2023 was the year of insurtechs all becoming AI companies, meaning they switched their domains from .com to .ai. But in 2024, they actually began to inculcate AI, both classic and generative AI, into a wide variety of products and in some pretty meaningful and useful ways.
Introduction
How is generative AI changing the way insurers work—and think?
In this episode, Matthew Grant sits down with Bob Pick, EVP Chief Information Officer at Tokio Marine North American Services and Group Deputy Chief Information Technology Officer for Tokio Marine Group, to explore the real-world impact of generative AI in the insurance industry.
From streamlining underwriting decisions to detecting fraud and automating operational processes, Bob explains how Tokio Marine is using AI to address both everyday challenges and complex, global demands. Balancing innovation with responsibility, the conversation sheds light on what AI can—and can’t—do for insurers today.
If you’ve ever wondered how generative AI works in practice, or what it means for the future of insurance, this episode offers clear and thought-provoking insights.
Key Talking Points
- The evolution of generative AI – from revolutionary tech to practical applications
- Classic AI vs. generative AI – understanding the difference
- Advisory tools like Microsoft Copilot – where they fit into the workflow
- Case studies from Tokio Marine – submission analysis and claims fraud detection
- Development tools – automating back-end processes with generative AI
- Risk management – balancing innovation with safeguarding data and compliance
- Tools of the trade – Microsoft Copilot, Grok, and other favorites
- Looking ahead – evolution or revolution in the next 1-3 years
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Continuing Professional Development
This InsTech Podcast Episode is accredited by the Chartered Insurance Institute (CII). By listening, you can claim up to 0.5 hours towards your CPD scheme.
By the end of this podcast, you should be able to meet the following Learning Objectives:
- Describe how generative AI is transforming key processes in the insurance industry, such as underwriting and fraud detection.
- List the practical applications of generative AI discussed in the episode, including submission analysis, backend automation and global translation.
- Specify the differences between classic AI and generative AI, and their respective roles in insurance.
If your organisation is a member of InsTech and you would like to receive a quarterly summary of the CPD hours you have earned email [email protected] to let us know you have listened to this podcast.
To help us measure the impact of the learning, we would be grateful if you would take a minute to complete a quick feedback survey.
