Generative AI and the Future of Insurance
In 2022, OpenAI released ChatGPT, bringing Generative AI into the daily life and work of the masses. This development took the world by storm, accelerating venture capital funding in the sector and igniting a technological race to create the best solutions for enhancing human productivity. While insurers have been exploring and adopting AI more broadly for many years, this new suite of tools, exhibiting human-like capabilities to generate text, image, and code, has just begun to transform the entire insurance value chain – from customer engagement to service delivery; from marketing and underwriting to claims experience. The potential is immense.
However, there is still much for insurers to figure out in order to drive the effective and safe adoption of this technology. Is Generative AI a fundamental game-changer? What new business models and opportunities will it introduce? How do insurers best navigate cultural and regulatory landscapes? How can they ensure the quality and reliability of outputs?
The Geneva Association’s 2024 Digital Technologies Conference, kindly hosted by Generali in Milan, will convene insurers, InsurTechs, investors, and other experts to explore these questions and assess how AI will impact the insurance industry.
To request an invitation to this event, please contact Natalie Saber, Senior Event Manager, at email@example.com.
Conference moderation by Alex Jia, Director Digital Technologies, The Geneva Association
Pre-recorded opening remarks
How will AI transform insurance business models and improve financial inclusion in insurance?
AI and Financial Inclusion in Insurance
AI has the potential to transform the insurance business model and improve the efficiency of insurance operations, from sales and underwriting to policy and claims services. These AI-driven digital transformations are also likely to improve the availability, accessibility and affordability of insurance to middle- and low-income populations. This session will explore what AI can and cannot do to improve financial inclusion in insurance and discuss AI’s impact in various markets.
Generative AI – Opportunities & challenges for the insurance value chain and society
Market Practice and Use Cases of Generative AI in Insurance
Insurers have been leveraging AI for many years for different functions along the insurance value chain. What lessons have already been learned? This session will share AI use cases and best practices in insurance towards improving participants’ understanding of Generative AI applications. We will also discuss the quality and reliability of information generated by AI, as well as how different national cultural, social and regulatory perceptions across insurance markets lead to different Generative AI applications.
Technological Advancements in Risk Prevention, Prediction and Protection: What will insurance look like in 2035?
Risks are becoming more predictable and preventable. In this context, will it continue to be necessary for people to buy, and even for insurers to sell, insurance? At the same time, prevention technologies themselves will introduce new types of risks, improve the insurability of certain risks, and introduce new insurance opportunities. This forward-looking session will discuss future trends in risk transfer and insurance business models against the backdrop of (digital) risk prevention and prediction technologies.