Gen AI not only enables insurers to settle claims faster but can also combat fraudulent claims by analyzing huge troves of data to detect fraudulent behavior patterns. At a time when insurers are losing billions each year due to unprecedented levels of fraud, this will be vital to maintain a competitive edge.
Looking at gen AI across today's insurance landscape, what's notable is not just how quickly the technology is advancing but how fast it's being adopted.
Considering the successes of early adopters across industries, we have found that the most dangerous thing about gen AI is assuming that it only delivers productivity. To get the greatest value, insurers should focus on outcomes, make gen AI a part of their technology stack and not a point solution, and build data foundations by establishing high-quality-data acquisition systems and standardizing data-quality practices.
Finally, experiment continuously and do not fear failure. Learning from your results will help you prioritize ruthlessly and accelerate ROI.
This article first appeared in Digital Insurance. It was authored by Jeff Saye, global leader of insurance claims at Genpact.