Having entered the business and technological mainstream two years ago, Generative AI is now helping to boost operations and cost efficiency across the insurance landscape. Among GenAI’s cutting-edge developments is the introduction of cognitive AI assistants that can learn, adapt, and collaborate to execute knowledge-based insurance tasks and processes independently.
Executive Summary
Viewpoint: NeuralMetrics CEO Prakash Vasant suggests that commercial insurance underwriters and MGAs should recognize AI assistants as knowledgeable and capable interns. Among other tasks, these role-based digital coworkers can assess the impact of new tenant occupancies as they are added to policyholder schedules, flag missing information from submissions and workers compensation audits, and ingest new appetites as they change.Autonomous AI assistants are role-based digital coworkers. They can be trained and self-correct their output to improve their performance continuously. According to BCG, experts estimate that autonomous AI assistants will be mainstream within three to five years.
In commercial underwriting, AI assistants can streamline core processes and boost the efficiency and accuracy of underwriting teams. They can ingest underwriting guidelines and diverse data inputs to manage tasks such as appetite determination and risk analysis. AI assistants can make inferences and decisions, such as flagging submissions with contradictory information or applications that do not meet appetite eligibility standards.
