Sep 19, 2023
Research indicates that the Generative AI market is at an inflection point. According to Grandview Research’s Market Analysis report, the global, generative AI market size was valued at USD 10.14 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 35.6% from 2023 to 2030.
There are several factors contributing to the increased demand for Generative AI models, but perhaps the most significant is the demand to modernize workflow across industries. In an industry like insurance, specifically Commercial and Speciality lines underwriting, where manual processes and workflows are still a dominant part of the daily grind, a concept like Generative AI is very liberating; it promises innovation and increased ROI. It is a chance to keep an age-old industry relevant in a market competing for young talent.
As is usually the case when something this significant hits the market with such an impact, everyone wants to have a role and add the innovation to their solution stack. But not all generative AI models are created equal.
It’s important to incorporate technology that is developed specifically for Commercial and Specialty lines underwriting in order to experience the most success and benefits. This is exactly what IntellectAI has done. In an industry saturated with AI solutions, our approach, with its focus on Generative AI, is shaping the future of insurance by delivering immediate ROI, precise use cases, and transformative productivity enhancements.
Recent sentiment across the market is that carriers are overloaded with AI and overwhelmed, almost to the point of not wanting to hear about it.
But we’ve listened to the market. We have AI embedded in the right proportions for the right use cases right within Intellect Xponent , our end to end underwriting ecosystem. We’ve essentially solved the challenge of deciding how to implement AI by including pre-defined use cases in our solution that can be delivered at scale, to show immediate real value for insurers.
These use cases are purpose built for Commercial and Specialty insurance and designed to make the underwriter more effective.
As the numbers and research suggest, Generative AI models are not just a novelty or the next big thing. It is a technology proven to significantly increase automation and efficiency in complex processes; the types of processes that are the backbone of underwriting. The decision is not whether you invest in a solution partner with these capabilities, but do you invest in a solution partner who is driving these solutions specifically for underwriting.
The embedded AI functionality in Intellect Xponent makes it a more sophisticated underwriting analysis tool, with the ability to go deeper into analysis and insights. The solution is able to derive data-driven insights, summaries, risk assessments, and much more from bespoke large language models.
As a result, customers, on average, have experienced 80+% faster decisioning, 90+% higher accuracy, 50+% lower costs and 10+% improved combined ratio.
This is what could happen when you harness the power of generative AI for Commercial and Specialty lines underwriting.
AVP Marketing and Media Relations, intellectAI