Infusing GenAI into insurance

Generative AI (GenAI) could change everything. Any insurer not prepared to experience radical change to find new, significant, and substantial sources of value will lose the opportunity the technology can unleash. It took the launch of ChatGPT to arouse real interest in the power of GenAI, though generative capability has been developing over the past decade. Leading these advances is EXL, a data, analytics, and digital operations service provider with more than 20 years of experience in the insurance domain.

EXL is helping integrate GenAI technology into insurance workstreams to create working solutions, prioritizing the most promising and surprising parts across sales, underwriting, claims management, administration, and operations of the insurance value chain. At HFS, we call the advent of the technology the Generative Enterprise™ era, and we have been working closely with EXL to determine exactly how this sector can best understand, implement, and maximize the benefits of GenAI.

In this short paper, we outline the GenAI opportunities that HFS believes will have the greatest impact on the insurance industry and show how they come to life through real solutions deployed in the field with EXL. Through its ongoing client collaborations, EXL is disproving the cynicism surrounding GenAI’s ability to create real value in a risk-averse industry like insurance.

We examine the insurance value chain through the lenses of multiple stakeholders—carriers, syndicates, brokers, specialist insurers (life, personal line), and policyholders—with the understanding that two key ideas are at the core of the Generative Enterprise™: knowledge and experience. This paper will show the dimensions of these forces behind realizing opportunity and minimizing risk for the insurance industry and its key stakeholders. To reinforce our belief in the scale and urgency of the opportunity for GenAI in the insurance domain, we will focus on four main areas: