Tag: Generative AI

Unless you’ve spent the past year under a rock, you’ll be aware of the excitement for generative AI. While many have used the technology to write emails, do homework or create CVs, generative AI could be one of the most transformative technology stacks to businesses. Laila Beane, the chief marketing officer at IntellectAI, the insurtech and wealthtech brand of Intellect Design Arena, recently delved into generative AI’s impact on insurance.

Tradition is something to be honoured, but not at the expense of progress. In recent years insurance carriers have moved away from paper forms, and instead implemented digitalisation throughout their product. But there is more to come. In particular, the digital transformation of underwriting still remains a key headache.

Research indicates that the Generative AI market is at a pivotal moment. According to Grandview Research’s Market Analysis report, the global generative AI market size stood at USD 10.14bn in 2022 and is poised to witness a compound annual growth rate (CAGR) of 35.6% from 2023 to 2030.

Planck has unveiled a 'game-changing' underwriting tool that incorporates advanced Generative AI (GenAI) functionalities.

Evident has launched a generative AI solution for risk managers to streamline and simplify the insurance verification process.

The recent surge in attention towards generative AI and ChatGPT should not be overlooked. This technology has the potential to revolutionise nearly every industry, offering a multitude of people the chance to engage with AI's transformative capacities.

Generative AI, the metaverse and quantum computing are three of the most exciting emerging technologies currently in the market. Rather than being left behind by competition, insurance leaders urge companies to experiment with the technology to explore how they can make the most of it.