The insurance industry is increasingly adopting artificial intelligence (AI) to streamline operations. A key innovation, agentic AI, represents a more advanced, autonomous version capable of decision-making and strategic learning. Discussions at the ITC Vegas insurtech event underscored its potential in transforming practices across the insurance ecosystem. Agentic AI leverages generative AI technology with a “chain of thought” approach, enabling it to efficiently execute tasks such as marketing campaigns and policy selection, enhancing productivity for insurance agents.
However, human involvement remains crucial due to regulatory requirements and data privacy concerns, necessitating clean, reliable data for optimal function. Despite challenges like data bias, transparency, and the risk of AI errors, agentic AI is viewed as a powerful productivity tool rather than a job replacer. Insurtech companies that embrace this technology will gain a competitive edge, making its adoption essential within the next two years to avoid being outpaced in the market.
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