data extraction.
Simplifai has launched its Claims Processing solution, powered by InsuranceGPT, which aims to improve claims handling efficiency and will first target the Dutch motor insurance market.
Munich Re’s REALYTIX team has introduced a GenAI-Co-Pilot on its platform, aiming to support developing specialised insurance products for its clients.
Solution provider Sapiens has launched IntegrateAI, a new capability from Sapiens Decision, integrating machine learning models into the decision model workbench.
MAPFRE Insurance is using the generative model Conditional Tabular Generative Adversarial Networks (CTGAN) to combat fraud using AI and synthetic data.
Majesco’s Spring ’24 Release introduces generative AI to Majesco Copilot, aiming to improve intelligence and efficiency across its software solutions.
News from the InsTech network
At InsTech’s next half-day event in New York on 4 June, we’ll be joined by Google Cloud, Indico Data and Unqork to discuss the potential for technology in insurance. Featuring panel discussions from Elemental Cognition on using neuro-symbolic AI to solve hard problems and Google on the uses of Artificial General Intelligence (AGI).
InsTech hosted a Live Chat with myReach on generative AI’s capabilities to act like a second brain, including our own use case on how myReach has helped InsTech retrieve information from its content.
INSTANDA’s AI ebook discusses the opportunities and limitations of artificial intelligence for insurers to understand how best to approach adoption.
With 35% of all underwriting staff set to retire in the next five years, insurers are turning to artificial intelligence to improve efficiency and expand underwriting capacity – but what are the key considerations? Indico Data is hosting a webinar on 22 May to discuss.
Other news and insights we’ve seen
Capgemini found that although insurance executives are optimistic about AI’s impact on underwriting and fraud, underwriter confidence lags due to complexity and data concerns.
Gen AI can empower actuaries to become strategic business partners by automating tasks like data processing and enhancing model governance.
Although the first steps to incorporating generative AI in insurance are better understood as smaller and quicker applications that provide immediate support, little is touched on the possible long-term, significant changes.
Generative AI has the potential to pose new risks to D&O and management liability insurers. In March 2024, a lawsuit accused a weapons security company, Evolv Technologies Holdings Inc. of overstating AI’s ability in security screening.
Find out what you’ve missed…
Issue 9: Insuring an AI-powered world, an AI code of conduct and using LLMs in decision-making
Issue 8: Customer service hallucinations, empowering claims and using AI for video
Issue 7: Brokers using GenAI, InsTech’s expert bot and a conduct code for AI in claims
Generative AI in Practice is InsTech’s monthly newsletter dedicated to the use of generative AI in insurance – you can sign up for free here.
