Generative artificial intelligence (GenAI) has the potential to transform insurance by improving efficiency and effectiveness, experts say.

Puneet Bajpai, who heads the Xceedance Centre of Excellence for Generative AI, and Prateek Vijayvergia, Xceedance Business Leader – Key Accounts in Australia, explained AI, GenAI and large language models (LLM) in an Underwriting Agencies Council webinar.

Mr Vijayvergia says industry tasks can be complex and time-consuming but AI, GenAI and LLM can analyse data quickly and echo human functions.

For underwriting agencies, GenAI can improve customer experience through data-driven product design, virtual assistants and better customer and broker communications.

Operational efficiency can be enhanced through product configuration, submission ingestion and triaging, and quote generation.

Mr Vijayvergia told the webinar he is “super excited” about the possibilities GenAI and LLM create.

“The ability to remove cumbersome tasks enables agencies and brokers to spend more time with clients to better understand their risks,” he said. “GenAI, being agnostic, can remove the pain points of working across different platforms and use cases.”

He says while the broader industry has been relatively slow to adapt to new technology, underwriting agencies are in a prime position to change that.

“Most agencies are relatively new, without legacy tech and with simpler decision-making processes. Those that choose to embrace AI could soon be way ahead of their competitors.”