• Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • Contact Us
  • Sponsor An Email
  • Post A Job
  • Merger & Acquisition Services

Agency Checklists

Massachusetts Insurance News & Job Opportunities

You are here: Home / Insurance Insights | Massachusetts / InsurOp-Eds / How ChatGPT Says AI Will Change The P&C Insurance Industry Over the Next 10 Years

How ChatGPT Says AI Will Change The P&C Insurance Industry Over the Next 10 Years

January 9, 2023 by AC Editor

4 Ways Artificial Intelligence Will Revolutionize Insurance


Back in 2017, Elon Musk said via Twitter that “A.I. will be the best or worst thing ever for humanity.” While in 2017, A.I. or Artificial Intelligence was still an abstract concept, with every passing day it is becoming more of a reality. Looking ahead, the insurance industry must start to come to grips with the seismic changes that AI will bring to the way it does business.

For example, the education system is already having to begin to grapple with the profound changes platforms such as ChatGPT, and its ability to write essays, poems, articles in minutes. While the NYC education system already has banned the use of ChatGPT for work, which may almost be an impossible task, there is no doubt that the rise of AI has broad implications not just for the education system and we educate our children in the future, but also how we will work and do business.

As such, Agency Checklists believes that AI will be the real disruptor of the insurance industry over the next decade. If predictions hold true, the ability to quote and tailor pricing in seconds based on an individual’s unique circumstances will upend all the old ways of selling insurance. It will also affect the many processes that underlie the insurance industry from actuarial to claims handling.

So with these ideas in mind, Agency Checklists decided to query ChatGPT to find out from the horse’s mouth, “How will AI change the Property & Casualty insurance industry over the next 10 years.” In the span of about 30 seconds – here is what it told us.


There are a number of ways that artificial intelligence (AI) is expected to transform the property and casualty insurance industry in the coming years. Some of the key areas where AI is likely to have an impact include:

  1. Risk assessment: AI algorithms can help insurers more accurately assess the risk of insuring a particular property or individual. This can be done by analyzing a wide range of data sources, including property characteristics, location, and past claims history.
  2. Underwriting: AI can assist insurers in the underwriting process by automating the collection and analysis of data needed to make underwriting decisions. This can speed up the process and improve the accuracy of underwriting decisions.
  3. Claims processing: AI can help insurers automate and streamline the claims process by identifying patterns in claims data and using this information to predict future claims. This can help insurers to more efficiently process claims and reduce the time and effort required to resolve claims.
  4. Fraud detection: AI can help insurers identify and prevent fraudulent claims by analyzing data and detecting patterns that may indicate fraudulent activity.

Overall, the use of AI in the property and casualty insurance industry is expected to increase efficiency, improve risk assessment and underwriting, and reduce the cost of insurance for consumers


Food for thought as we start 2023. Comments are open on this article, feel free to leave your thoughts below.

Print Friendly, PDF & Email

Filed Under: InsurOp-Eds, Latest News Tagged With: Agency Checklists, AI, Mass. Insurance News, massachusetts insurance news, New England Insurance News

Primary Sidebar

Sponsored

Sponsored

MA Division of Insurance Announcements

Latest Agency Sales

Kaplansky Insurance Acquires Seekonk’s Crosstown Insurance

Aronson Insurance Acquires LJM Insurance Agency

More Agency Sales

Career News

Massachusetts and Rhode Island FAIR Plans’ President and Chief Executive Officer Announces His Retirement

Massachusetts and Rhode Island FAIR Plans’ President and Chief Executive Officer Announces His Retirement

A Slideshow Of Mr. Bellotti’s 100th Birthday Celebration

Two Vermonters Voted as Top Captive Insurance Professionals in the World

Phil Shepard Hired as Surety Territory Manager of FCCI Insurance

Renaissance Appoints Clyde Ebanks Senior Vice President/Carrier Partnerships

Agency Checklists, MA Insurance News, Mass. Insurance News

ShoreOne strengthens leadership team with experienced Massachusetts Territory Manager

Herbert H. Landy Insurance Agency Hires Stephanie McNamara, AAI, AIS

Pauline E. Ashworth Joins Preferred Mutual as Executive Vice President, Chief Human Resources Officer and Diversity and Inclusion Officer

Vermont Mutual Insurance Group Adds Two New Board Members

MassDrive’s Jean-Marie Lovett Named One of Travelers’s 2023 Personal Insurance Agents of the Year Award

View More Career News

In Memoriam

In Memoriam: Robert J. Dowling – A Lifelong Commitment to Insurance and Community

In Memoriam: Hugh Campbell Findlay, 1928-2023

In Memoriam: John C. Cross, 1954-2023

CAR News

Regional Gaps in Auto Insurance Prices “Not Equitable or Fair,” Lawmaker Says

2nd Look 2023: The MA Commercial Auto Insurance Marketplace

2nd CAR Update 2023: The MA Private Passenger Auto Insurance Marketplace

View More CAR News

Massachusetts Law Updates

The JMA v. Zurich Appeals Court Ruling: A Warning Against Insurers’ Delayed Payment of Insureds’ Legal Fees”

Appeals Case Revisits Underlying Lawsuit Involving Zurich Insurance Duty to Defend Dispute.

Appeals Court Decision Reopens Door To Lawsuit Against New Bedford-Based Insurance Agency

A New Bedford-based agency may end up having to face a lawsuit it thought it might have avoided.

Understanding The Duty to Defend: Partington Builders v. Nautilus Ins.

Understanding The Duty to Defend: Partington Builders v. Nautilus Ins.

Federal Court Reaffirms Massachusetts Rule Regarding an Insurer’s Duty to Defend

Appeals Court Reins in Superior Court’s Expansion of Risk Management

Court Limits Indemnity Agreements Interpretation and Reverses $237K Legal Fee Award

More Mass. Law Updates

DOI News

MA Homeowners’ Insurance Premiums Topped $2.8B in 2021

Massachusetts Remains The 14th Largest Insurance Marketplace As Ranked By Total Premium Volume

Facts & Figures For New England Insurance Departments & Insurance Producers | 2023

Massachusetts Insurance Commissioner Honored for Exceptional Leadership

View More DOI News

Insurance Fraud

Staged Accidents Bring 2.5-Year Sentence In $300,000 Luxury Car Insurance Scam

Investment Adviser & Affiliated Insurance Agency Trigger SEC Disgorgement Lawsuit Over Undisclosed Commissions

Temporary Employment Agency Owner Indicted for Tax and Insurance Fraud

Six-Day Jury Trial: Property Owner Not Guilty Of Insurance Arson

More Insurance Fraud News

Footer

Agency Checklists

Contact us

Advertise on Agency Checklists

We offer a variety of ways to get help promote your company or product.

Announcements
Email Sponsorships
Partnerships
Custom Collaborations

*Affiliate Disclosure

Please note that any of Agency Checklists’ articles might contain one or more affiliate links. This means that any subsequent purchase resulting from these links may result in a commission for us, but at no additional cost to you. For example, as an Amazon Associate, Agency Checklists earns a commission from all qualifying purchases. By working with affiliates we can continue to keep Agency Checklists subscription free. Thank you for your support.

SEARCH OUR SITE

Explore Our Archives

Copyright © 2023 · Agency Checklists · All rights reserved.

 

Loading Comments...