Harnessing Gen-AI
for Digital Transformation
in Insurance
Networking Dinner at The Capital Grille, New York

Here’s what we discussed:

This year, 28% of insurance executives report tangible results from their digital strategies, with 11% exploring the next wave of digitization initiatives.

Given current geopolitical tensions and inflation, insurers are focusing on reducing risk and enhancing underwriting through:

• Technology Investment: Utilizing generative AI, low-code/no-code platforms, and cloud solutions to improve operations, manage costs, and enhance the customer experience.
• Digital Customer Experience: Emphasizing data, process automation, and IT modernization to deliver comprehensive digital experiences.

However, over half of executives plan to transition to a more platform-centric approach within the next few years, driving efficiency and scalability. Today, US GDP is expected to slow, while emerging markets see higher growth, with High interest rates, natural catastrophes, and global conflicts driving premium growth and higher reinsurance rates.

But, simultaneously, consumer expectations are rising and social inflation necessitates a more customer-centric approach with modern core systems. Gen-AI can help address these gaps, enhancing customer service and underwriting. 2024 will be pivotal for tech convergence in insurance, with data, analytics, and AI integrating into a unified strategy. In this Roundtable, we will explore how insurers can navigate these trends to drive growth and innovation.

Participants joined us to learn more about:

• How leveraging Gen-AI can help insurers to enhance operational efficiency & customer experience.
• Improve underwriting accuracy and efficiency.
• What solutions can help optimize the claims process and improve beneficiary experiences?
• Real-world use cases on Gen-AI implementation in the insurance industry.
• Navigating the AI Era to unlock insurance innovation for the future.