GenAI is one of the most significant inflection points in the insurance industry since the advent of the internet. An estimated potential revenue opportunity for insurance worth $1.1 trillion through GenAI.
Intelligent Insurer, the driving force behind the event ‘Gen-AI in Insurance’, sponsored by BIP, spearheaded discussions on striking the delicate balance between unlocking the potential value of GenAI and managing associated risks – translating the hype around AI into commercial reality.
The conference’s primary goals included seamlessly integrating generative artificial intelligence (GenAI) into the fabric of the insurance industry. This involved not only embedding GenAI in infrastructure, operations, and organisational culture but also optimising customer communications. Through the strategic use of GenAI, the aim is to enhance the customer experience and streamline decision-making processes, ultimately resulting in reduced operational costs.
During the event, held on 8th February in the heart of London, our Manuel Zanchetta, Partner Insurance & Beyond, and Gabriele Oliva, Head of Data & AI, explored a spectrum of Gen-AI applications within key areas of the insurance sector.
Some of the solutions implemented are ‘BIP GenAI Assistant’ and ‘BIP Smart BI Journal’. GenAI Assistant is a smart assistant solution that streamlines document management, enabling simple question and answering, translation, summarization, and entity extraction to enhance user engagement with data; Smart BI Journal is a dynamic reporting that leverages Generative AI for automated storytelling, highlighting key insights for executives.
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