"By powering gen AI with an abundance of high-quality data, insurers can improve predictions for pricing risks and catastrophe impacts. Additionally, the technology can be deployed to support humans when there is an inevitable influx of claims that happen after a catastrophe strikes," said Suhas Sethi, Global SVP of insurance at Genpact. (Credit: mast3r/Adobe Stock)
Natural catastrophe insured losses reached a minimum of $20 billion in the first quarter of 2024, according to Gallagher Re. Of the $20 billion estimate, $11 billion was due to severe convective storms, and $10 billion occurred in the U.S. With a record number of storms forecasted in the U.S. in 2024, mitigating these astronomical NAT CAT losses is more imperative than ever. Researchers are investigating if artificial intelligence (AI) can help people in disaster-prone areas and their insurers reduce property damage and fatalities.
"Gen AI helps P&C insurers do the next to impossible — go through eons of data, across the world, and in a flash — and therefore predict far more accurately through pre- and post-catastrophe processes," said Suhas Sethi, Global SVP of insurance at Genpact. "Before a catastrophe can strike, leaning on gen AI can enhance exposure management and catastrophe modeling to increase predictive capabilities for insurers. This enables insurers to choose risks and price claims more accurately, saving headaches and unexpected risks/prices when it's crunch time."
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