Top 6 AI insurance stories
December 12, 2023 6:00 AM
Will ChatGPT supercharge insurance AI adoption?
The rise of AI to kitchen-table prominence raises a question: Are insurance companies, which have been transforming digitally for years, ready to invest further in large language models and turn their precious customer relationships over to a chatbot?
Insurance commissioners have posted AI guidelines. Do they go far enough?
The National Association of Insurance Commissioners has put out a bulletin on insurance companies' use of artificial intelligence , and it's getting mostly good reviews.
The document contains many common-sense recommendations. Insurance companies must abide by all existing laws when they use AI, including the Unfair Trade Practices Act, the Unfair Claims Settlement Practices Act and the Corporate Governance Annual Disclosure Act. They must put in place controls,testing, validation and auditing.
The document contains many common-sense recommendations. Insurance companies must abide by all existing laws when they use AI, including the Unfair Trade Practices Act, the Unfair Claims Settlement Practices Act and the Corporate Governance Annual Disclosure Act. They must put in place controls,
Hartford's Deepa Soni says no to ChatGPT, yes to advanced AI and cloud
The Hartford has barred employees from using OpenAI's popular ChatGPT model, for fear that sensitive information about customers or the company itself might get leaked out. But Soni, chief information officer at The Hartford and leader of a team of 8,000 technologists, is considering two dozen use cases for an enterprise version of a large language model.
Traditional carriers remain cautious about generative AI, while insurtechs adopt it
ChatGPT took the world by storm a few months ago, making artificial intelligence technologies a kitchen table topic. Insurers have been using forms of AI for years.
However, the generative aspect of GPT won't likely be deployed by legacyinsurers until there is explainability in the models . Despite their potential usefulness, AI technologies come with a number of risks. Datasets can often reflect current racial, gender and societal biases.
However, the generative aspect of GPT won't likely be deployed by legacy
Aflac aims to get the most out of AI for customers and claims
"Before AI, our claims representatives would review every single claim and form. It would be submitted, maybe digitally, maybe not. Those would be reviewed one by one, eyes on glass, reviewing every item, every field of a claim. Now that process is much more automated, and our claims representatives are basically doing a final check for accuracy on a lot of our claims today. Think about all that time spent on the screen. That's really been shortened and so our time to pay for our claimants is drastically reduced."
Insurers test advanced AI in claims processing, mindful of regulation
The insurance industry has long embraced various forms of artificial intelligence to bolster claims handling, fraud detection and pricing. A pivotal time has arrived, however, as generative AI and large language models like ChatGPT are changing insurance processes, particularly in claims. From enhancing accuracy and speed to improving customer experiences, AI's integration into claims processing has enabled carriers to address inefficiencies and inaccuracies seen in the more traditional, manual claims handling, industry experts and practitioners say.