ChatGPT, a conversational AI model built by OpenAI, will be the hottest technology of 2023, capturing the attention of insurance industry leaders. But where will ChatGPT, and generative AI more broadly, have the greatest impact, and what are its most and least promising use cases?
Generative AI is poised to revolutionize many types of insurance. Based on the impact of technology in the United States, property and casualty insurance will change the most, with health insurance the second most affected. However, life insurance is expected to minimize the impact of generative AI, especially in the short term.
Over the next three years, many promising use cases for generative AI will emerge. The most valuable and viable are personalized marketing his campaigns, chatbots for employees, billing prevention, billing automation, product development, fraud detection, and chatbots for customers. Although there are many positive use cases, generative AI is currently not suitable for underwriting and compliance.
The rise of generative AI has been sudden, but it will take time for insurers to fully embrace its power and potential. Our full report delves into the future of generative AI and offers actionable steps for insurers to prepare for its rise. To purchase this report click here and use code CHATGPT50 to get $50 off.
