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This report authored by Everest Group, supported by Ernst & Young LLP (EY US), explores the need, urgency and road map for adopting generative AI across claims operations.
In brief
- Generative AI offers a promising path for insurers to extract incremental value out of their technology investments and accelerate their modernization journey.
- The ability to implement generative artificial intelligence (AI) capabilities that can be tested with minimal investment and disruption to live claims, offers a good place to start.
- It will be critical for insurers to explore the potential benefits of generative AI and find sustainable ways to incrementally integrate them across the organization.
Generative AI presents insurers with an exceptional opportunity to reinvent themselves and deliver enhanced value to customers, shareholders and society in a holistic manner. It’s no overstatement to say that its long-term impact will be transformative, and the immediate-term effects can be profound.
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The primary considerations for insurers developing their generative AI road map include:
- Use case identification and prioritization
- Data preparedness
- Talent and skills requirements
- Sustainability, ethics and governance
- Plans to scale the technology to maximize value realization
Satisfying these requirements and navigating the implementation won’t necessarily be easy, but the effort and investment will be more than worthwhile for those insurers that get it right, both today and in the future.
Summary
Adoption of generative AI is fast moving from an optional consideration to a necessary requirement for insurers to stay competitive in today’s rapidly evolving technology landscape. This presents a chance to relook at the existing processes, unlock untapped creativity and productivity levels, and instill more confidence among insurers to accelerate their transformation journeys.
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