Insurers are increasingly turning to artificial intelligence (AI) to optimize their operations and improve customer experience. One exciting new development in this field is the use of generative AI, including tools like ChatGPT, which can create new content based on existing data.
Rachel Alt-Simmons, head of global claims innovation and optimization at AXA XL, is particularly enthusiastic about the potential of ChatGPT. “In part, that’s because it’s something that I can touch,” she said. “I don’t have to be a scientist or a statistician to actually play with it. That’s what’s exciting to most people.”
Alt-Simmons has a background in computer science and has helped insurers with digital transformation, enterprise business intelligence projects, and predictive analytics applications. She believes that generative AI has the potential to revolutionize the insurance industry, providing insurers with new insights into customer behavior and risks.
For example, ChatGPT can be used to generate personalized insurance quotes based on a customer’s data and behavior. This can improve the accuracy of quotes and reduce the risk of fraud. It can also help insurers to better understand customer preferences, enabling them to tailor their products and services more effectively.
Other uses of generative AI in the insurance industry include risk assessment and claims processing. By analyzing vast amounts of data, these tools can identify patterns and trends that would be difficult for humans to discern. This can result in faster and more accurate claims processing, reducing costs for insurers and improving customer satisfaction.
While the use of AI in the insurance industry is still in its early stages, it is clear that generative AI tools like ChatGPT have a lot of potential. Insurers that embrace these new technologies now will be well positioned to stay competitive in the rapidly evolving digital marketplace.
