New Answers and Old Problems: How Gen AI is Changing the Insurance Industry and How it is Not

Generative artificial intelligence has opened a whole new world for the insurance industry. From providing more fulsome analysis of historic data leading to more accurate predictions, to generating charts and graphs for more understandable presentation, it is the most innovative tool in a generation. As with any new tool, gen AI has been met with both criticism and acclaim. To leverage its power and promise, users need to keep in perspective that gen AI is a tool – nothing more, nothing less. So, while the technology is new, the obligations surrounding its use are not. A gen AI analysis and conclusion on coverage alone is not sufficient. It must be accompanied by human review. Putting confidential information on a public platform is not acceptable. Feeding it into an internal AI program for more accurate underwriting is no more unacceptable than is having a paperless practice. This session will focus on how following current industry guidelines and expectations can ensure appropriate use of the arguably most useful tool in the box.