The year 2023 witnessed the prominence of generative AI, with terms such as ChatGPT and large language models permeating the lexicon. In the insurance sector, generative AI not only expedited processes but also facilitated more precise risk assessments. In 2024, generative AI remains at the forefront of insurance technology innovation. However, while 2023 delved into the intricacies of the technology, the new year will witness a concerted effort within the industry to address challenges such as data mischaracterization and worse, misinformation. Just as importantly, data-sourcing transparency emerges as a paramount consideration to counter the threat of inaccurate data and instill confidence in the insights generated by AI. Insurance organizations will continue evaluating workflows to harness generative AI for improvements. Simultaneously, they must stay proactive in anticipating new regulations that advocate for the ethical use of AI. Drawing on market analysis and insights from conversations with insurers, the slideshow above illustrates five AI trends poised to impact insurance — with a focus on underwriting operations — in the coming year. As the excitement around generative AI persists, insurance organizations are increasingly cognizant of the challenges it presents, from ensuring data accuracy to complying with evolving regulations. The integration of transparency into AI workflows emerges as a pivotal strategy to address these concerns and enhance overall operational efficiency. Prakash Vasant is CEO of NeuralMetrics, a provider of AI-generated commercial underwriting data. Also by this contributor: How AI is transforming the commercial insurance experience