Insurance and Artificial Intelligence: 4 Emerging Trends for 2024
Artificial intelligence has become ubiquitous. When ChatGPT first launched, attention quickly focused on how far the technology had come. The AI boom ignited our imaginations, and people began to dream of all the possibilities (and worry about potential negative impacts).
AI isn’t anything new for insurance companies. Many have embraced AI and intelligent automation for years. But the heightened focus around generative AI and large language models spurred increased investments across the insurance sector. Organizations saw AI’s potential for streamlining the customer experience, introducing new insurance products, improving risk and policy setting, and offloading back-office repetitive tasks.
So, if 2023 was the year AI captured headlines and demonstrated potential, what can we expect in the next year? What will be the impacts of this exciting new technology? This post will cover the trends we can expect to see around AI in the insurance business over the course of 2024 (and beyond).