Last week expert.ai took part in ITC Vegas, where more than 9,000 industry professionals and practitioners met over four days to shape the future of insurance. Judging by some of the recurring topics on the agenda—AI, generative AI specifically, and personalization—the future of insurance is all about innovation, disruption, transformation and the technologies making it all happen. Again, we’re talking about AI.
The number of sessions featuring AI reflects the vital role that these technologies play in the insurance world, today and tomorrow: How these technologies are impacting business models, the opportunity for the customer experience, the role of compliance, how to make the most of data and move faster, how to navigate in a dynamic risk landscape…just to name a few.
Through the conversations we had at our Sphere event, on the show floor and in the audience at the excellent keynotes and sessions, we kept hearing a few recurring themes. As we think about “The Future of Insurance,” the theme for this year’s event, here are some key takeaways from the show that every insurer must keep in mind.
Key Takeaways from ITC Vegas
Generative AI or get left behind.
Whether it was on the main stage or any of the many informal spaces where industry professionals, analysts, investors and tech vendors talk about the day-to-day challenges they’re facing, Generative AI was part of almost every conversation. There is excitement and trepidation in equal measure. How do we harness its potential quickly while simultaneously navigating the costs, the risks and the technological evolutions? What are the use cases? Where are the quick wins?
It’s clear that generative AI delivers tangible wins for certain processes, and some insurers are already using these capabilities, such as generative summarization in claims processing, while others are still in the experimentation stage. Either way, the feeling is that it’s either figure out how to take advantage of generative AI or get left behind.
If you’re still on the fence or just want to learn more, here are some guidelines for getting started with generative AI.
Everything is connected.
The conference coincided with the biggest movement on AI regulation to date. Just as ITC kicked off in Las Vegas, in London, 28 governments signed on to the Bletchley Declaration at the AI Safety Summit in the UK. In the US, the White House released its Executive Order on AI. You can read about all the latest AI regulatory happenings on our blog.
With topics like sustainability and climate entering the conversation, we’re reminded of the vital role that technology, especially AI, plays in insurance when it comes to properly assessing risk, but also for reducing carbon emissions and reaching sustainability targets. Businesses are being charged to devise future strategies that include all of these factors, quickly, because regulation is coming.
People are a critical part of the AI equation.
People and culture are absolutely critical to making any transition or transformation successful. AI is ushering in transformational change and people are an equally important part of this equation. Yes, technology needs humans in the loop, but the real starting point is the company culture: Incorporating AI considerations into your culture, fostering an environment for innovation, upskilling and educating your teams must all be part of your path forward.
These developments are a great reminder to build in explainable, practical, human-centered AI from the start.
The future is now.
Things are moving fast. AI is unlocking new capabilities and possibilities today, and the speed with which the market and the technology are evolving will require companies to be both proactive and responsive to challenges and opportunities like never before.
We’ll leave the last word to Insurance Unplugged host Lisa Wardlaw: “The insurance industry is at a turning point, where we must bid adieu to outdated practices and welcome the future with open arms.”