How Gen AI is Revolutionizing the Insurance Sector
In this article, I will delve into how the integration of Gen AI can help the insurance sector. I presume that readers are familiar with terms used in the insurance industry. Also, the points mentioned by subheaders are not as separated as they may seem from the structure of the article. Every point complements the other and is equally important.
Automated Underwriting Enhancement:
Underwriting is a crucial task in the insurance industry. Essentially, it involves evaluating and assessing risks associated with insuring individuals, businesses, or assets. We need to analyze various factors such as the applicant’s health, occupation, lifestyle, and financial history to determine the likelihood of claims and establish appropriate premiums.
In this, Gen AI comes as a savior. It can help analyze extensive datasets to gain insights into risk factors and customer behaviors much faster than age-old traditional ML methods. And, as we know, this data-driven approach helps in offering tailored insurance products that match the specific needs and risk profiles of individual customers.
Automation is another plus point. With minimal manual intervention, we can improve operational…
