Although they are the focus of much excitement, GenAI solutions are in the early stages of development, with risks and limitations insurers must address before the technologies can be safely rolled out.
“We see LLMs working very well for general language tasks, but they are not yet designed for the specific technical language we use in insurance, such as legal analysis of policy wordings or claims handling,” says Mistry. “GenAI models need to be further trained and customized for the language, data, and processes of our industry. This is the focus of our use cases.”
When it comes to affecting employment in insurance, Bruch sees the impact of AI as “an evolution rather than a revolution”, creating new jobs and changing existing job profiles gradually over a number of years. “AI is not a replacement for human emotional intelligence, which is so important in the workplace. But I see new roles being created for professionals who can develop, implement, and manage AI systems and evolve existing ones. AI will largely affect job profiles as a supporting, complementary technology, providing vast opportunities for digital upskilling.”
Along with the…
