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| Gen-AI in Insurance Starts Strong with Keynote from Lloyd's |
The Gen-AI in Insurance event kicked off this morning with a jam-packed agenda, diving deep into all things Gen-AI. The lineup featured a host of expert speakers ready to share their insights.
First up was Bob James, the Chief Operating Officer at Lloyd's, delivering a keynote speech titled ‘Integrating Gen-AI into your operations and infrastructure: ensuring responsible and secure deployment’. Many folks might find this task daunting, given the heavily regulated nature of the insurance world and concerns about accuracy or potential Gen-AI glitches.
James emphasized the importance of investing in solid data infrastructure and ensuring the quality of data used to train AI models. He also explored strategies for managing costs and integrating Gen-AI into existing tech setups, including leveraging cloud APIs.
Following James, Sandeep Haridas, EVP of IntellectAI and head of Insurance Business, took the stage with a presentation titled ‘The rise of generative AI in underwriting: Essential tools and considerations for underwriters’. Haridas shared insights on how Gen-AI can boost the capacity of underwriting teams, help apply underwriting guidelines swiftly, and assess risk desirability with speed.
Delegates learned how Gen-AI could bridge talent gaps through knowledge transfer and ease the workload on underwriters, facilitating quicker processing and more accurate decisions. Haridas also discussed finding the right balance between automated processes and human input, advocating for a collaborative approach where AI complements human decision-making.
The event continued with panels and presentations exploring various aspects of Gen-AI in insurance, from analyzing unstructured data to streamlining claims processing and ensuring regulatory compliance. Speakers from across the industry shared their expertise, discussing practical use cases and the potential for Gen-AI to revolutionize insurance services.
As the day wrapped up, attendees gained insights into leveraging Gen-AI for product specialization, improving customer service, and enhancing business intelligence. The discussions underscored the transformative potential of Gen-AI in reshaping the insurance landscape, with a focus on delivering reliable outcomes and driving growth.
Overall, the event provided a comprehensive overview of Gen-AI's role in insurance, highlighting both its challenges and opportunities for the industry.