Major insurance industry consultancies have announced large investments in artificial intelligence (AI) to improve performance and efficiency, and insurtech companies and startups will rapidly embrace this new technology. In an article in the November/December issue of “Contingencies,” published by the American Academy of Actuaries, Milliman consulting actuary Robert Eaton examines our existing uses of AI and how large language models (LLMs) in the insurance industry are different. Sections include:
- AI: a suitcase word unpacked
- How AI can change actuarial work
- How AI can change the insurance model
- Great expectations: changes in education and an increased demand for high-emotional-quotient actuaries