Generative AI in Insurance: Automating Claims Documentation and Customer Communication

Abstract

Within risk management strategies, genuine losses incurred from perils in primary perils are routine but dispropor- tionate, resulting in claims that impact organizational effort and cost. Expanding business lines beyond simply on-lending deposits is key to returning the enterprise to profitability. Reducing annual customer complaints and retentions show institutions that priori- tize customer service and have proactive Mitigants on their watch list are invariably rewarded by lower claims. Current and recent developments in the finance, technology and insurance sectors have combined to allow possible associations between these areas. New services offered by local Insurers, Market Shortfalls with Private Equity funds and Corporate Private Banks, Increasing Consumer Demand and the introduction of Weather Money to address Private Pine interventions have highlighted a trend of increasing risk severity. Such increasing risk severity has the potential to develop a property risk and make allowance for a worsening of insurance coverage conditions.