’Generative AI is emerging as the game-changer,’ says manager
Fresh government funding into generative artificial intelligence (AI) could help close the insurance industry’s “growing” protection gap.
That was according to Lé Nguyen, digital marketing manager at insurance technology firm Zelros, who made the claim after Rishi Sunak launched a £100m taskforce to help the UK build and adopt the next generation of AI.
A statement announcing the funding earlier this week (24 April 2023) said the taskforce would develop the “safe and reliable” use of AI and ”ensure the UK is globally competitive in this strategic technology”.
Nguyen told Insurance Times that AI can help insurers “identify and address the risks and needs of underinsured populations that were once unreached”.
“The insurance industry’s protection gap is growing as risks increase and lifestyles change,” she said.
“Automation and AI can help businesses sift through vast amounts of data from multiple sources and uncover previously hidden insights quicker.”
Nguyen also noted that AI was able to pull, dissect and analyse data in different forms to mitigate losses and minimise risk.
She added: “As the insurance industry becomes increasingly complex and competitive, insurers are seeking new ways to minimise risk and maximise profitability.
“Generative AI is emerging as the game-changer, enabling insurers to deliver messages in policyholders’ language, make information easier to digest and help policyholders quickly get insights on what they’re covered for.”
’Right ingredients’
The launch of the taskforce came after £900m was allocated for compute technology during the last budget.
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The government predicts AI technology will raise global GDP by 7% over a decade.
Speaking at the Business Connect conference on 24 April 2023, Prime Minister Sunak said: “The UK can be proud of its business credentials.
“Through the creation of 162 tech unicorns, smarter regulation and world-leading universities, we’ve got the right ingredients to double down on growing the economy.
“We need to make sure that the UK is the best place to start to scale or to grow a business.
”We need more innovation because that’s the best long-term driver of growth.”
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