January 24, 2023 — One journalist to another, we admire the work of Paul Carroll of ITL. We especially loved the opening line of a recent issue of ITL: "Wandering the floor at this year's InsureTech Connect, I had a hard time finding a booth that didn't somehow tie into generative AI." Yes, friends, it's true — generative AI really has become the pumpkin spice flavor of insurance this fall.
Everything is indeed AI-flavored, but Paul has thoughtfully delved into a couple of important aspects of the AI wave that may merit your attention: using AI to capture a broader data flow to support sharper underwriting* and deploying AI to integrate information more efficiently into existing workflows. We'll add our own two cents based on work underway here at Gallagher Bassett as well. Large language model AI allows us to not only develop improved applications, it also allows us to solve issues that until recently appeared unsolvable. It opens doors into new rooms, in effect.
We recommend Paul's essay, even if you have already had your annual limit of pumpkin spice. Trust us, you'll like this new flavor.
*The example citied involves underwriting, but the same concepts apply equally to claims administration.
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