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InsTech - insurance & innovation with Matthew Grant
Matthew Grant: CEO, InsTech: Generative AI - what’s really going on (259)
Aug 13, 2023
Matthew Grant, CEO of InsTech, previews their newsletter on generative AI in the insurance industry. Topics covered include insurers' reactions to generative AI, InsTech's use of automation, and developments from member companies. The podcast explores use cases of generative AI in insurance, including productivity tools, data extraction, claims automation, and coding. They also discuss the use of Allums for summarizing information and upcoming events related to generative AI.
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Quick takeaways
- Insurers have different reactions to integrating generative AI, with some hesitant due to acceptance and regulations while others actively use it in their workflows.
- Insurance companies like AXA and Traveler's are exploring and implementing generative AI to streamline processes, automate tasks, and enhance customer experiences.
Deep dives
Use of Generative AI in Insurance Companies
Generative AI, also known as GPT or Bard Google, is a topic of interest for many insurance and technology companies. Insurers fall into three broad categories regarding the use of generative AI: those who haven't adopted it due to concerns about acceptance and regulations, those who are unsure and waiting to see what others do, and those actively using it in their workflows. Extracting information from emails is one valuable use case for generative AI, as it helps streamline processes and automate tasks like claims automation and data extraction. Despite the hype, insurance companies are cautious and interested in practical applications of generative AI.
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