Generative AI in insurance: From ‘wild west’, to responsible adoption

The business of insurance is the business of risk. Understanding, anticipating and managing the potential impact of change enables people, organisations and society to progress. So we find it especially relevant now, to consider how one of the biggest business innovations in recent times – Generative AI – should be understood, anticipated and managed in the insurance sector. Not only in the sector, but also for the sector.

EXL were pioneers in the integration of AI technologies into our insurance clients’ business strategies and systems. Now, as excitement and expectations around Gen AI increase exponentially, we believe that the true potential of Gen AI for the insurance domain can only be realised if everyone commits to what we are calling a safe, compliant and above all ‘responsible adoption’.

Learn how we are working with our clients on the three levels outlined.

 

“Businesses today are facing a perfect storm of disruption, with increasing data accessibility, AI becoming mainstream, unparalleled computing power, changing customer demands, and more complex regulatory requirements. In order to maintain competitive edge, businesses need to reimagine their operating models into one that is AI, Data and Digital powered. As a COO, working closely with our transformation partner EXL, I am witnessing how EXL’s proprietary solution Xtrakto.AI is using Generative AI to enable my firm to deliver on our customer promise of speed with improved operational productivity and more data-driven decisioning. We are also working with EXL to ensure that our use of AI is ‘ethical and responsible’ such that we unlock new value for all stakeholders in a sustainable manner”

Louise Marling
COO, Hiscox UK