How to Implement GenAI Successfully While Mitigating Risk
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How to Implement GenAI Successfully While Mitigating Risk
If the past few years have revealed anything about generative artificial intelligence (GenAI), it is that one, this technology is here to stay; and two, companies must act now lest they fall behind the competitive curve. Such is the case for the insurance industry, where leading insurers are deploying GenAI solutions for quantifiable business impact.
Where Are Insurers Implementing GenAI?
Insurers are embedding GenAI into customer portals and mobile applications to simplify an otherwise complex buying process, significantly elevating the customer experience. In particular, the evolution of agentic AI in the form of GenAI-enabled chatbots will empower consumers to move effortlessly through the insurance purchasing process. These advanced chatbots exhibit deep awareness of customer intentions and engagement patterns and can support them with context-sensitive information.
GenAI also brings greater speed to new business underwriting and first notice of loss claim processes. Digital ingestion solutions leveraging Large Language Models (LLMs) enhance the precision of document analysis and data mapping. On top of these productivity gains, GenAI is starting to enhance the decision-making processes in underwriting and claims through more timely underwriting risk insights and support for the claim evaluation process.
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Discover how EPAM is engineering the future of insurance by infusing business strategy into technology-enabled solutions to drive superior outcomes: https://www.epam.com/industries/insurance
