Artificial intelligence (AI), particularly generative pre-trained transformer (GPT)-based models, is expected to significantly impact the insurance sector by enhancing claims processing and underwriting. Despite the promise of AI, the industry faces challenges from outdated legacy systems, which are still in use by 41% of companies.
Joseph Yew, chief information officer of MSIG Asia, advocates for collaboration between traditional insurers and insurtech firms to overcome these technological hurdles.
Not a solo game
Whilst Yew is optimistic about the insurance sector's transformation, he also notes how insurers seem to be lagging behind this new-age technology, begging the need to be assisted in their transition.
“The insurance industry is not a solo game. Traditional insurers burdened by legacy systems could partner with insurtech firms to utilise technology that they may struggle to develop in-house,” Yew pointed out. “This enables collaboration to develop efficient processes, improve customer offerings and new technology-based insurance products.”
Streamlining work systems
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