Generative artificial intelligence (AI) has sparked a lot of interest from insurers and reinsurers because of its potential to revolutionize innovation, cut costs and improve the customer experience.

Generative AI (or “Gen AI”) is the term used for technology that is able to generate completely new text, images, video and other materials when prompted by a user. It does so by using reference data to establish patterns and then providing new material with the same (or similar) characteristics.