Recent conversations around the use of artificial intelligence (AI) in insurance — and most especially generative AI tools such as ChatGPT — generally volley between the potential for business efficiencies versus the potential for mistakes, data leakage and unforeseen liability issues. However, studies indicate that insurance organizations and professionals are eager to embrace new technologies, especially those that could improve their business processes and customer service.

Related: Examining the risks and rewards of ChatGPT for the insurance industry

It follows that the insurtech vendor Vertafore has released several resources aimed at helping insurance professionals better understand AI's potential. One such tool is its complimentary e-book titled "Guide to ChatGPT". The company also has an on-demand webinar on the topic. The slideshow above illustrates six potential uses for ChatGPT in insurance, according to Vertafore. Industry compliance concerns are top of mind when it comes to AI adoption. To that end, Vertafore points clients and partners toward the Model Bulletin on the Use of Artificial Intelligence Systems by Insurers released in late 2023 by the National Association of Insurance Commissioners. "As the insurance sector navigates the complexities of AI," Maryland Insurance Commissioner Kathleen A. Birrane said in a prepared statement, "the NAIC's Model Bulletin on the Use of Artificial Intelligence Systems by Insurers provides a robust foundation to safeguard consumers, promote fairness, and uphold the highest standards of integrity within the industry." See also: |

• 5 Ways insurers plan to maximize GenAI
• ChatGPT and the fight against insurance fraud
• Swiss Re ranks current, future AI threats to industry