Innovation
90% of Insurers Have GenAI Budgets; 10% Can Fully Comply With AI Regs
Data and technology leaders at insurance organizations are gung ho about using GenAI to increase customers satisfaction, reduce operating costs and improve risk management, but few are fully ready to ...
Insurance Execs See Gen AI Necessary To Compete; Customers Wary
Insurance industry investments in generative AI are expected to surge by over 300 percent from 2023 to 2025 as organizations move from pilots in one or two areas to implementations in multiple ...
How AI-Enabled Digital Twins Are Helping P/C Insurers Weather the Storm
The P/C insurance industry is at an inflection point as the rise in climate-related risks and natural catastrophes has severely impacted American insurers. Just last year, the country saw a ...
A View Into the Future of Car Insurance: When Driver Scores Replace Credit Scores
Offering a view into the future of auto insurance, the leader of a mobility data and analytics firm said during a recent interview that he foresees a time when drivers ...
Shared Services 2.0: Creating a Culture to Support Growth and Innovation
As companies grow, many adopt a shared services operating model. As the name implies, this approach consolidates products and common functions at headquarters — often ...
AI Large Language Models Not Leaving Chubb’s Greenberg ‘Breathless’
Revealing that Chubb has its own version of ChatGPT and an app store that delivers copilots to different functions of the company, CEO Evan Greenberg said he recognizes the power of AI—but he's ...
Lemonade Exec: AI Getting the Right Claims to the Right Adjuster
AI Jim, the chatbot that handles claims for InsurTech Lemonade, is renowned for its ability to handle claims in seconds. Two seconds to be exact. That was the time it took the chatbot to settle a ...
Patents for Sale? State Farm Reveals Website of Inventions
State Farm announced that it has launched a new website to showcase some of its patented technology, and making it available for licensing, purchase or collaboration opportunities. "State Farm is ...