Artificial Intelligence (AI) has the potential to radically transform the insurance industry. The insurance sector has long utilized AI and data analytics to improve products, risk prevention processes, and claims management. With the increasing availability of data and risk information, particularly regarding weather and cyber risks, AI can enable insurers to provide coverage for evolving risks and technologies. The potential of General AI (GenAI) in the insurance value chain is also promising, offering more targeted and personalized insurance solutions and smart pricing through large data sets.
Source and Details: Allianz