In 2023, generative AI took the spotlight, emerging as the most talked-about technology of the year. This content creating powerhouse can do everything from text, image, and video generation to answering questions through natural language queries. And its potential uses are vast. While many industries are still in the experimental phase, the insurance sector is poised to benefit significantly from the integration of artificial intelligence into its ecosystem.
Automated underwriting technology is helping insurers reimagine what’s possible for replacing manual underwriting processes. Gone is the workbench of the 80s and 90s—incomplete data, sluggish page loads, time-consuming workflows and all. And in its place? A modern, connected solution that unifies your data, automates your underwriting process, and improves decision-making for a better customer experience and a stronger bottom line.
Generative artificial intelligence represents a category of AI that utilizes generative models to produce text, images, or other forms of media. These models grasp the intricacies and structure of their input training data, enabling them to generate new data with similar characteristics. In insurance, generative AI plays a pivotal role in expediting digitization processes.
IFRS 17, an International Financial Reporting Standard promulgated by the International Accounting Standards Board, supersedes IFRS 4 regarding insurance contract accounting. Its effective date is January 1, 2023. IFRS 17 introduces a comprehensive revamp of the treatment of insurance contracts, entailing novel prerequisites for data, systems, and procedures that impact various departments within the organization, such as Investment, Actuarial, Accounting, Finance, and IT.
The insurance industry is quickly moving into a digital-first future where emerging technologies will reshape the way policies are sold, claims are processed, and risks are managed, and where market leaders are automating critical workflows to deliver seamless experiences, enhance customer satisfaction, and unlock profitability.
The insurance industry was once deemed reluctant to change due to its outdated, heavily regulated system. However,the expectations for insurance software have changed. We are witnessing a digital transformation in the industry. Insurance companies now improve customer experience and stay competitive through top-notch insurance software quality. The adoption of these new tech brings in the need for rigorous insurance application testing.
There has been much hype in the media surrounding language models like ChatGPT because they have the potential to revolutionize our interactions with computers and enable the automation of various tasks. ChatGPT is a natural language processing (NLP) platform driven by Artificial Intelligence (AI). It is trained on a large text dataset and can induce text based on input. ChatGPT can be used for a variety of tasks, similar as language restatement, text summarization, content generation, and more.
