Insurance Business America featured our recent research report Generative AI in the Insurance Industry in an article about a proposed code of conduct around using AI and machine learning use in insurance.
AI-driven insurance intelligence provider Cloverleaf Analytics is calling for carriers and managing general agents to take the lead on AI ethics. The Texas-based firm started a group called the “Ethical AI for Insurance Consortium” to discuss issues such as privacy and safety issues, bias and discrimination, and inaccuracy.
“Carriers and technology partners need to make sure that bias doesn’t creep into the data and the models we’re using for looking at rate, appropriation of coverage, and everything else,” said Michael Schwabrow, EVP of sales and marketing at Cloverleaf Analytics.
Our research report surveyed more than 100 UK and US insurers about their thoughts on using generative AI within their businesses. We discovered that 59% of US and UK insurers are already using generative AI.
The report also revealed that 54% of insurers believe generative AI will transform marketing and claims. They also think it will lead to improved staff efficiency (61%) and cost savings (56%).
Generative AI at Sprout.ai
Here at Sprout.ai, we use generative AI in a number of ways that help us automate claims processing fast. From the creation of synthetic data to policy checking, generative AI has helped us create a product that insurers can integrate into their current systems at speed.