Generative AI in Practice is InsTech’s monthly newsletter dedicated to the use of generative AI in insurance.
The InsTech Perspective
AI vs AI: tackling insurance fraud
As the number of businesses making use of generative AI rises, its ability to generate more and more convincing deepfake and shallowfake material poses a real threat to insurers.
Our recent article with Issured’s Jed Stone touched on the rising challenges facing insurance claims investigation teams and how the company is using artificial intelligence to overcome them – tackling AI with AI. One of Issured’s main offerings is MeaConnexus, a platform that offers users the ability to conduct secure interviews on any device. A helpful asset during the claims process, the platform uses blockchain technology to ensure that the content of the video interview is immutable, meaning you can always prove that it hasn’t been tampered with.
The market in insurance for issues developing around greater generative AI uptake is expanding. One80 Intermediaries, a specialty insurance broker in Boston, launched cover for businesses and AI vendors from revenue loss due to unreliable AI models.
Issured is a perfect example of a company readopting the capabilities of generative AI to suit our increasingly digital society.
What the insurance industry is doing with GenAI
Dutch neobank bunq has upgraded its generative AI assistant Finn, which handles up to 40% of user support questions independently and assists with 75%, as it partners with insurtech firm Qover to offer travel insurance.
Transcarent has launched its consumer health platform WayFinding, which integrates generative AI with access to care providers for benefits navigation, clinical guidance and care delivery.
Motor insurer Clearcover has partnered with Ada to deploy a customer-facing generative AI solution. In its first month, over 35% of customer chat inquiries were resolved automatically.
TATA AIG, a joint venture between TATA Group and American International Group (AIG), is developing a large language model (LLM)-powered chatbot for customers to be launched via WhatsApp once its accuracy exceeds 80%.
NYC-based health-tech company Crosby Health has built Apollo, a large language model (LLM) that supports back-office operations for healthcare providers, including claim denial management.
Solutions provider Coforge has partnered with Microsoft to launch the Copilot Innovation Hub, aimed at accelerating generative AI adoption. Two new copilots were introduced: Underwriter Copilot for insurance and Advisor Copilot for financial services.
1Fort has introduced an AI-powered specialty insurance marketplace designed for independent commercial brokers. A GPT chatbot aids brokers in handling complex client queries.
News from the InsTech network
At our March event in New York, guests from Tokio Marine HCC, Allianz Commercial, and Zurich North America discussed the handling of unstructured data, exploring how generative AI can streamline underwriting and improve risk pricing. You can now listen as a podcast.
Indico Data has released a benchmarking site to evaluate large language models (LLMs) for document understanding tasks, such as data extraction, document classification and summarisation. A recent episode of the Unstructured Unlocked podcast discusses the role of AI in Intelligent Document Processing (IDP), exploring Indico’s use of LLMs and generative AI.
PwC becomes ChatGPT’s largest user and OpenAI’s first reseller for ChatGPT Enterprise in the US and UK. The partnership allows PwC to integrate advanced AI tools into its services, enhancing capabilities in auditing, tax and consulting.
Self-service digital learning platform Risk Flow Academy from Cytora aims to offer upskilling for commercial insurance professionals in digital risk processing, covering topics like generative AI, schema design and data integration.
Insurers are traditionally slow to adopt new technologies, but an EY-Parthenon study highlights that 99% of insurers are investing or planning to invest in GenAI. EY explores how to revolutionise the insurance value chain with generative AI in a recent article.
Other news and insights we’ve seen
Pine Labs announced the creation of Sesame, a large language model (LLM) tailored for India’s banking, financial services and insurance (BFSI) sector. Sesame leverages financial data to enhance credit underwriting, detect fraud, monitor loans and offer personal finance advice.
How do you ensure your financial lines insurance addresses generative AI risk? Marsh has a list of 10 key questions to ask.
Crawford & Company offer insight into the challenges of deploying generative AI responsibly and how to overcome them.
Administration software provider Vitech has released a whitepaper on generative AI’s potential in the insurance and retirement sector, exploring AI’s impact on policy document generation, business efficiency, underwriting, retirement planning and claims handling.
Find out what you’ve missed…
Issue 10: Is GenAI a blunt instrument or a powerful multi-tool plus insights into the long-term impacts of AI
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
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.
