Insurers must embrace generative AI at their own pace with Xceedance’s Davies

TLDR:

• Generative AI can bring positive change to the insurance industry if used properly.
• Insurers need to adapt to generative AI at a pace that suits their operations.

Generative AI has the potential to revolutionize the insurance industry, according to Justin Davies, senior vice-president and head of Europe, Middle East and Africa at Xceedance. Davies highlights that insurers must adapt to generative AI at a pace that is suitable for their operations. He emphasizes the importance of harnessing generative AI properly to drive positive change within the industry.

Davies acknowledges the significant benefits that generative AI can bring to insurers, including enhanced automation, improved risk assessment, and streamlined processes. However, he also points out the importance of taking a strategic approach to implementing generative AI to ensure success.

It is essential for insurers to recognize the potential of generative AI and invest in the necessary resources and capabilities to leverage its advantages effectively. By embracing generative AI with a well-thought-out strategy, insurers can stay competitive in the evolving landscape of the insurance industry.