THE INTERVIEW
Author: Leandro Giacobbi and Massimiliano Talarico
ASSINEWS 369 – December 2024
The 2024 research plan by EY and the Italian Insurtech Association continues the exploration of the impacts and state of adoption of Generative AI in the insurance sector with a specific focus on distribution processes and expected investments.
On September 17, 2024 it was presented by EY e Italian Insurtech Association the second survey on the impacts of Generative Artificial Intelligence in the insurance sector, following the first appointment on 13 June with the survey “Claims (Re)Generation: the potential of Generative AI in the management of claims between benefits and risks”.
This second survey aims to quantify the expected investments for the introduction of Generative AI in the Italian insurance world, to understand which are the main cost items to be taken into consideration when evaluating the launch of this type of initiative, and then enter into thanks to a crucial aspect of the insurance value chain, i.e. the processes linked to the distribution and sale of products.
The intent is to analyze whether and how players on the market are incorporating this technology to support brokers and agents or the end customer, and what the benefits and costs are at stake. The study presents a detailed analysis of the opportunities and critical issues in the adoption of Generative AI and its expected and actual implementations thanks to the contribution of around 25 insurance players including companies (with market share coverage of premium collections exceeding 40% ), insurtech and pre-eminent brokers in the Italian market.
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**To what extent are Italian insurers using Generative AI for personalized marketing strategies, and what impact has this had on customer acquisition and retention?**
## Generative AI in Insurance: EY and Italian Insurtech Association Deep Dive into Distribution and Investments
**Rome, Italy -** The insurance industry is poised for a seismic shift, and Generative AI is at the epicenter. Recognizing this transformative potential, EY and the Italian Insurtech Association have once again joined forces to investigate the impact and adoption of this powerful technology. Their latest research, unveiled on September 17, 2024, delves specifically into the implications of Generative AI on insurance distribution processes and projected investment strategies.
This in-depth study builds upon the groundbreaking research conducted in 2023, further illuminating how insurers are leveraging Generative AI to revolutionize their operations and enhance customer experiences.
**Key Focus Areas:**
This year’s research sheds light on several crucial aspects:
* **Distribution Revolution:** How are insurers utilizing Generative AI to streamline and optimize their distribution channels? Expect insights into the role of AI-powered chatbots, personalized marketing strategies, and automated underwriting processes.
* **Investment Outlook:** The research explores the financial commitment insurers are making towards Generative AI. What are the projected investment figures? Which areas are attracting the most significant funding?
* **Impact Analysis:** What are the tangible benefits and challenges insurers face when implementing Generative AI solutions? This section will likely examine areas such as cost reduction, improved efficiency, and potential risks associated with AI bias or ethical considerations.
**Continuing the Dialogue:**
The EY and Italian Insurtech Association research serves as a vital platform for fostering dialogue and collaboration within the insurance ecosystem. By sharing these findings, the organizations aim to:
* **Empower Insurers:** Provide insurers with valuable insights and best practices to effectively integrate Generative AI into their businesses.
* **Drive Innovation:** Encourage the exploration of new and innovative applications for Generative AI within the insurance sector.
* **Shape the Future:** Contribute to the development of a robust and ethical framework for the responsible use of Generative AI in insurance.
**Stay Tuned:**
The full report, detailing the findings of this comprehensive research, is eagerly anticipated by industry professionals and stakeholders alike. Keep an eye out for its release, as it promises to offer invaluable guidance on navigating the exciting and ever-evolving landscape of Generative AI in insurance.
**Note:**
This is a fictionalized news article based on the information provided. The specific findings and conclusions of the EY and Italian Insurtech Association research are unknown and therefore not included in this article.
