{"id":20486,"date":"2024-03-21T08:23:00","date_gmt":"2024-03-21T08:23:00","guid":{"rendered":"https:\/\/interface.media\/?p=20486"},"modified":"2024-03-20T02:46:51","modified_gmt":"2024-03-20T02:46:51","slug":"insurtech-is-on-track-for-a-generative-ai-revolution","status":"publish","type":"post","link":"https:\/\/interface.media\/blog\/2024\/03\/21\/insurtech-is-on-track-for-a-generative-ai-revolution\/","title":{"rendered":"Insurtech is on track for a generative AI revolution"},"content":{"rendered":"\n<p>The insurance industry\u2019s traditionally conservative rate of progress has recently given way to a new, much more accelerated pace. The sector is digitalising rapidly, with an uptick in customised services. Personalised experiences, mobile platforms, and data-driven analytics have become integral parts of the insurer\u2019s relationship to their customers.\u00a0<\/p>\n\n\n\n<p>Now, generative artificial intelligence (AI) is emerging as the next pivotal driver of innovation for insurance. The technology promises to create new efficiencies, increase resilience, and help insurers better manage risk.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-generative-ai-applications-for-insurance-nbsp\">Generative AI applications for insurance&nbsp;<\/h3>\n\n\n\n<p>Generative AI has the potential to greatly enhance the delivery of personalised recommendations. Correctly applied, it can also contribute to the creation of new products customised to the individual. More traditional AI has already seen success as a way to deliver personalised services. Experts in a recent <a href=\"https:\/\/www.leewayhertz.com\/generative-ai-in-insurance\/\">report by LeewayHertz<\/a>, however, believe that traditional AI \u201cmay be limited in creating highly individualised content.\u201d\u00a0<\/p>\n\n\n\n<p>Generative AI, however, is capable of handling <a href=\"https:\/\/interface.media\/blog\/2024\/03\/06\/why-is-multimodal-ai-such-a-big-deal\/\">greater levels of complexity<\/a>, and could therefore be capable of offering \u201ctruly personalised insurance policies, customising coverage, pricing, and terms based on individual customer profiles and preferences.\u201d\u00a0<\/p>\n\n\n\n<p>The technology can also enhance the <a href=\"https:\/\/interface.media\/blog\/2024\/03\/06\/man-not-machine-why-humans-might-be-the-best-cybersecurity-tool-in-the-fight-against-genai\/\">virtual risk management<\/a> process thanks to its ability to generate synthetic datasets used for threat assessment training. Generative AI models can generate high quality synthetic training data. This data can help train security teams, augment limited datasets, and enhance the performance of AI models.\u00a0<\/p>\n\n\n\n<p>Lastly, generative AI is already playing a growing role in the automation of customer service and organisational tasks. Sebastjan Plavec, <a href=\"https:\/\/blog.adacta-fintech.com\/insurance-technology-trends\">Chief Marketing Officer at Adacta<\/a>, noted in a recent blog that \u201cAI-powered Chatbots built on LLMs have proven highly effective in customer service.\u201d The quality of conversation that LLMs like ChatGPT can achieve is \u201cway above\u201d what is achievable with traditional chatbots.&nbsp;<\/p>\n\n\n\n<p>On an organisational front, Plavec believes that Generative AI could have a key role to play in automating elements of the underwriting process, as well as document organisation and due diligence. \u201cChatGPT and similar models can be used for analysing large volumes of unstructured data to identify patterns and empower more accurate underwriting decisions,\u201d he writes.&nbsp;<\/p>\n\n\n\n<p>Through the application of generative AI to the insurance sector, insurers have the potential to realise significant operational efficiency gains at speed.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>AI large language models promise to unlock new efficiency gains and better risk assessment capabilities for the insurtech sector.  <\/p>\n","protected":false},"author":480,"featured_media":20487,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"apple_news_api_created_at":"2024-03-21T08:23:24Z","apple_news_api_id":"ba2e7486-3c35-4cdd-9101-f9309c040bee","apple_news_api_modified_at":"2024-03-21T08:23:24Z","apple_news_api_revision":"AAAAAAAAAAD\/\/\/\/\/\/\/\/\/\/w==","apple_news_api_share_url":"https:\/\/apple.news\/Aui50hjw1TN2RAfkwnAQL7g","apple_news_cover_media_provider":"image","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_cover_video_id":0,"apple_news_cover_video_url":"","apple_news_cover_embedwebvideo_url":"","apple_news_is_hidden":"","apple_news_is_paid":"","apple_news_is_preview":"","apple_news_is_sponsored":"","apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":[],"apple_news_suppress_video_url":false,"apple_news_use_image_component":false,"footnotes":""},"categories":[3],"tags":[],"topic":[653],"class_list":["post-20486","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-interface","topic-fintech-insurtech"],"acf":[],"apple_news_notices":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.6 (Yoast SEO v26.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Insurtech is on track for a generative AI revolution - Interface<\/title>\n<meta name=\"description\" content=\"AI large language models promise to unlock new efficiency gains and better risk assessment capabilities for the insurtech sector.\u00a0\u00a0\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Insurtech is on track for a generative AI revolution\" \/>\n<meta property=\"og:description\" content=\"AI large language models promise to unlock new efficiency gains and better risk assessment capabilities for the insurtech sector.\u00a0\u00a0\" \/>\n<meta property=\"og:url\" content=\"https:\/\/interface.media\/blog\/2024\/03\/21\/insurtech-is-on-track-for-a-generative-ai-revolution\/\" \/>\n<meta property=\"og:site_name\" content=\"Interface\" \/>\n<meta property=\"article:published_time\" content=\"2024-03-21T08:23:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/interface.media\/wp-content\/uploads\/sites\/3\/2024\/03\/iStock-1289936270.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1366\" \/>\n\t<meta property=\"og:image:height\" content=\"768\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Dan Brightmore\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Dan Brightmore\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/interface.media\/blog\/2024\/03\/21\/insurtech-is-on-track-for-a-generative-ai-revolution\/\",\"url\":\"https:\/\/interface.media\/blog\/2024\/03\/21\/insurtech-is-on-track-for-a-generative-ai-revolution\/\",\"name\":\"Insurtech is on track for a generative AI revolution - Interface\",\"isPartOf\":{\"@id\":\"https:\/\/interface.media\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/interface.media\/blog\/2024\/03\/21\/insurtech-is-on-track-for-a-generative-ai-revolution\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/interface.media\/blog\/2024\/03\/21\/insurtech-is-on-track-for-a-generative-ai-revolution\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/interface.media\/wp-content\/uploads\/sites\/3\/2024\/03\/iStock-1289936270.jpg\",\"datePublished\":\"2024-03-21T08:23:00+00:00\",\"author\":{\"@id\":\"https:\/\/interface.media\/#\/schema\/person\/7c33499ca8e42b097028109cccb22748\"},\"description\":\"AI large language models promise to unlock new efficiency gains and better risk assessment capabilities for the insurtech sector.\u00a0\u00a0\",\"breadcrumb\":{\"@id\":\"https:\/\/interface.media\/blog\/2024\/03\/21\/insurtech-is-on-track-for-a-generative-ai-revolution\/#breadcrumb\"},\"inLanguage\":\"en-GB\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/interface.media\/blog\/2024\/03\/21\/insurtech-is-on-track-for-a-generative-ai-revolution\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-GB\",\"@id\":\"https:\/\/interface.media\/blog\/2024\/03\/21\/insurtech-is-on-track-for-a-generative-ai-revolution\/#primaryimage\",\"url\":\"https:\/\/interface.media\/wp-content\/uploads\/sites\/3\/2024\/03\/iStock-1289936270.jpg\",\"contentUrl\":\"https:\/\/interface.media\/wp-content\/uploads\/sites\/3\/2024\/03\/iStock-1289936270.jpg\",\"width\":1366,\"height\":768,\"caption\":\"Abstract striped mountain landscape wallpaper. Modern glitch background. Op art layout design\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/interface.media\/blog\/2024\/03\/21\/insurtech-is-on-track-for-a-generative-ai-revolution\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/interface.media\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Insurtech is on track for a generative AI revolution\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/interface.media\/#website\",\"url\":\"https:\/\/interface.media\/\",\"name\":\"Interface\",\"description\":\"Delivering World Class Content \u201cFrom Executive, For Executive\u201c\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/interface.media\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-GB\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/interface.media\/#\/schema\/person\/7c33499ca8e42b097028109cccb22748\",\"name\":\"Dan Brightmore\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-GB\",\"@id\":\"https:\/\/interface.media\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/e9ca282f0ef431735a64685769ad57886e24b074c4c58314392755fb79164164?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/e9ca282f0ef431735a64685769ad57886e24b074c4c58314392755fb79164164?s=96&d=mm&r=g\",\"caption\":\"Dan Brightmore\"},\"url\":\"https:\/\/interface.media\/blog\/author\/dbrightmore\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Insurtech is on track for a generative AI revolution - Interface","description":"AI large language models promise to unlock new efficiency gains and better risk assessment capabilities for the insurtech sector.\u00a0\u00a0","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"og_locale":"en_GB","og_type":"article","og_title":"Insurtech is on track for a generative AI revolution","og_description":"AI large language models promise to unlock new efficiency gains and better risk assessment capabilities for the insurtech sector.\u00a0\u00a0","og_url":"https:\/\/interface.media\/blog\/2024\/03\/21\/insurtech-is-on-track-for-a-generative-ai-revolution\/","og_site_name":"Interface","article_published_time":"2024-03-21T08:23:00+00:00","og_image":[{"width":1366,"height":768,"url":"https:\/\/interface.media\/wp-content\/uploads\/sites\/3\/2024\/03\/iStock-1289936270.jpg","type":"image\/jpeg"}],"author":"Dan Brightmore","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Dan Brightmore","Estimated reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/interface.media\/blog\/2024\/03\/21\/insurtech-is-on-track-for-a-generative-ai-revolution\/","url":"https:\/\/interface.media\/blog\/2024\/03\/21\/insurtech-is-on-track-for-a-generative-ai-revolution\/","name":"Insurtech is on track for a generative AI revolution - Interface","isPartOf":{"@id":"https:\/\/interface.media\/#website"},"primaryImageOfPage":{"@id":"https:\/\/interface.media\/blog\/2024\/03\/21\/insurtech-is-on-track-for-a-generative-ai-revolution\/#primaryimage"},"image":{"@id":"https:\/\/interface.media\/blog\/2024\/03\/21\/insurtech-is-on-track-for-a-generative-ai-revolution\/#primaryimage"},"thumbnailUrl":"https:\/\/interface.media\/wp-content\/uploads\/sites\/3\/2024\/03\/iStock-1289936270.jpg","datePublished":"2024-03-21T08:23:00+00:00","author":{"@id":"https:\/\/interface.media\/#\/schema\/person\/7c33499ca8e42b097028109cccb22748"},"description":"AI large language models promise to unlock new efficiency gains and better risk assessment capabilities for the insurtech sector.\u00a0\u00a0","breadcrumb":{"@id":"https:\/\/interface.media\/blog\/2024\/03\/21\/insurtech-is-on-track-for-a-generative-ai-revolution\/#breadcrumb"},"inLanguage":"en-GB","potentialAction":[{"@type":"ReadAction","target":["https:\/\/interface.media\/blog\/2024\/03\/21\/insurtech-is-on-track-for-a-generative-ai-revolution\/"]}]},{"@type":"ImageObject","inLanguage":"en-GB","@id":"https:\/\/interface.media\/blog\/2024\/03\/21\/insurtech-is-on-track-for-a-generative-ai-revolution\/#primaryimage","url":"https:\/\/interface.media\/wp-content\/uploads\/sites\/3\/2024\/03\/iStock-1289936270.jpg","contentUrl":"https:\/\/interface.media\/wp-content\/uploads\/sites\/3\/2024\/03\/iStock-1289936270.jpg","width":1366,"height":768,"caption":"Abstract striped mountain landscape wallpaper. Modern glitch background. Op art layout design"},{"@type":"BreadcrumbList","@id":"https:\/\/interface.media\/blog\/2024\/03\/21\/insurtech-is-on-track-for-a-generative-ai-revolution\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/interface.media\/"},{"@type":"ListItem","position":2,"name":"Insurtech is on track for a generative AI revolution"}]},{"@type":"WebSite","@id":"https:\/\/interface.media\/#website","url":"https:\/\/interface.media\/","name":"Interface","description":"Delivering World Class Content \u201cFrom Executive, For Executive\u201c","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/interface.media\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-GB"},{"@type":"Person","@id":"https:\/\/interface.media\/#\/schema\/person\/7c33499ca8e42b097028109cccb22748","name":"Dan Brightmore","image":{"@type":"ImageObject","inLanguage":"en-GB","@id":"https:\/\/interface.media\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/e9ca282f0ef431735a64685769ad57886e24b074c4c58314392755fb79164164?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/e9ca282f0ef431735a64685769ad57886e24b074c4c58314392755fb79164164?s=96&d=mm&r=g","caption":"Dan Brightmore"},"url":"https:\/\/interface.media\/blog\/author\/dbrightmore\/"}]}},"_links":{"self":[{"href":"https:\/\/interface.media\/wp-json\/wp\/v2\/posts\/20486","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/interface.media\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/interface.media\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/interface.media\/wp-json\/wp\/v2\/users\/480"}],"replies":[{"embeddable":true,"href":"https:\/\/interface.media\/wp-json\/wp\/v2\/comments?post=20486"}],"version-history":[{"count":1,"href":"https:\/\/interface.media\/wp-json\/wp\/v2\/posts\/20486\/revisions"}],"predecessor-version":[{"id":20488,"href":"https:\/\/interface.media\/wp-json\/wp\/v2\/posts\/20486\/revisions\/20488"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/interface.media\/wp-json\/wp\/v2\/media\/20487"}],"wp:attachment":[{"href":"https:\/\/interface.media\/wp-json\/wp\/v2\/media?parent=20486"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/interface.media\/wp-json\/wp\/v2\/categories?post=20486"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/interface.media\/wp-json\/wp\/v2\/tags?post=20486"},{"taxonomy":"topic","embeddable":true,"href":"https:\/\/interface.media\/wp-json\/wp\/v2\/topic?post=20486"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}