Generative AI in Insurance
Explore the future of the insurance industry with Shift's visionary leaders as they delve into the transformative power of Generative AI (GenAI) in insurance. In this insightful video, they discuss the pivotal role GenAI plays in addressing key challenges such as labor shortages, IT modernization, and enhancing user experiences. Discover real-life use cases showcasing remarkable outcomes, from doubling referral volumes to driving higher accuracy in liability determinations. Learn how Shift Technology harnesses the latest advancements in GenAI to improve insurance operations, empowering handlers and underwriters to redefine customer interactions.
GenAI is transforming the insurance industry
In a recent survey conducted by Shift, we revealed three top-of-mind trends among insurance executives around the globe. At the intersection of those trends, sits the power of GenAI.
Top-of-mind trends among insurance executives
- Concern about labor shortages
- IT modernization
- Artificial intelligence
How GenAI is addressing them
GenAI sits at the intersection of all three of those trends. It can provide tools that help less experienced workers be more efficient, and provide them with the knowledge and the guidance they need to be better at their job. GenAI also excels at taking advantage of huge sets of data and synthesizing it down to usable pieces. And as insurers seek to modernize their systems to take advantage of things like the cloud and big data, GenAI is able to play a critical role. Finally, as AI generally becomes an increasingly growing area of focus, the branch of GenAI is a core part of these conversations.
GenAI is driving bottom line results for insurers
The application of GenAI in insurance is driving bottom line results, and the use cases are growing. For example, in our Subrogation detection product, we've been able to apply GenAI and we've seen a doubling in referral volume and a 30% increase in accept rates through driving higher accuracy and liability determinations.
The power of insurance-grade GenAI
GenAI technology continues to evolve and grow with the insurance industry. When we monitor the performance and impact of GenAI deployment, GenAI models perform very well on more generic documents such as invoices or medical records, but are not always very performant on some documents which are extremely insurance specific. In that case, we use our own language models which we train internally on documents from insurers.
"With the current advancement of GenAI, and with all the providers out there that are helping us to really infuse these algorithm within our products, we think it's going to really transform the way insurance handers work with their customers, the way underwriters work with their customers. And we really believe that's going to totally disrupt the way they interact with their customers."
