Generative AI & IDP land on the rising curve of Gartner Hype Cycle

Gartner recently published the Hype Cycle Report for Digital Life and P&C Insurance and Generative AI & Intelligent Document Processing (IDP) land on the rising curve of the report. What does it mean for insurance CIOs?

Traditionally, IDP has been used for data extraction in underwriting, claims & supply chain to fast-track preprocessing and reduce manual errors.

When paired with Generative AI, IDP solutions can gain interpretive abilities.?

This means not only recognize documents & extract data, but also interpret the linkages between individual files such as electronic health records, personal health records, attending physician statements, statements of values etc - as a connected whole.

Such fine-tuned LLM powered IDP can perform complex & goal seeking tasks such as:?

1. Summarize policy documents
2. Interpret clauses specific to a policyholder’s claim file
3. Provide decision support at various steps - claim adjudication, damage evaluation & fraud detection?

With ongoing usage, such an IDP system can become a “decisioning co-pilot” to the underwriting & claim processing teams.

Given that both Generative AI & IDP are early in their lifecycle, here’s a handy roadmap for CIOs on how to move the needle on this:

• Determine internal use cases where Generative AI can be deployed selectively - such as internal chatbot to mine insights from bulky policy documents & standard forms.
• Prioritize use cases where “human in the loop” can be deployed easily to validate the output.
• Work with external specialists for a quick ramp up.
• Build oversight & governance programs
• Execute customer facing use cases on a limited availability basis - till your Generative AI program hits maturity.

Do you agree ?

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Happy Labor Day Weekend!

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