The insurance industry is undergoing a major transformation with the rapid adoption of artificial intelligence (AI). AI is revolutionizing how insurance providers handle data and process information, enabling underwriters to access and leverage data more effectively for more accurate analysis of new business. Additionally, AI is being used to integrate disparate data silos, improving the efficiency of submission-to-quote processes and digitization of submissions. AI-driven insights are also transforming the industry, with Generative AI and Large Language Models (LLMs) like Google’s BERT or OpenAI’s GPT-3 being used to drive smarter business decisions and improved customer service.
