AI

Applications of GenAI in Insurance

Jun 19, 2024 / by AAIS posted in Technology, Machine Learning/AI, Data & Technology, Data/Tech, AI, Artificial Intelligence, BluePond.AI, GenAI

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Generative Artificial Intelligence (GenAI) is revolutionizing industries with its ability to understand, synthesize, and create language-based content. In this interview with AAIS Partner, BluePond.AI, we explored how this leap forward is particularly impactful in the insurance sector, where manual processes and complex documentation are prevalent. Hear from Pranav Pasricha, CEO of BluePond.AI, to learn what GenAI is, its transformative applications within the insurance industry, the challenges of adopting this technology, and how carriers can effectively navigate these obstacles to harness GenAI's full potential.

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Can AI Home Health Assessments Boost Reinsurance Capacity?

Jun 12, 2024 / by Micah Kalisch posted in Personal Lines, Technology, Data & Technology, Homeowners, Data/Tech, AI, Artificial Intelligence, CHRP Technologies

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Due to today’s hard market, reinsurers are much more selective about the risks they underwrite. To secure reinsurance coverage, personal lines property carriers must maintain a healthy book of business and loss ratio.

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The Art of the Possible with GenAI in Insurance

May 23, 2024 / by Sachin Kachare posted in Technology, Data & Technology, P&C Insurers, Data/Tech, Underwriting, AI, Artificial Intelligence, Brokers, Insurance Agents, MGA, BluePond.AI

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Today, there is a lot of buzz surrounding generative artificial intelligence (GenAI) and its potentially significant implications for the insurance industry. The use of GenAI in insurance is taking a large step forward, leading the paradigm shift in AI and machine learning (ML) due to its efficient and innovative features. In the dynamic realm of insurance, burdened by cumbersome manual processes, traditional AI solutions are limited. GenAI transcends these limitations, offering transformative solutions to streamline insurance workflows and propel the industry forward.

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Applying AI to Solve the Talent Crunch and How to Avoid Its Pitfalls with WAHVE CEO

Mar 13, 2024 / by AAIS posted in Machine Learning/AI, Remote Work, WAHVE, AI, Artificial Intelligence, talent gap, Advisory Report

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For this Advisory Report, AAIS spoke with Sharon Emek, Ph.D., CIC, CEO of AAIS Partner, WAHVE, a unique contract staffing talent solution serving the insurance industry, for a two-part series on how to solve the talent crunch and retain quality talent in the insurance industry. In part one, Emek addressed the state of the talent gap in the insurance industry, searching for candidates with AI, advice for hiring managers, and more. 

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AI and Modern Compliance

Jan 9, 2021 / by AAIS posted in Community, Technology, Machine Learning/AI, Issues & Trends, Data & Technology, Insurtech, Regulatory/Compliance, Insurance Operations, Innovation, AAIS Insights, AAIS Pulse, Executive, NAIC, Regulation, Compliance, Locke Lorde, AI, AAIS Views

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In August of 2020, the NAIC adopted five guiding principles for artificial intelligence (AI), based on the Organization for Economic Cooperation and Development’s AI Principles which have been adopted by 42 countries across the globe. These five principles include: Fair and Ethical Accountability, Compliance, transparency, security, safety, and robustness of outputs.

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Adding AI to the Underwriting Equation

Aug 4, 2020 / by AAIS posted in Community, Technology, Machine Learning/AI, Issues & Trends, Data & Technology, Events, COVID-19, Regulatory/Compliance, Insurance Operations, AAIS Webinar Series, Underwriting, Regulation, Compliance, Business Interruption, AI, AAIS Views, CONVR

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In a special edition of the AAIS Webinar Series, CONVR VP Sales and Marketing Phil Alampi presented on the topic of "Artificial Intelligence: Creating Super Underwriters." Mr. Alampi discussed the growing impacts COVID-19 has had on insurers. With more than 75% of carriers seeing increases in business interruption claims, the demand for coverage is expectedly surging. This growing challenge has a positive side, however, for the impacts of COVID-19 have expedited the need for the industry to improve its ability to crunch data better and more efficiently.

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