Generative AI in Insurance: Exploring Possibilities, Navigating Risks, and Showcasing Innovative Solutions

Celent is holding a full day invitation only event for insurers focused on Generative AI and Large Language models in the insurance industry. It will be a combination of panels, outside speakers, and Celent presentations. If you're interested in attending, please reach out to Karlyn Carnahan at kcarnahan@celent.com

Location: Chicago , IL

Agenda:

8:30 – 9:00 – Welcome and Breakfast

9:00 – 10:00 – Beyond Human Intelligence: Unleashing the Power of Large Language Models in Insurance

As AI continues to advance, one technology stands out as a game-changer: Large Language models, Generative AI and Generative Pre-trained Transformer, or GPT. The power of these new technologies to analyze massive amounts of data and generate human-like responses, has the potential to drastically transform insurer’s operations. However, the ethical considerations of these powerful technologies must be taken into consideration. Join us as we take a deep dive into this exciting topic and discuss its potential to change the game.

Speaker:

• Andrew Schwartz, Analyst, Celent

10:00– 10:45 – Regulating the AI Revolution

In this session, we will host attorneys and practitioners who will provide valuable insights into the current and potential future legal, regulatory and ethical landscape surrounding the use of Generative AI in the insurance industry. These experts will share their perspectives on the unique challenges, concerns, and considerations associated with the use of these powerful technologies. Join us for this illuminating session to navigate the complex set of questions and issues facing insurers who are using, or considering using, these transformative technologies.

Moderator:

• Donald Light, Director, Celent

Panelists

• Rick Borden - Cybersecurity and Privacy Partner, Frankfurt Kurnit
• Maria Kokiasmenos, VP, Associate General Counsel, The Hartford
• Lionel Weaver, Counsel, Faegre Drinker

10:45 – 11:00 – Break

11:00 – 12:00 – Innovating Insurance: Generative AI Panel Discussion featuring AWS, Google, and Microsoft

Explore the transformative potential of generative artificial intelligence (AI) in the insurance industry through a captivating panel discussion featuring industry leaders from AWS, Google, and Microsoft. Join us as we delve into the impact, challenges, and opportunities that generative AI presents in revolutionizing insurance processes, customer engagement, risk assessment, and fraud detection. The panelists will share insights into their organizations' contributions, showcasing how AWS, Google, and Microsoft are empowering insurers with advanced platforms, frameworks, and tools to harness the power of generative AI. Ethical considerations and responsible AI practices will also be addressed, ensuring a robust and secure adoption of generative AI in insurance. Join us to uncover the potential of generative AI in reshaping the insurance landscape and enabling unparalleled innovation in the industry.

Moderator:

• Keith Raymond, Principal Analyst, Celent

Panelists

• Frank Neugebauer, Insurance Industry Solution Manager, Google
• Aarti Gupta, Insurance Industry- Head of Business Development for NAMER, AWS
• Jim DeMarco - Industry Digital Strategist, Insurance Strategy Lead – Microsoft

12:00 – 1:15 - Lunch - Cognizant

Emcee:

• Nanda Rajgopal, Principal Analyst, Celent

Speakers:

• Agil Francis - Partner, P&C Insurance Consulting Lead, Digital & Business Transformation, Cognizant
• Sandeep Upadhyay - Product Leader, AI & Analytics , Cognizant

1:15 – 2:15 Unveiling Risks, Overcoming Challenges, and Mastering Governance in Insurance

In this session, we will take a deep dive into the risks, challenges, and concerns associated with implementing generative AI and large language models in the insurance industry. We will explore the potential ethical, legal, and security implications that arise from leveraging these technologies. Additionally, we will discuss strategies and best practices for effectively managing and providing governance and controls. By examining real-world case studies and industry insights, we aim to equip insurance executives with the knowledge and tools necessary to navigate the complex landscape of risk management, ensuring responsible and secure deployment of generative AI in their organizations.

Moderator:

• Nate Golia, Senior Analyst, Celent

Panelists:

• Jaymin Kim; Senior Vice President, Emerging Technologies, Cyber Practice US & Canada, Marsh
• Franklin Manchester, Global Insurance Strategic Advisor, SAS
• Gina Cristallo - Vice President & Chief Ethics Officer, New York Life Insurance

2:15 – 4:15 -Showcasing the Power of Generative AI in Action by Market-leading Vendors

Get ready for an exhilarating session filled with live demonstrations from a diverse range of vendors who have cutting-edge generative AI tools already in production in today's market. Each vendor will have 15 to 20 minutes to showcase their innovative solutions, covering captivating use cases such as code generation, data analysis, and language generation. Witness firsthand the transformative potential of generative AI as you observe these powerful tools in action. From automating repetitive coding tasks to extracting meaningful insights from vast datasets, and even generating natural language content, these demonstrations will highlight the immense value that generative AI brings to the insurance industry. Join us for this immersive session and prepare to be inspired by the possibilities that lie ahead with these groundbreaking technologies.

Emcee:

• Karen Monks, Principal Analyst, Celent

Vendors:

• Appian is a low-code process orchestration company that empowers users to quickly create high-impact applications. Appian combines a powerful process engine, patented data fabric, low-code automation, and AI in one platform for the most innovative and complex Insurers to improve their workflows, unify their data, and optimize their operations. Appian offers prebuilt and customizable Underwriting and Claims solutions that accelerate transformation initiatives and improve business outcomes. Appian orchestrates AI functionality across a user’s workflow, using Private AI models trained on customer data to automate data extraction and classify text, documents, and emails. Additionally, Appian’s no-code AI integrations to OpenAI, Microsoft Azure AI, Google Cloud Vision, AWS Textract, Pinecone, Azure Cognitive Services, and more equip applications with generative AI capabilities like natural language processing,image recognition, and text analytics.
• Betterview is the Property Intelligence & Risk Management Solution the insurance industry depends on to identify and mitigate property risk, improve underwriting and inspection efficiency, and build a more transparent customer experience. Artificial Intelligence (AI) is a core foundation of the Betterview platform, from our computer vision property detections, to our predictive risk scores, to CoPilot, our LLM-based virtual underwriting assistant.
• DAIS is a no-code, cloud-based insurance platform that lets MGA’s, carriers, and reinsurers create, host, and sell insurance. Dais has experimented with multiple iterations of generative AI for areas including underwriting, risk improvement, and sales. It has created a path to integrate these AI modules into the core automation and policy lifecycle events of insurance products. Dais also uses AI extensively for internal operations.
• DigitalOwl is an InsurTech platform empowering insurance professionals to transform complex medical data into actionable insights with unprecedented speed and accuracy. At the core of our innovation is proprietary Generative AI. By leveraging our comprehensive Medical Knowledge Base, our AI goes beyond entity recognition, contextualizing medical nuances for more informed decision-making. With DigitalOwl, you can revolutionize underwriting processes, streamline post-issue audits, enhance claims processing, and achieve unparalleled accuracy in risk assessment. Our platform empowers you with actionable insights, making medical record review seamless, efficient, and transformative. Embrace the future of insurance with DigitalOwl and unlock new possibilities for your business.
• Majesco, the preferred partner for P&C and L&AH insurers, accelerates business optimization, innovation, and growth through a potent blend of AI/ML, generative AI, and cutting-edge solutions of intelligent core, loss control, digital and distribution management solutions, with a thriving partner marketplace backed by unrivaled insurance expertise. Our native cloud SaaS platform solutions drive speed-to-market and business transformation, empowering 350+ insurers, reinsurers, brokers, MGAs, and startups to swiftly adapt and innovate to create their next now. Embracing change, we lead the industry by proactively staying ahead of risks. With 900+ successful implementations, we bridge the gap between traditional practices and digital innovation, empowering customers with confidence, high-performing products, and seamless execution.

4:15 –Charting the Path Forward

We’ll wrap with a summary of the key takeaways from the day

4:30 – 6:00 – Cocktails and Conversation