PriyaPatel
TLDR:
Key Points:
- More than 100 insurance startups are actively deploying AI solutions in the industry.
- AI, especially large language models (LLMs) and generative AI, is becoming a trend that is here to stay in insurance.
More than 100 insurance startups are actively deploying artificial intelligence (AI) solutions to bolster processes. The progression of large language models (LLMs) and generative AI has marked a new phase for the insurance sector. AI has become a trend that is here to stay in the insurance industry, with more firms starting to explore its uses. LLMs are a form of AI algorithm that process natural language input and generate language outputs based on previously analysed data. Generative AI can generate new text, images, videos, and other data sets using models. GlobalData, a leading provider of business information and analytics, reported that its Technology Foresights platform had monitored more startups using AI solutions and that such technology can help industry leaders and stakeholders strategically position themselves to navigate dynamic market conditions and stay ahead of disruptive forces. Sourabh Nyalkalkar, practice head of innovation products at GlobalData, emphasized the importance of leveraging innovation intelligence strategically to take prudent actions like forming partnerships or acquisitions early.
These AI solutions are being used across various sectors of insurance, including personal and property coverage. In the property insurance space, startups like Tractable and Yembo are pioneering groundbreaking solutions using AI technology. Tractable has developed a computer vision-based solution for swift damage assessment of vehicles and buildings, while Yembo is harnessing virtual three-dimensional property inspection technology to redefine underwriting and claims processes. This surge in innovation activity is evident in both established industry leaders and upcoming startups, highlighting the transformative capabilities of AI in the insurance industry.
