1、AI and the Future of Insurance:Opportunities,Challenges,Adoptions,and EthicsDecember 2023Expert ViewsAI and the Future of Insurance-SCOR 2Todays insurance sector faces massive digital transformation challenges.The emergence of Artificial Intelligence,accelerated by the recent generative AI buzz sinc

2、e the debut of ChatGPT in November 2022,has elevated those challenges to a new height.Almost a year has passed now,and the initial frenzy over generative AI is somewhat subdued.Its time for a reality check.How is the insurance industry adapting to this new digital transformation era?What are the rea

3、l changes made?What were the expectations and assumptions that were not met?This article uses real examples and best practices to describe how AI can drive true transformation in multiple key insurance customer journey touchpoints,such as underwriting and claims.It will also discuss the ethical aspe

4、cts of AI based on the recent findings of our internal experts research.Executive SummaryThe AI universe is expanding rapidly.When ChatGPT,a generative AI-based chatbot supported by natural language processing(NLP),debuted last November,it created a global sensation.At the same time,many questions a

5、rose from people and businesses worldwide,and the insurance industry was no exception.Popular questions include:How can we use it?Which company is already using it,and how?Are there security concerns?How will it be regulated?Will it eliminate our jobs,or even worse,will it take over humans?Data scie

6、ntists worldwide were flooded with these questions,some of which are difficult to answer.The initial interest was high,but so were confusion and fears.This is completely normal and understandable.The speed of changes is so fast,it is hard to keep up.The insurance industry generally takes a slow and