Much like any new and exciting technology, generative artificial intelligence (AI) has captured the zeitgeist. The potential for Large Language Models (LLMs) and other generative approaches to change how we work, how we create, how we entertain ourselves and how we consume data, feels almost limitless. Futurists and pundits tout the possibilities along with the perceived challenges.
Naturally, Generative AI has also captured the interest and imagination of the insurance industry. Insurance companies are flooded with data. Underwriters, adjusters, claims handlers, investigators and other professionals are tasked with making thousands of decisions a day based on the data available to them. And making those decisions as quickly, accurately, and fairly as possible is tantamount to success for the insurer and for delivering an exceptional customer experience for their insureds.
So, what impact do insurance professionals believe generative AI will have on their industry? We took to LinkedIn to try and come up with some answers. Over the course of several weeks we posed a few questions to the LinkedIn insurance community to see where they believed Generative AI would have the most impact, how quickly the organizations with which they worked would initiate Generative AI strategies, and what challenges they believed were causing the most angst when it comes to Generative AI.