Research indicates that the Generative AI market is at a pivotal moment. According to Grandview Research’s Market Analysis report, the global generative AI market size stood at USD 10.14bn in 2022 and is poised to witness a compound annual growth rate (CAGR) of 35.6% from 2023 to 2030.
As companies start exploring how they can leverage the capabilities of generative AI, Intellect AI recently outlined how it is using the technology to bolster its commercial and specialty lines underwriting ecosystem.
A combination of factors are driving the upsurge in demand for Generative AI models. Chief among these is the need to modernise workflows across various sectors. In sectors like insurance, particularly Commercial and Specialty lines underwriting, where manual tasks and operations still reign supreme, Generative AI introduces a beacon of hope. It beckons innovation and an uptick in ROI, ensuring the continued relevance of a venerable industry in a marketplace vying for young expertise.
When a revolutionary concept like this dominates the market, there’s a clamour to integrate it into existing systems. However, not every generative AI model stands out.
Incorporating a tech designed explicitly for Commercial and Specialty lines underwriting is paramount to truly realise its potential benefits. IntellectAI has adeptly manoeuvred this. Amidst an industry overflowing with AI resolutions, our distinctive emphasis on Generative AI is carving out the future trajectory of insurance, guaranteeing instant ROI, pinpoint use cases, and marked boosts in productivity.
IntellectAI’s association with Generative AI is noteworthy. The prevailing market sentiment hints at insurers being inundated with AI to the brink of exhaustion.
Yet, we’ve heeded the market’s call. We’ve judiciously interwoven AI within Intellect Xponent, our comprehensive underwriting ecosystem. By incorporating predefined use cases, which showcase tangible benefits for insurance providers, we’ve masterfully addressed the challenge of AI integration.
These use cases are meticulously tailored for Commercial and Specialty insurance, aiming to augment the prowess of underwriters. They assist in contextual information extraction from an array of submission documents, facilitate comprehensive risk evaluations, and provide general insights, which include underwriter file suggestions based on input data and intricate Primary Policy Language analysis.
Generative AI models are far from being mere passing fads. They’ve established their credibility in amplifying automation and efficiency in intricate tasks – the very tasks that underpin underwriting. The real question isn’t about partnering with a solution provider boasting these proficiencies, but about aligning with one that tailors these for underwriting.
Intellect Xponent embodies the essence of AI. The ingrained AI capabilities in Intellect Xponent elevate it to a premium underwriting analysis tool, delving deeper into analytics and insights. This marvel of technology gleans data-inspired understandings, summaries, risk appraisals, and more from customised large language models. Consequently, clients have, on average, seen an 80+% acceleration in decision-making, 90+% precision enhancement, a reduction of costs by 50+% and a 10+% betterment in the combined ratio.
Such transformative outcomes are attainable when the might of generative AI is leveraged for Commercial and Specialty lines underwriting.
Read the full story here.
Keep up with all the latest FinTech news here
Copyright © 2023 FinTech Global
