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ChatGPT, a conversational AI model built by OpenAI, is the hottest technology in 2023. It has also attracted the attention of leaders in the insurance industry. But where will ChatGPT, and generative AI, have the greatest impact, and what are its most and least promising use cases?
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Generative AI is set to revolutionize many types of insurance. Based on the impact of technology in the US, property and casualty insurance will likely change the most, followed by health insurance. However, life insurance is expected to be largely unaffected by generative AI, especially in the short term.
Over the next three years, many promising use cases for generative AI will emerge. The most valuable and viable are personalized marketing campaigns, employee chatbots, complaint prevention, complaint automation, product development, fraud detection, and customer chatbots. While there are many positive use cases, generative AI is currently not suitable for underwriting and compliance.
The rise of generative AI has been sudden, but it will take time for insurers to fully embrace its power and potential. The full report delves into the future of generative AI and offers actionable steps for insurers to prepare for its rise. click here Use code CHATGPT100 for $100 to purchase this report.
