Generative AI in P&C Insurance

Promise and Peril for Personal and Commercial Lines


Author(s):
Mark A. Breading, Senior Partner
Tom Benton, Partner
Meredith Barnes-Cook, Partner
Publication Date:
December 14, 2023
Number of Pages:
11
Price:
$1,495.00 USD

This past year has been marked by the excitement surrounding generative AI and ChatGPT taking industries by storm.  The tool introduced insurance to the powerful capabilities of GenAI, with a multitude of applications in data extraction, sentiment analysis, question answering, code generation, and more. As GenAI matures, ReSource Pro has been tracking innovation and collaboration within the industry as players push to harness the technology and secure a competitive advantage.

This research report presents ReSource Pro Insights’ observations and perspectives on GenAI, examining its benefits, risks, use cases, and impact across the entire insurance value chain based on a survey of carrier executives. The report acknowledges the challenges and concerns around the rapid rise of this new technology, closing with a final discussion emphasizing proactive investigation and experimentation, along with other recommended approaches for insurers to build a thoughtful strategy around GenAI.  

Generative AI Report 600x400

Table of Contents

  • About This Research Report 3
  • Overview 4
  • Generative AI Maturity in P&C Insurance 5
  • The Impact of GenAI 6
  • GenAI Potential in P&C Insurance 7
  • Use Cases
  • GenAI Concerns and Benefits 9
  • Call to Action 10
  • About ReSource Pro Consulting 11
  • Use of Our Reports
  • About the Authors