Artificial intelligence (AI) has taken the world by storm in 2023 as businesses of all types look to employ software such as ChatGPT and Microsoft Bing AI to aid in various ways. Among other reasons, insurance companies aim to utilize AI to significantly enhance the overall customer experience for insureds.

While regulators and legislators grapple with how to regulate and sometimes limit the use of AI across the insurance industry, underwriters are nevertheless hard at work identifying new and creative uses of AI to help streamline various processes. These processes include claims filing, finding insureds more personalized coverages, lowering their insurance costs by improving the efficiency of processing data and providing insureds with automated claims management to a greater degree than previously available. The following provides an overview of how AI will revolutionize the customer experience in the insurance industry.

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