“By powering gen AI with an abundance of high-quality data, insurers can improve predictions for pricing risks and catastrophe impacts. Additionally, the technology can be deployed to support humans when there is an inevitable influx of claims that happen after a catastrophe strikes,” said Suhas Sethi, Global SVP of insurance at Genpact. (Credit: mast3r/Adobe Stock)
NatCat insured losses reached a minimum of $20 billion in Q1 of 2024, according to Gallagher Re. Of the $20 billion estimate, $11 billion was due to severe convective storms, and $10 billion occurred in the U.S. With a record number of storms forecasted in the U.S. in 2024, mitigating these astronomical NatCat losses is more imperative than ever. Researchers are investigating if artificial intelligence (AI) can help people in disaster-prone areas and their insurers reduce property damage and fatalities.
“Gen AI helps P&C insurers do the next to impossible – go through eons of data, across the world, and in a flash – and therefore predict far more accurately through pre- and post-catastrophe processes,” said Suhas Sethi, Global SVP of insurance at Genpact. “Before a catastrophe can strike, leaning on gen AI can…
