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Generative AI: Value creation for UK insurers

Where to unlock value for life, pensions and wealth, general insurance and London market participants

The UK Insurance industry finds itself in the midst of yet another wave of technology change. So, how should insurers evaluate the value of generative AI and seize the opportunity to truly transform the way they work and operate for the better?

Generative AI’s possibilities have captivated headlines, promising to deliver tangible benefits for the UK insurance industry.

UK insurers are already experimenting with generative AI to address practical questions and assess risks. Generative AI is materialising in more targeted areas within insurers’ organisations and target operating models with the technology are yet undefined.

There is still much to discover with generative AI as it matures – new questions and challenges will emerge. Nevertheless, the organisation-wide impact on UK insurers is expected to happen in the near future.

In this report, we use our market observations and set out the value creation opportunities and the potential magnitude of change for life, pensions and wealth, general insurance and London market participants.  We also present the multi-faceted dimensions of generative AI regulations and frameworks that UK insurers must consider.

To discuss the impacts of generative AI upon your business, take a look at our analysis and please contact one of our team below.

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