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Generative AI is a transformative force that has garnered widespread interest from insurers and reinsurers due to its potential to revolutionize innovation, cut costs, and improve the customer experience. Unlike its predecessor, machine learning, generative AI does not require large, labeled datasets and is able to produce accurate predictions and original content at a much faster speed. The technology has gained widespread C-suite buy-in, with ChatGPT being a prime example of its success.