Generative AI in Insurance: Synthetic Data, Scenario Simulation, and Knowledge Generation

Machine learning, in particular Generative AI (GenAI), represents the most transformative technology of our era. A practical application of AI has emerged in recent months with the advent of large-scale text- and image-generating systems, as well as the Interoperable Chatbots and for The technical breakthroughs underlying these applications have opened the opportunity for Generative AI to be extended to a much wider spectrum of further uses. In addition to Generating images or text, engineers can now deploy generative models to create auctions prices, design new drugs for Alzheimer, sport shoes and thousands of further applications. In insurance, these applications cover the largest set of use cases that the development of Generative systems implies: synthetic data creation, scenario simulation and even knowledge development. Empirical findings demonstrate that the latest term in the generation of data by machine learning constitutes a significant area with the greatest number of implementation applications over the major Generative-AI ​​artificial intelligence groups.