Artificial Intelligence in the Insurance World
Tony Stark: “JARVIS, are you there?”
JARVIS: “At your service, sir.”
For those of you who are Iron Man or Avengers fans, the above back-and-forth dialogue will be familiar to you. What you might not have thought, at the time you heard this, was that you were already being exposed to “artificial intelligence.” Artificial intelligence, machine learning, and large language models are current tech buzzwords, so I thought it might be good to provide a basic introduction as to what they mean.
Artificial intelligence (AI) is the science of making machines that use computational models to perform tasks that previously required human intelligence. One of the most common types of AI is machine learning. Machine learning (ML) focuses on using data and algorithms to enable AI to imitate the way that humans learn, gradually improving accuracy with more data and algorithms that are put into it. A couple of examples of ML are speech recognition (think Siri or Google smart speakers) or customer service online chatbots.
Regarding Siri or Google smart speakers, they work, in part, through another segment of AI called large language models (LLM). LLMs are programs built with machine learning that can recognize, generate, and speak text. This is done by inserting large sets of data into the system to allow the algorithms to learn how characters, words, and sentences work together.
Businesses and industries, including the insurance industry, are constantly trying to figure out how artificial intelligence can improve processes and efficiencies. Many organizations are already utilizing chatbots to provide extra customer service from their web portals and I know of some carriers using AI for policy proofreading and accuracy. If your organization is using AI or if you have any questions or comments, please contact me at ttooley@bloss-dillard.com.
