InsurTech weekly ?? 394 - How ChatGPT could impact insurance
Florian Graillot
Investor @ astorya.vc (insurance & emerging risks ; Seed ; Europe)
Hi all,
Here is your weekly selection of the three most engaging InsurTech articles shared this week.
(Pour les francophones ????, voici le dernier épisode de mon podcast InsurTech. On revient notamment sur la notion de ‘profitabilité’, ici)
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1?? The impact of generative AI (including chatGPT) on #InsurTech
ChatGPT can be used to automate customer service interactions, such as answering frequently asked questions, processing claims, and providing product information. The technology can also be used to improve risk assessment and underwriting by analyzing unstructured data sources, such as social media and news articles. ChatGPT can also be used to enhance the customer experience by providing personalized recommendations and advice based on customer data. Finally, the successful implementation of ChatGPT requires a strong data strategy, skilled personnel, and a clear understanding of the technology's limitations and ethical considerations.
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2?? Best practices for corporates to embrace #CloudComputing
The article discusses the five key factors for a successful cloud transformation, from having a clear understanding of the desired outcomes and a comprehensive plan for how to achieve them is essential ; the company's leadership needs to understand the importance of cloud transformation and be willing to lead the change, while the organizational culture needs to support the adoption of cloud technology ; a well-designed and flexible infrastructure that can accommodate cloud-based solutions is crucial for a successful cloud transformation ; ensuring that data is secure and compliant with regulations is vital when migrating to the cloud ; and having a robust data management and analysis strategy is crucial for organizations to extract maximum value from their data and gain insights that drive business decisions.
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3?? A #FinTech perspective on AI adoption
NVIDIA recently conducted a survey of financial industry professionals to assess their attitudes towards artificial intelligence (AI). The survey found that the majority of respondents believed that AI would have a significant impact on the financial industry in the next 5-10 years. AI is seen as a tool to improve efficiency, reduce costs, and enhance the customer experience. The survey also identified several key challenges to the adoption of AI in finance, including data privacy and security concerns, regulatory compliance, and the need for skilled AI professionals. The authors suggest that the financial industry needs to invest in AI education and talent development, collaborate with technology providers to build AI solutions, and prioritize data governance and security to unlock the full potential of AI.
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ps: the three paragraphs above were written by chatGPT, asking it to summarize each article I curated.
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Finance
1 年AI (even raw ChatGPT) is very good at checking data against format and suggesting fixes. Insurers can use this for ensuring information is given correctly in both underwriting and claims. Back and forth between clients and agents/brokers is enormous because of incorrect information. Self-fill portals are helpful here, but not applicable to markets outside of life and P&C, where underwriting is less standardized. For very manual lines where human underwriting is still intensive, AI can probably act as a fairly good co-underwriter. Feed it in your process and ask it to suggest factors you might be missing. It's generally a good research tool already, so I'm sure it can speed up some data gathering for these manual underwrites already.
Great post, Florian Graillot. The impact on agents and customer experiences will be massive ??
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1 年Your twitter thread on generative AI is informative, many thanks Florian ??Intereating times indeed.