A Year Later for AI and GenAI in Insurance: The Reality and Growing Real Business Value

Integration of AI and GenAI into insurance business processes and workflows is transforming every aspect of the industry to provide detailed guidance, assessments, and recommendations, driving improved productivity, and accelerating employee’s knowledge and performance. It can simplify complexity, enhance decision-making processes, provide transactional guidance, and drive operational productivity and optimization that has not been seen since the initial automation of insurance decades ago.

It is the innovation catalyst needed to help insurers stay ahead of market trends, risk shifts, customer demands, and technological advancements, giving them the confidence to navigate complexities with ease and significantly improve business operations and results. Early benchmarking results show 10-20 times productivity improvement that can revolutionize the front office and customer servicing, while driving quality, consistency, and operational efficiency that can lower unit costs and cost ratios which subsequently can improve product pricing and competitive market position.

In addition, at a time when 50% of the insurance industry professionals are expected to retire by 2030, it can accelerate onboarding and bend the learning curve for employees.

A year ago, this panel of industry leaders talked about the potential. Separate the myth from reality and hear about the growing business value of AI and GenAI and why it is important to start the journey now given the pace of change.

Speakers

Manish Shah President and Chief Product Officer Majesco
Robert Pick EVP and CIO Tokio Marine North America Services
Jim DeMarco Insurance Strategy Lead Microsoft
Denise Garth Chief Strategy Officer Majesco, Moderator