How Generative AI is Disrupting the Insurance Market & Impacting Ways of Working

Generative AI (GAI) – you might have heard of it – is one of the most exciting and promising digital technologies in recent years. As it’s capable of transforming the way insurance companies execute core business functions, engage customers and deliver innovative technological solutions, we cannot overstate the extent to which it will impact the sector.

In this piece, we discuss how GAI will change the insurance sector, explore the wider context in which insurance AI is developing, and examine the implementation process.

Embracing the Possibilities of AI

Over the coming years, AI will have a pronounced effect on society and commerce, changing how we live and work and shaking up industries of all types and sizes.

The emergence and rapid popularization of Large Language Models (LLMs) and Generative AI applications indicate the speed at which GAI is developing. Fresh innovations come thick and fast, with new ideas, opportunities and capabilities circulating at a remarkable rate.

Momentum is building, and businesses are bracing for significant disruption. Not since the emergence of the internet has a technology demonstrated so much potential for change.

As the insurance sector relies heavily on natural language, this new generation of AI technologies is particularly potent. We believe insurance companies can leverage these emerging technologies to realize significant improvements across the value chain.

But to do so, insurance organizations must prepare and ensure a carefully considered and coherent AI strategy is in place.

Read the full article here.

Discover how EPAM creates future-forward solutions that drive real business outcomes: https://www.epam.com/services/artificial-intelligence/generative-ai