Milliman has analyzed adoption and use of generative artificial intelligence (AI) by insurers in the European market. Generative AI refers to deep-learning models capable of creating content by learning from the data they are trained on. This white paper focuses on large language models and vision algorithms, discussing the following:
- Applications in insurance
- Marketing, customer service, and claims management
- Policy administration and customer satisfaction, sales and product development, and underwriting
- Actuarial/financial functions and legal
- Organizational approach to implement and scale generative AI
- Technical and compliance challenges
- The role of internal expertise