Expert view: 2024 the year of Gen AI 


  

Insurance experts set to join ClaimsTech – The Pitch 2024 have shared their insights regarding the challenges facing the sector during the year ahead, and what technologies and innovations they hope to see at this year’s event. 

Among the expert panel at this year’s event is Stephen Walker, insurance expert, who, encouragingly, is predicting a return to profitability after two difficult years for the industry.

This is despite continued challenges around inflation, which he says will continue to rise due to political uncertainty in many regions, global supply chain issues, and the continued evolution of electric vehicles, which will cause further price rises.

To offset these concerns, Stephen believes 2024 could see an increase in M&A activity, and he is also expecting the explosion of Generative AI to continue, with insurer confidence growing and many organisations learning the lessons from previously stalled or unsuccessful transformation programmes. As the tech takes hold, he expects to see cost and efficiency gains in the second half of the year, as well a clearer focus on managing the risks associated with Gen AI.

With this in mind, Stephen hopes to see new innovations around Gen AI as 2024’s ClaimsTech – The Pitch.

He said, “Our industry is ripe for mass adoption of Gen AI. It’s not hard to see where it can fit across the claims journey and by combining multiple Gen Ai solutions at multiple stages of customer journey we should now be able to eliminate 80% of non-value adding tasks. This is where I would be focussing my digital efforts.

“However, I’d also like to see focus shift to more complex areas of claims, such as automating mundane tasks for more experienced technical/casualty handlers and lawyers. The technology is there but technical heads of claims will take some convincing that they can trust the tech.”

That is one challenge. Another, he says, is the ability to integrate new tech into legacy systems, while Stephen also believes there is a disconnect between the insurance industry and tech sector, with insurers still getting to grips with the ‘art of the possible’ and tech innovators failing to understand insurer practices and culture.

Plans for 2024’s ClaimsTech – The Pitch are now well underway – see here for the latest (https://iloveclaims.com/claims_essentials/more-names-join-expert-line-up-for-claimstech-the-pitch-2024/). 

The inaugural ClaimsTech – The Pitch 2023 saw six tech innovators showcase their technologies to a panel of insurance sector experts, with Shift being named overall winner (https://iloveclaims.com/claims_essentials/shift-builds-on-ilc-triumph/) of the ‘Insurance Experts and Investors Award’ from a shortlist including Clearspeed, NuvaLaw, Sprout.ai, SLVRCLD and Yarowa. 

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