As we continue to imagine the future of AI in insurance, which is constantly growing, the "insurance genie" is not just a figment of imagination. It is a real possibility that can guide us towards unprecedented possibilities in risk management and operational efficiency. Not just on a small use-case basis, but on a portfolio-wide level. (Credit: NicoElNino/Adobe Stock)
Imagine having an "insurance genie" to tell you about your portfolio's hidden risks. Not a character from Aladdin but an AI-driven chatbot — a large language model (LLM) — poised to reveal the hidden truths within vast amounts of data. For instance, you could ask, "Which region in my portfolio is most susceptible to wildfire damage?" and receive a comprehensive answer promptly, highlighting specific regions, underlying conditions, trends, and potential risk mitigations. It would completely change how insurers leverage tools to manage risk. And with more data available than ever around properties, LLMs are set to push portfolio-wide analysis from a wish into reality.
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