Arjan Toor, CEO of health at Prudential plc, has highlighted the potential of generative AI to streamline insurance workflow and improve customer outcomes. The company uses MedLM-powered application to process claims more quickly and improve outcomes. This model extracts and codes relevant information with high accuracy, mitigating errors often associated with manual data entry. This enables faster claims processing while maintaining industry regulations. According to a report by Accenture, underwriters spend over 40% of their time on non-core administrative activities, leading to efficiency losses of up to US$160 billion globally over five years. Insurtechs that use AI, machine learning, machine vision, natural language processing and virtual assistants or bots raise 20% more investment each year from 2015 to 2020.
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