The insurance industry can no longer rely on current strategies and responses to this threat, nor can it continue to absorb and pass along the associated costs to policyholders.
AI requires using guardrails to account for technical limitations, leveraging GenAI’s strength at hyper-personalized interaction and ensuring human agents remain in the service flow.
Insurers that decide they can handle claims with young, inexpensive, inexperienced and untrained claims handlers should be accosted by angry stockholders.