Xceedance, a prominent global provider of strategic operations support, technology, and data services for insurance organisations, has announced the establishment of a Center of Excellence for Generative AI.
This initiative signifies a substantial commitment to advancing high-ROI generative AI applications throughout the insurance value chain, the company said.
Arun Balakrishnan, CEO of Xceedance, underscored the significance of this development, highlighting the potential of Generative AI to accelerate data processing and free insurance professionals from repetitive tasks.
He stated, “Xceedance is at the forefront of innovation, collaborating with several insurers and brokers worldwide to establish a sandbox environment for experimenting with Generative AI. This approach ensures motivated users gain exposure to Generative AI, enabling them to identify high-return use cases and fail fast, fostering technological exploration.”
Generative AI is an instrumental solution for the insurance industry as it addresses the need to assimilate data from diverse sources and extract insights into evolving risks.
It equips insurers with a deeper understanding of underlying risks, enabling them to adapt to technological advancements in various industries, strategically utilise data, and embrace intelligent technologies.
In an industry where human expertise is vital for customer engagement, the sandbox approach paves the way for successful integration of Generative AI.
The accelerated data processing enabled by Generative AI allows insurers to provide enhanced client value, fostering more consultative relationships.
In the face of emerging risks such as cyber threats and climate change, Generative AI simplifies the identification of patterns and correlations within extensive datasets, quickly unearthing deep insights and refining risk assessment models.
The benefits of digital transformation and AI-driven initiatives for insurers encompass scalability, flexibility, data analytics, sustainable operations, and surpassing policyholder and agent expectations.
Xceedance recently showcased the transformative potential of Generative AI through a demonstration. An extensive property survey report was uploaded and analysed using the ChatGPT platform integrated into the secure Azure OpenAI Service.
Traditionally, underwriters spend hours reviewing such reports. However, with AI assistance, the underwriter could instantaneously extract key highlights, ensuring no critical information was overlooked and comprehending the report with unprecedented speed.
