Artificial intelligence (AI) has emerged as a promising avenue for insurers to amplify the returns on their technological investments and expedite their modernisation endeavours. The capability to implement generative AI functionalities, while minimising investment and disruption in live claims processes, provides a pragmatic starting point. In this context, it becomes incumbent upon insurers to thoroughly explore the potential advantages of generative AI and formulate sustainable strategies for its gradual integration throughout their organisational framework. Generative AI not only offers insurers an opportunity for comprehensive self-reinvention but also holds the potential to deliver heightened value to customers, shareholders, and society at large.

A global pandemic, geopolitical and macroeconomic risks, along with a recessionary market sentiment, have created an increasingly unstable environment for insurance carriers. Additionally, non-traditional participants offering newer, customer-friendly insurance consumption models have compelled insurers to drive product and experience innovations at speed and scale. To expedite recovery and future-proof the business, insurers have heavily invested in modernizing their IT estate. Most of these transformations have focused on enhancing operational capabilities to achieve efficiency and productivity gains while adopting data-driven decision-making.

Generative AI (GAI) offers insurers a promising pathway to extract additional value from their investments and accelerate their modernization efforts…