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Insurer Zurich is testing how it can use ChatGPT AI technology in areas such as claims and modelling, as it responds to the challenge posed by start-ups and bigger rivals. Zurich Notes that AI could create “a huge amount of efficiency” in jobs such as extracting information from long documents and writing code for statistical models. “You’re not going to replace a developer or an underwriter, it’s a co-pilot.”
Insurers’ use of AI has caused concern among public policy groups and regulators because of the implications for privacy and the potential for bias. US start-up Lemonade caused controversy in 2021 when it said its AI could identify fraud by picking up on “non-verbal cues” in videos from customers making claims. The insurer later clarified that it was simply describing commonly used facial recognition software that aims to spot the same person making multiple claims. Chinese lenders including Ping An’s banking arm have gone further, using micro-expression technology in video communications with customers that they say can detect facial indications of whether borrowers are telling the truth. European and US firms have been more reluctant to use this technology.
https://www.ft.com/content/45e5525c-ac45-4a49-a55c-8833d1a036b9
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