AI: The Future of the Insurance Industry
Artificial intelligence (AI) is taking the insurance industry by storm, and the impacts are still unknown. That’s right, we’re talking about big challenges for the future, according to SCOR CEO, Thierry Léger. In a recent briefing at RVS Monte Carlo 2023, Léger emphasized the importance of adopting the right AI platforms in order to unlock the full potential of this game-changing technology.
Léger highlighted the need for companies to provide secure access to AI tools, such as Chat GPT, for their employees. This way, data can be shared and utilized within the organization. However, the security of this data becomes crucial, as it can easily end up in the wrong hands. SCOR has taken steps to protect its data by bringing AI tools in-house and implementing robust security measures.
With hundreds of experts in data, SCOR is well-prepared to delve into the world of AI. The demand for this technology is immense, as evidenced by the more than 100 requests from teams within SCOR to test AI models. Although AI has impressive capabilities, Léger emphasized that it is still just an assistance tool. The final decision-making power lies with the human underwriter, who can now work faster and make more informed decisions with the help of AI-generated data.
Looking ahead, Léger expects even more groundbreaking solutions to emerge from AI technology. SCOR is excited about the possibilities of data and analytics and is even experimenting with language and other tools to further enhance its business operations. The future is bright, and AI is leading the way.
What are your thoughts on AI in the insurance industry? Do you think it will revolutionize the way insurance companies operate? Leave a comment below and let us know your opinion.
IntelliPrompt curated this article: Read the full story at the original source by clicking here