October 08, 2024
I decided to do a follow-up article on Artificial Intelligence (AI) and insurance broking following the massive advancements in Generative AI in the past year. AI is a buzzword we’ve all heard a ton of, but 2024 is proving to be a game-changing year, especially when we talk about generative AI. We have witnessed a surge in AI capabilities, pushing the boundaries of what was once considered science fiction. From the emergence of hyper-realistic deep fakes to the continued evolution of predictive analytics, these advancements are poised to reshape the world as we fundamentally know it.
It’s nearly impossible to go a day without hearing about the potential uses and implications of generative AI — and for a good reason. Generative AI has the potential not just to repurpose or optimize existing data or processes, it can rapidly generate novel and creative outputs for just about any individual or business, regardless of technical know-how. It may come as no surprise then that generative AI could have significant implications for the insurance industry.