International Research Journal of Engineering and Technology (IRJET) e-ISSN: 2395-0056 Volume: 11 Issue: 07 | July 2024
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p-ISSN: 2395-0072
Generative AI in Insurance Industries: Transforming Workflows and Enhancing Customer Experience Jaydeep Tase Salesforce, USA -----------------------------------------------------------------------------***-------------------------------------------------------------------------
Abstract: This article explores the transformative potential of generative AI in the insurance industry. It examines the current state of insurance processes, highlighting inefficiencies and challenges that AI can address. The paper discusses key AI capabilities relevant to insurance, including natural language processing, predictive modeling, and automated document generation. It outlines how AI can assist, augment, and automate workflows for various insurance personas, such as agents, underwriters, and claims managers. The article also addresses critical considerations for AI implementation, including safety, reliability, and regulatory compliance. A roadmap for AI adoption and scaling is presented, along with a future outlook considering emerging AI trends like federated learning and quantum machine learning. Throughout, the article provides real-world examples and data illustrating the impact of AI on insurance operations and customer experience.
Keywords: Generative AI, Insurance Industry, Workflow Automation, Risk Assessment, Customer Experience 1. Introduction The insurance industry is poised for a technological revolution, with generative artificial intelligence (AI) poised to reshape traditional processes and unlock new possibilities. This transformation is critical, as the global insurance market is projected to reach $6.4 trillion by 2025, with a compound annual growth rate (CAGR) of 6.1% [1]. Generative AI, a subset of machine learning capable of creating new content and insights, is expected to play a pivotal role in this growth trajectory.
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