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Arthur D. Little

Arthur D. Little has been at the forefront of innovation since 1886. We are an acknowledged thought leader in linking strategy, innovation and transformation in technology-intensive and converging industries. We enable our clients to build innovation capabilities and transform their organizations. ADL is present in the most important business centers around the world. We are proud to serve most of the Fortune 1000 companies, in addition to other leading firms and public sector organizations. For further information, please visit www.adlittle.com

Library: Bain article – It’s for Real: Generative AI Takes Hold in Insurance Distribution

The “Bain article – It’s for Real: Generative AI Takes Hold in Insurance Distribution” discusses the impact of generative AI on insurance company operations, specifically in the distribution aspect. It highlights four ways in which the technology will transform distribution.

Key Points

  • Agent productivity: Generative AI will help agents navigate and produce content faster, reduce low-value interactions, and provide coaching for more effective customer interactions.
  • Customer self-service and sales support: A virtual assistant will extend the availability of agents and assist customers with product comparisons and digital purchases.
  • Hyper-personalization at scale: Tailored conversations, content, and offers will more readily respond to individual customer needs.
  • Business insights and decisions: Combining unstructured data with structured data will yield new insights and aid in risk identification.
  • Economic benefits: Generative AI applied to distribution is estimated to yield more than $50 billion in annual economic benefits through increased productivity, higher sales, and reduced commissions.

Conclusion

The article emphasizes the need for insurers to adopt a responsible AI strategy that relies on successive waves of use cases, testing, and learning to manage emerging risks such as hallucination, data provenance, misinformation, toxicity, and intellectual property ownership. It suggests starting with use cases where risk can be managed within existing regulations and including human oversight. As insurers build AI capabilities, they can focus on more integrated and sophisticated solutions that redefine business processes and change the roles of agents and employees. The article advises technology and distribution leaders to plan and prepare for the integration of generative AI, aligning with business strategy, determining internal and vendor capabilities, ensuring cross-functional delivery teams, and designing adaptable operating models.

Link to full report: click here

The TDI editorial team uses AI to support the creation of this summary, but all content is reviewed and edited before publication.

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