Here’s a pet peeve of mine... people don’t do research, people don’t think and people don’t produce results. I guess that’s not a peeve... it’s a little grouplet of pet peeves. Call it a “pet peeve classification”.
To get things done you have to have ideas. To have ideas you have to take a look out into the world and outside of things that you would normally look at every day. One easy way to do that is to read. This tends to be faster than going out and doing base observations in the field.
So you say to yourself, “Where do you find the books, they’re not published yet”. Well in the case of Generative AI, that’s true. A quick check on Amazon.com shows a few books about ChatGTP and insurance, but they’re mostly just garbage and generated themselves by people without field experience. So what next? Do what I do each day. I use artificial intelligence techniques and tools to discover information about insurance content that is new.
I save hours by using tools like Perplexity.ai and ChatGPT plugins as well, but I’ll talk about those later in another post.
Here are some AI books that are focused on insurance industry issues and capabilities that are needed from artificial intelligence especially generative AI.
I discovered them using some prompt engineering and some thoughtfulness to drive the results.
What’s important here is an indicator of where we’re at in the cycle of applying this form of artificial intelligence in insurance. The top items selected, based on relevance, are mostly insurance thought pieces from consulting companies that are not insurance companies. The analysis is a mix of surveys and thought exercises. This is the beginning stage of new technology and this is always how it looks. There is a thin amount of vertical-focused information. “Early days”, they say, “Unproven technology”, they say. This is where I like to LEAP.
L — Libraries
E — Energy
A — Assess
P — Produce.
I use online libraries and research tools to discover new methods and new approaches in case studies… applying energy of the present and the past to assess these models ideas and concepts and then producing a summary like this for use by my clients and associates.
You’re going to say that the stuff is high-level and doesn’t help you out and find your programs and you’ll be right. That’s why you have got to build a team right now with outside experts and inside experts who know your business and can help you develop a program to build out some experiments and add some new features to your systems in the next 6 months. This costs money and takes a budget, but because you’ve been paying attention, you’ve already got money set aside on your budget for this, don’t you?
Here’s a good start. I’ll read these for you and summarize them. If you want to, send me a message, and I’ll send you a portion of the report to see if you find it useful. I would appreciate it if you could provide me some feedback.
Okay let’s get reading! 📚♎
1. "AI Insurance Principles" by Erick Wright: This book delves into how AI is changing the way insurance companies operate, from underwriting and risk assessment to claims handling and policy pricing. It explores the benefits and potential pitfalls of incorporating AI into the insurance industry[1][7].
2. "How insurers can leverage the power of generative AI" by EY: This resource discusses how insurance companies can use generative AI to reinvent their approach to providing customer service and creating new products. It emphasizes the need for insurers to effectively integrate generative AI into their existing technology infrastructure and optimize their existing processes[2].
3. "Benefits and use cases of AI in insurance" by Swiss Re: This article discusses the current applications of AI in insurance and the potential for more precise coverage and pricing in the future. It also differentiates between narrow AI, which is already being used in many industries, and general AI[3].
4. "Unlocking Insurance Potential: AI Adoption Challenges & Solutions": This resource discusses the challenges that insurers face in adopting AI and machine learning, and provides solutions to overcome these obstacles[4].
5. "Generative AI in Insurance" by Deloitte: This article discusses the potential of generative AI to transform the insurance industry by creating novel and creative outputs. It also discusses the potential risks and regulatory implications of AI in the insurance industry[5].
6. "Generative AI in Insurance: Use Cases and Challenges": This article discusses how generative AI can enhance every facet of the insurance industry’s operations, including improved risk assessment and automated underwriting[8].
Citations:
[1] AI Insurance Principles: Wright, Erick: 9798376708170 - Amazon https://www.amazon.com/AI-Insurance-Principles-Erick-Wright/dp/B0BV4BB2CS
[2] How insurers can leverage the power of generative AI https://www.ey.com/en_us/insurance/how-insurers-can-leverage-the-power-of-generative-ai
[3] Benefits and use cases of AI in insurance | Swiss Re https://www.swissre.com/risk-knowledge/advancing-societal-benefits-digitalisation/opportunities-ai-insurance.html
[4] Unlocking Insurance Potential: AI Adoption Challenges & Solutions https://insurtechdigital.com/articles/insurance-data-the-challenge-of-successful-ai-adoption
[5] Generative AI in Insurance https://www2.deloitte.com/us/en/pages/financial-services/articles/generative-ai-in-insurance.html
[6] Insurance 2030—The impact of AI on the future of insurance https://www.mckinsey.com/industries/financial-services/our-insights/insurance-2030-the-impact-of-ai-on-the-future-of-insurance
[7] AI Insurance Principles https://books.google.com/books/about/AI_Insurance_Principles.html?id=6nWkzwEACAAJ
[8] Generative AI in Insurance: Use Cases and Challenges https://www.damcogroup.com/blogs/generative-ai-in-insurance-possible-use-cases-and-challenges
[9] Artificial Intelligence https://content.naic.org/cipr-topics/artificial-intelligence
[10] From mystery to mastery: https://www2.deloitte.com/content/dam/Deloitte/xe/Documents/financial-services/Artificial-Intelligence-in-Insurance.pdf
[11] How Insurers Can Use Generative Artificial Intelligence https://www.oliverwyman.com/our-expertise/insights/2023/aug/how-insurers-can-successfully-use-generative-artificial-intelligence.html
[12] How AI in Insurance is Poised to Transform the Industry? https://appinventiv.com/blog/ai-in-insurance/
[13] The Case for AI Insurance https://hbr.org/2020/04/the-case-for-ai-insurance
[14] Getting Started with Gen AI in Insurance: Benefits and Use Cases https://appian.com/blog/acp/insurance/generative-ai-for-insurance.html
[15] 26 AI Insurance Examples to Know https://builtin.com/artificial-intelligence/ai-insurance
[16] The impact of artificial intelligence along the insurance value chain and on the insurability of risks - The Geneva Papers on Risk and Insurance - Issues and Practice https://link.springer.com/article/10.1057/s41288-020-00201-7
[17] How generative AI delivers value to insurance companies and their customers - IBM Blog https://www.ibm.com/blog/how-generative-ai-delivers-value-to-insurance-companies-and-their-customers/
[18] How AI Is Radically Changing the Insurance Industry - businessnewsdaily.com https://www.businessnewsdaily.com/10203-artificial-intelligence-insurance-industry.html
[19] A Battle of the Tech Experts? AI Will Raise Novel Issues in Insurance Litigation, Attorneys Say | The Legal Intelligencer https://www.law.com/thelegalintelligencer/2023/08/23/a-battle-of-the-tech-experts-ai-will-raise-novel-issues-in-insurance-litigation-attorneys-say/?slreturn=20240018064732
[20] Generative AI: Emerging Risks and Insurance Market Trends | Aon https://www.aon.com/en/insights/articles/how-is-the-insurance-market-responding-to-generative-ai
[21] Is artificial intelligence relevant to insurance? - IBM Blog https://www.ibm.com/blog/is-artificial-intelligence-relevant-to-insurance/
[22] The Insurance Industry: insights into challenges for indirect discrimination https://techethicslab.nd.edu/assets/517823/the_insurance_industry_insights_into_the_challenges_for_indirect_discrimination.pdf
[23] ChatGPT and Generative AI in Insurance: Top 7 Use Cases https://aisera.com/blog/chatgpt-generative-ai-in-insurance/
[24] Artificial Intelligence https://www.pwc.com/cz/en/assets/AI-insurance_21.08.2023_END.pdf
By Perplexity at https://www.perplexity.ai/search/b62727a4-7aea-49da-ac73-408a364adb6d?s=m
