Generative AI - Mitigating Risk To Realize Success in P&C Insurance

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29 July 2023

2nd Edition


Whether one believes harnessing Gen AI is a Promethean moment or simply the next chapter in one's AI journey, most would agree that the Gen AI genie is out of the bottle and can’t be ignored. Celent is endeavoring to help clients understand how to seize the opportunities while mitigating the risks. Unlike with other efficiency and/or growth strategy plays, the risks and returns of adopting Gen AI are relatively more challenging to estimate. Clearly the upside potential is material. The cost of the risks, however, is unclear. This is partly due to adverse outcomes that can be hard to identify (e.g., hallucinations and bias). Even if an FI does not implement any Gen AI, it is exposed to heightened external threats by users of Gen AI (e.g., more effective phishing and social engineering attacks).

Figure: Generative AI Can Drive a Variety of Positive Outcomes But Not Without Risks