Some are standing in the station. Others are already on board. Property/casualty insurance carriers are mapping out itineraries as the AI train speeds across this industry and the ones they insure.
Executive Summary
A year after ChatGPT exploded onto the scene, and a month after the NAIC's adoption of a "Model Bulletin on the Use of Algorithms, Predictive Models, and Artificial Intelligence (AI) Systems by Insurers," CM Guest Editor Mike Fitzgerald asked industry participants and observers what all this means for property/casualty insurers. Here, we summarize portions of the individual interviews, highlighting some of the topics addressed in other articles in this special section—"Leading the AI-Powered Insurer," which was conceived by Fitzgerald, an industry analyst for SAS Institute.A year after ChatGPT exploded onto the scene garnering 1 million users in just five days, and a month after the NAIC’s adoption of a “Model Bulletin on the Use of Algorithms, Predictive Models, and Artificial Intelligence (AI) Systems by Insurers,” CM Guest Editor Mike Fitzgerald asked industry participants and observers whose opinions he values what all this means for property/casualty insurers.
How will generative AI and advanced analytics impact the insurance industry?
Pina Albo, chief executive officer of Hamilton Insurance Group, the newest public insurance company in the P/C insurance industry, revealed that her company is already using generative AI to streamline underwriting workflows. “But you don’t have to invent every mousetrap yourself,” advised Albo, who confirmed that embracing technology and analytics has been a core tenet of Hamilton’s strategy since inception.
